Switching relocation partners can be a daunting task. You have to meet a lot of folks, go through an extensive RFP process, sit in on presentations, travel to sites and then make your choice. Once that choice is made, you may feel a bit of relief. But, wait. Saying congratulations at this point might be premature. There are still many decisions to make, and processes to set in place, in for a smooth move. With the right partner and a solid transition team in place, however, you should be poised for success.
We are excited today to introduce our latest whitepaper, How to Effectively Customize Your Relocation Program. As many of you know, the first quarter of every year is a great time for HR, procurement and relocation managers to assess their current relocation programs and see if they are meeting the needs of both their transferees and their budgets.
Last week we released a free whitepaper on how to survive the transition between relocation providers. Of course, the first step for any successful transition is to set up a reliable team of professionals that will get the job done, soup to nuts. But, I would argue that every relocation manager should have an internal support team at the ready, regardless of the current state of the relocation program. This way, should any changes be needed, all of the functions impacted by relocation – from payroll to IT – will be available to provide insight and make informed decisions about the program.
Earlier this year, we wrote a whitepaper on the common reasons why companies decide to evaluate their relocation programs – and their relocation partners. We were seeing a flurry of proposal activity from a variety of different sectors, which led us to believe that the companies, previously steadfast on service partnership, were now looking for a better option. Given economic fluctuations, turmoil abroad, cost-cutting efforts and a need for greater service, this was understandable. What started as a due diligence exercise, has led many of these companies to draw anchor and change course.
Last year we published the “The Landlord Predicament,” a blog post and relocation whitepaper where we discussed the increase of transferees who are renting out their origin homes instead of selling because they are either upside down on their mortgage or because they feel their loss will decrease the longer they wait.
Someone once told me that the responsibility of overseeing relocation is kind of like being told you have to baby sit your kid brother. As long as everything runs smoothly, you can focus on what is important in your world. But, when things start to get a little crazy, the responsibility falls on you, broken lamps and all.
We are officially half way through 2011. Where’s the economic turnaround that we were all hoping for? Apparently, it’s hiding. Recent news reports of stalled foreclosures, sinking home prices and cluttered markets are enough to make even this Pollyanna feel glum. Earlier in the year, economists predicted that the housing market would weigh down an economic rebound – and they were right. We can expect to see more underwater mortgages, foreclosures and loss on sale for years to come. Consequently, more homeowners will opt to rent out their homes. As this is not a decision to be made lightly, we’ve outlined considerations for renting out a home in the whitepaper linked below.