Company relocations are responsible for 40% of moves in the US. This clearly shows that large-scale corporate moves are worthwhile for businesses, despite initial costs. Now that the economy and the workplace have shifted, relocation may be even more attractive to some companies.
Are you looking to relocate your business in the year ahead? Maybe you’re looking for ways to cut operational costs amid the pressures of inflation. Or, maybe you’re ready to downsize now that remote working has become the “norm” and instead invest savings elsewhere in the business.
Whatever your reasons for relocating, travel managers now face the added challenges that the current economic landscape brings. Increased costs undoubtedly affect every step of the relocation process, from moving office furniture to setting up employees in new homes. So, with this in mind, we’ve created a company relocation checklist to help you navigate through changing circumstances.
A crucial part of a smooth-running relocation is the planning process. Plan as much in advance as possible to give yourself enough time to organize all the elements involved in the move. Set a timeline. Have a thorough checklist to ensure essentials are covered. If possible, plan to relocate during the business's quieter period - as your company will likely continue to function and serve customers. Avoiding peak seasons will lessen the pressure and reduce the impact on your business. The added bonus of planning and booking in advance is that you can potentially grab a better deal and save on increased last-minute costs.
Set a realistic budget for the relocation and try to stay on target. Considering the current economic landscape, this may seem challenging but look for ways to save costs. For example, choosing accommodation marketplaces with a built-in bid feature, such as Home Match™ technology, can help travel managers reduce housing expenses by getting great prices on vetted, quality homes. For employee expenses, ensure the guidelines are clear, and provide an easy way for claims to be made, such as digitally through an app.
Now you’ve planned the relocation, you can begin to communicate the process and policies with your employees. This will help to settle any worries about when, why, and how the move will take place. If possible, involve your teams in the relocation plans by delegating tasks or enabling them to have a say in their temporary housing. Allowing your team to feel a part of the process can relieve anxieties and help to motivate them for the move.
Over the next two years, 63% of global mobility teams plan to invest in new technology. This is likely because tech can support companies during relocation by assessing risks, such as location factors with Geosure or supplier compliance with Dun & Bradstreet. These solutions can also provide employees with a useful tool to help them keep on top of the move with checklist applications like GoCanvas.
Avoid any unnecessary challenges during the relocation process by choosing trustworthy, reliable suppliers and developing partnerships that will add value to the process. Travel managers can dramatically reduce the time spent on sourcing reliable suppliers by using an all-in-one business travel marketplace as an online booking tool, which offers pre-vetted corporate accommodation options in one place.
Ensure you reach an agreement with employees over their individual employee relocation packages. This will likely differ for each individual based on if they’re renters or homeowners, as homeowner relocation costs can be 3-4 times more expensive.
Don’t forget to consider the cost of living differences between your current location and where the new workplace is based. You’re likely moving for more favorable tax and operational prices, which should also reflect in the cost of living. Still, it’s worth being aware of this to prevent out-of-pocket and unhappy employees.
A company-wide relocation is complex enough - now, economic headwinds may make the process even more challenging. Travel managers can combat these with a robust relocation plan and strategy, including budget targets, employee policies and packages, and reliable suppliers. Tech can also support various stages of the process, such as choosing a location, finding quality housing, and employee checklists.
3Sixty, the business travel industry’s most secure and intuitive accommodation platform, helps employees to book and manage their stay in over one million quality, cost-effective rooms and properties around the world.
Reduce relocation stress and costs with secure, pre-vetted accommodation options and reliable suppliers on online booking tool.