Articles on how HR can take a more strategic approach towards relocation management.
Out of all the executives in the c-suite of an organization, the Chief Financial Officer (CFO) can be the most intimidating. We’ve all been there, right? You are running a program that goes over budget and, all of a sudden, the CFO has taken notice and is knocking on your office door. As your brain starts to work on calculations and an explanation all at once, you may find yourself a bit…panicked.
When you decide to part ways with your former relocation provider, there’s some work to be done. Of course, you have to go through the RFP process to select a new relocation company. But, it doesn’t just end there. There’s always a transition period as you move from one relocation company to the next and, depending on timing, your transferees can get caught up in the mix.
I think it’s safe to say we live in a digital world now. Technology is the backbone for so much of business today that every position in every company is touched, in one way or another, by multiple forms of IT. But, as technology conversations infuse our daily lives, I’ve noticed that the discussions are rarely specific, defined or realistic. What do we really need out of our HR technology?
We’ve talked quite a bit on this blog about payback agreements. Oh, the payback agreement. We both love it and hate it at the same time. Is it a necessary evil? Perhaps. We certainly don’t believe that companies should spend thousands, if not hundreds of thousands, of dollars on a relocation if there is a risk that the transferee will resign before the contracted period is up. Putting aside financial concerns for just a moment, however, I think we need to take a closer look at why payback agreements are so prevalent (94% of companies require them) and if there is a better, more effective way to ensure that talent stays on board after a transfer or assignment.
This article originally appeared in the March Issue of HR.com’s HR Strategy and Planning Essentials ePublication.
According to the 13th annual Private Company Governance Survey, administered by the National Association of Corporate Directors (NACD), 90 percent of respondents, which included 841 private companies in the US, believe that a formal succession planning program enhances the effectiveness of a business. However, fewer than 25 percent of those companies actually have a formal plan in place. Moreover, a quarter of survey respondents admit to having no plan what-so-ever and fifty-two percent claim to have an informal succession plan in place.
Recently, we published our latest eBook, “Earning a Seat at the Table,” which focuses on moving from administrative HR to strategic HR. The eBook goes over several ideas such as how to build a strong foundation of core competencies, how to acquire intermediate skills to prove your mettle, and striving for greatness. At the end of the content, we leave you with a checklist naming six characteristics of a good HR leader.
Having spent my entire career moving up the HR ladder at Maersk, I believe very strongly in the HR career path and the value that these positions bring to both organizations and individuals. Now, perhaps more than ever, is the time for HR professionals to shine. Fierce competition, tight budgets, shrinking talent pools and disengaged employees are just some of the significant challenges that businesses are facing today – and there is no sign that these problems will let up any time soon. At some point, the C-suite will have to bring HR in at a strategic level. When they do, you need to be there.
Before you roll your eyes at yet another Millennials in the workplace post, give me a chance to explain why this one is different. After spending my entire career (thus far) reading about how my generation is a pain to work with and how HR needs to change company policies to accommodate us, I started wondering if all this drama is necessary. Or, is it really just history repeating itself?
I know, I know. So, why am I bothering to tell you about it? Well, we’ve been covering a lot of supplier diversity topics lately and I think this is an important point to make. Supplier diversity is not a function of HR BUT that does not mean that HR can’t embrace supplier diversity as an option when looking to outsource projects. What is does mean, however, is that there is a fine line between selecting a supplier because they are diverse and selecting a supplier because they are the best and happen to be a diverse supplier.
Today, I want to talk about performance reviews. We all know that most companies rely on the data provided by performance reviews for numerous business decisions. When I was in HR, reviews were a useful tool for succession planning, compensation decisions, recruitment and retention strategies, development initiatives and engagement plans. These issues are clearly very important in the workplace, so we never questioned the need for a robust performance program. The question we did struggle with, however, was how to effectively infuse accuracy and timeliness into the process.