We’ve been bombarded with news from every direction telling us that we’re in a recession, inflation is here to stay, and we may been in this trough for a while. Many articles and web meetings around this topic point to possible effects on global relocation in 2023. I’ve noticed repeated use of two words that anyone managing a a relocation program dreads: budget cuts. Many global relocation HR departments have been tasked with reviewing their relocation budgets with an eye to cost-cutting measures.
This is a difficult task as relocation expenses around the world continue to rise. In 2021 we saw many urban renters’ lifestyle changes lead them to become suburban homeowners. This affects the housing inventory availability. As we started 2022, we saw a rise in fuel costs and additional stress from the Russian conflict in Ukraine. We can assume that relocation costs will be even higher in 2023.
While many corporations use relocation companies to handle their relocations, more and more companies are also offering lump sum moves and these employees need support, too. Here are a few things to consider when reviewing your relocation budget:
- How does a business unit weigh the costs and anticipated financial gain of a relocation against the same factors when hiring locally?
- Is your employee relocation policy clear? Does it reduce ambiguity in communication and expectations?
- Are expenses for relocation benefits capped?
- Have you researched ways your relocation company can help save you money? Take the time to have these discussions sooner rather than later, to better ensure smooth, prompt relocations.
Ultimately, the biggest cost-savings will be partnering with experts that can help save you money. Also, choosing the right technology for your company will have huge benefits. For instance, Living Abroad’s subscription-based International Relocation Center (IRC) delivers detailed information on hundreds of host destinations for your relocating employees. From housing and schools to transportation and banking, social conduct, business protocol, pet relocation, mental health support, sustainability – we cover these topics and many more.
The IRC is cost effective, even within budget constraints. It empowers you to provide your globally mobile employees with valuable, vetted, must-have information from one trusted source, freeing up HR department resources. Every Global HR Manager wants their relocating employees to be prepared. We save you hours of research, relieve the worry and stress, and free up your time for more important tasks. IRC content is easy to access from anywhere in the world, on any device.
Living Abroad has been providing destination information for over 35 years covering over 235 destinations. If you’re not familiar with our service, why don’t you try us out?
