Wednesday, June 23, 2010
[IWS] THE GROUP MOVE BALANCING ACT (White Paper on Corporate Group Moves)
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
Runzheimer International & Vandover
THE GROUP MOVE BALANCING ACT (White Paper)
[full-text, 9 pages]
Press Release 22 June 2010
A Strategic Approach to Group Moves Supports Top Talent for Retention and Increased ROI
June 22 , 2010
New White Paper from Vandover and Runzheimer Outlines Crucial Steps
St. Louis, MO—If there’s one message that corporations and employees need to hear about relocation in 2010, it’s “be ready.” With this year’s rise in activity related to mergers, acquisitions and restructuring comes an increase in the number of relocations to meet new business needs. In many cases, that means the relocation of entire departments and groups of employees. The newest white paper from Vandover, the leader in TalentMobility® solutions, and Runzheimer International, the leader in workforce mobility, outlines the strategy for communication, decision-making and family support required for corporate group moves.
According to a 2009 Human Capital Institute workforce mobility survey, 67% of corporate leaders report employees’ reluctance to relocate, with family issues and the housing market topping the list of reasons why a candidate said no to a move. At the same time, 60-80% of executives surveyed report that the mobility of talent is mission critical to the success of the organization.
These factors are causing a major shift from a transactional, one-size-fits-all approach to relocation in favor of a strategic and personalized support program which increases the odds for top talent to say yes to a move, and experience success in the new location.
In the case of a group move, concern and anxiety among employees is magnified. An employee’s decision about a group move typically involves a number of concerns related to personal, spousal, family, financial, and career issues. In addition, concerns about the organization’s long-term health and viability also come into question. Organizations concerned with the relocation and retention of their top employees provide support before, during, and after the relocation process, to help talent work through these issues, realizing that no two employees have the same needs.
While some may assume this approach simply seems like a “feel good” strategy for dealing with employees, it’s actually based on risk management and return on investment measures. “With reluctance at an all-time high and an increase in group moves for 2010, the risks for corporations are rising,” states Margery M. Marshall, president of Vandover. “Employers are beginning to realize how important it is to have a strategy in place to increase the chance of a successful group move and ensure the return on investment. Just one failed relocation can cost upwards of $1 million in hard costs – not to mention the loss of talent and failure to complete a critical business assignment. In the case of a group move, this figure is multiplied.”
“Significant dollars and valuable talent can be at amplified risk during a group move,” said Runzheimer International president, Greg Harper. “Success today requires a strategy that outlines business objectives, uses the most current geographic data and defines a support plan for employees.”
As with any business change, the success of a group move begins with a specific strategy and ends with an analysis of that strategy that identifies improvement opportunities.
The complimentary new white paper from Vandover and Runzheimer titled,
“The Group Move Balancing Act,” can be downloaded at: http://www.vandover.com/group_move_balancing_act.pdf
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Director, IWS News Bureau
Institute for Workplace Studies
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641