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6 Ways to Get More Bang For Your Buck
As finance departments become increasingly more involved in global mobility programs, mobility managers must continually look for new ways to drive value and contain the costs of their program. It is important for program administrators to understand current costs and be able to use assignment cost estimates to gain deeper insights into the multiple cost layers of mobility programs.
Focusing on the following areas can help mobility managers make more cost efficient decisions regarding candidate selection and program support:
- Talent Segmentation and Program Alignment
Given the multi-generational and diverse global talent pool, a traditional assignment package may not be appropriate for every assignee. A program review can help find what the talent needs are and help to design a mobility program to fit those needs.
- The Value Proposition
Companies who set a clear value proposition with regards to their program can encourage global talent mobility within their organizations while requiring fewer financial incentives.
- Mobility Program Audits
Regular mobility program audits can uncover hidden costs from healthcare, taxes and foreign exchange that can sometimes lead to cost savings.
- Exception Management
Being proactive on policy exceptions can lead to easier policy adjustments, support for unique situations and identify more cost effective alternatives.
- Insourcing vs. Outsourcing
Outsourcing a mobility program depends on a number of factors including program maturity and company culture, but can add value while reducing costs.
- Localization of Existing Assignees
Localization strives to minimize mobility spend by transitioning assignees off assignment packages and onto local terms, which often involves a lump sum or phase out of assignment support. Lump Sum Payment for Allowances
Lump sums can replace allowances that regularly lead to overspending or administrative burdens.
For more detailed information on cost containment, check out SIRVA's white paper, Cost-Containment – Getting more Bang for your Buck from your Global Mobility Program