In today's changing economy, mobility teams are facing increased pressure to cut costs while still achieving key business objectives that depend on the ability to mobilize key talent. However, simply reducing the number of moves or making it harder to approve assignments and transfers may not always be the solution.
Here are some tips for mobility managers looking to save costs without hurting their program's effectiveness:
- Don't judge a benefit by its usage. Just because a benefit hasn’t been used recently doesn't mean it's not valuable. Consider the value the benefit provides to those who use it before making any cuts. A small cut may seem insignificant, but it could lead to bigger problems such as rejected job offers, failed assignments, and low employee satisfaction and productivity.
- Know your savings goal. Clearly define your organization's cost-saving goals before making any changes. Having a specific target, such as a total amount, a percentage of past spending, or a focus on certain move types, can help limit the scope of your cost-cutting efforts and lead to better results.
- Stay on trend and on brand. Mobility benefits should not only align with peer companies but also promote your company's brand. Keep provisions that set you apart and be prepared to defend them if they are important to attracting and retaining key talent.
- Avoid cuts that can backfire. Focus on cuts that won't hurt the feasibility and success of moves. Remember, even small changes can have a cascading effect and lead to a negative return on investment.
If you need help optimizing the cost performance of your mobility program, contact Benivo's Client Advisory team for a consultation with our experienced advisors.
Created on 23-2-2023