In a globalized world like ours, job-related relocations are a daily occurrence, but do we really know all the processes behind them? This article aims to help the reader to have a better overall view on the matter. Given that relocation occurs when an organization moves employees from one location to another, let’s analyse the basics of an effective relocation program. Here we will focus on the relocation of executives.
Hiring talented professionals for executive positions is one of the biggest challenges companies face today. “Failure to attract and retain top talent” was the number one issue in the Conference Board’s 2016 survey of global CEOs, even before economic growth.
The most crucial aspects to consider are policy development, communication issues, legal issues, and economic factors. Human resources professionals must offer competitive relocation packages and effective relocation practices and policies to attract talented managers. Relocation assistance can also help companies to retain current executives by giving them career development opportunities and simultaneously advance business development and operations by ensuring the right manager is in the right place at the right time. A well-designed relocation program complements an employer’s talent management program. If a relocation is not handled successfully, it threatens the employer’s ability to retain the manager, and it risks losing someone the employer has devoted time and money to develop and move.