Have you thought about how metrics within your relocation program can make you think about your program differently? What data are you tracking? How are you using that data to make decisions to improve your program? And how are you tracking the net result of the metrics you track? We looked at three metrics that can help identify success for your company.
- Employee Attraction due to Relocation Benefits
- Assignment Completion Rate
- Retention Post Assignment/Relocation
This week we will talk about the first touchpoint in the employee journey with your company – Employee Attraction due to Relocation Benefits.
When we look at metrics to analyze how your company’s relocation benefits are doing compared to industry standards, one thing to focus on is the talent that your job posting, and company is attracting. Does your talent acquisition team bring in the diversity and level of skill that is needed to fill open positions? Are you providing benefits with enough flexibility for your employees to use them, all while remaining compliant, cost effective and competitive? Start by analyzing your current talent pool for open positions, and the success rate of securing your top-choice candidate.
Most active job seekers take into account the benefits they will be offered when narrowing down their choice where to work. Sometimes your benefits are listed front and center on a job posting, other times they are vaguely listed and the true wealth of benefits the employee may receive once signing their offer letter isn’t known to them until after the decision to join your company has been made. Additionally, are you providing benefits with enough flexibility for your employees to use them, all while remaining compliant, cost effective and competitive? Needless to say, benefits matter!
Every company has their own way on how they collect benchmarking data in regard to Talent Aquisition, but some questions you can ask internally to your Talent Aquisition or Talent Managment Team are:
- Where are our benefits listed out in the application process?
- Our relocation benefits are above industry standards, can we include them in our job posting?
- When in the interview or hiring process do we talk about benefits, and what can we provide to further show everything we offer?
By analyzing the data from your talent acquisition team, and the applicants that are actively applying to your open positions, there is data in place to help you shape your mobility program into a successful talent-locking tool for your company.
Next week we will go into more detail on Assignment Completion Rate, and how the number of employees who successfully make it through the duration of their assignment likely have the support needed from your company and relocation partner. To learn more on how Odyssey can help provide Metrics and Reports to enhance your relocation program, click here.
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