As we get ready to say good-bye to 2013 and look forward to welcoming the New Year, we must first reflect on our successes (and occasional misses) during the past year. This helps us to be better prepared for the many opportunities that 2014 is sure to offer, while making sure that we are able to work more efficiently and implement cost-saving measures where needed.
Before we move forward, we must first review and take stock of where we are, and where we have been. Year-end is the perfect time to review…review…review.
Here are a few helpful tips to get you moving in the right direction, so that you will be ready to hit the ground running on January 2nd.
- Review relocation policy exceptions. This is an area of vital importance when you look at the time and money spent on gaining approvals for relocation policy exceptions. Some relocation policies may need to be amended to make them more fair and equitable to the broader spectrum of employees. It is important to write relocation policies that significantly minimize the instance of exception requests, while making sure that you have a process in place for managing exceptions when they do arise.
- Review your relocation costs. Looking at your relocation expenditures for 2013 will help you create your budget for similar costs in 2014. By reviewing this year’s costs, you are likely to find areas and items where cut-backs can be made, as well as those areas and items in which augmenting costs will be necessary. Either way, the review process will give you the historical data to ensure less waste in the coming year.
- Ask your relocation provider for suggestions. There is much value and synergy to be gained from this relationship, so now is the time to leverage that, and look at ways to make changes, advancements and improvements…together. Your relocation provider is your seasoned partner, and can offer great insight and perspective as you plan for next year.
- Run tax projections. Tax projections offer many benefits, including the ability to determine an employee’s pre-assignment tax equalization costs. Reviewing tax projections can be an important measure for examining specific ways to save money for both the company and the employees.
- Do an audit. Conducting a random audit on a file can be a great way to review whether specific costs are fair and accurate. Ideally, the audit should give you a snapshot of how effectively your relocation program is being managed, ensure compliance, and provide data for future cost-saving measures.
- Be prepared for change. Change is constant, especially when looking at trends, laws, processes and procedures that impact the relocation industry. In January 2014, stricter guidelines will be imposed on the mortgage industry, making the loan qualification and approval process more rigid. As such, it will be more essential than ever for transferees to obtain mortgage pre-approval prior to their home finding trips. Make sure you are aware of how these changes can potentially affect your relocating employees’.
Whether it’s the end of the year or the middle of the summer, we have lots of great relocation information and tips to share with you! Please contact firstname.lastname@example.org for more information.