What is relocation talent management?
A few years ago I served on the Advisory Board for ERC Worldwide / Employee Relocation Council. Relocation is the single biggest reason tenants stay in corporate housing. In the beginning individuals receiving a corporate housing relocation package would generally be allotted 90 days to stay in a corporate rental while they found and setup a new permanent residence. In these days specific services were given as part of the package with everything from home buying and selling to neighborhood orientation tours.
Then about 10 years ago companies started using the “lump sum” relocation concept where services were not provided but rather a large sum of money was given to the employee could spend as they wish. However employees were sometimes known to not spend the relocation money as wisely as they could and as a result the employees were not as happy and less productive at work.
Today companies are leaning toward a hybrid relocation package that gives employees some flexibility on how the money is spent but also manages specific services.
Relocation and Divorce: When I was on the ERC advisory panel a large international corporation that relocated a lot of people did an in-house study and found employees who did not have a well managed relocation were 50% more likely to get a divorce. Talk about non-productive at work…
Talent Management: When I talk about talent management a lot of times I get blank stares because people just have never hear or thought about this. Basically what it means is for companies to be the most successful and profitable they can’t just rely on hiring the right person for the job. Successful companies must manage their current talent and move people from one office to the best office to get the desired results they expect.
By the Numbers: ERC’s Global Workforce Summit Data – Corporate Benchmarking
71% – Yes, we have a talent management function at our organization.
Is your organization facing shortages for talent in critical roles?
- 5% – Very Large Shortfall
- 32% – Large Shortfall
- 37% – Some Shortfall
- 21% – Modest Shortfall
- 5% – No Shortfall