In the January 2017 addition of Mobility Magazine, Michael Krasman, the CEO and Co-Founder of Urbanbound, which provides relocation management software, discusses the 3 main data metrics that companies should be using to identify whether or not their relocation program is successful.
Cost Metrics. What is the actual cost of the employee’s relocation not the total cost of the entire relocation program. A company should understand the break down of their annual relocation budget based on each individual employee’s policy, assignment location, length of stay, etc.
Valuable Supplier Network Data. Using metrics to compare your vendors in terms of cost, employee satisfaction, and regions served will create company benchmarks that will determine which suppliers remain in a company’s supply chain moving forward.
Employee Insights. The overall success of any company’s relocation program can be directly tied to their employees’ performance at work. If an employee is satisfied with their relocation, then their quality of work should not be affected. Every company should track their retention and turn over rates: how long are the relocated employees staying with the company during and/or after their assignement(s)? Were they satisfied with the suppliers used and services provided during their relocation? What challenges did they face? These are crucial insights that will help any company make any necessary changes to their relocation programs moving forward and share this information with their future transferees.
Tracking key data metrics relating to a company’s relocation program will dramatically improve the overall success of the program and in turn, the satisfaction, retention, and performance of each transferred employee. After all, a happy employee is a productive employee.
Millennials are a hot topic right now and have been for the past couple of years with the changing landscape revolving around Millennials in the workforce, talent management, and mobility.
In the November/December 2016 addition of Workforce Magazine, in the article titled “Mobility Needs a Makeover,” Millennials are recognized as great candidates for global assignments since their relocation packages typically cost less than the “older, more encumbered peers.” According to George Bates, the Senior Vice President of Global Marketing and Sales for Graebel:
…Today’s businesses have a lot of reasons for relocating employees, and many of them have figured out that younger staff don’t need the same level of support…Younger employees are more open to the adventure that comes with an oversees assignment, and are often willing to voluntarily go with few if any additional perks. ‘They are young and hungry and eager to learn about a new culture.’ Inviting young, highly skilled employees to voluntarily relocate for a challenging work assignment has been a growing trend…for the past few years…It’s one of the many strategies mobility experts are using to cut the cost and complexity of relocation assignments, while adding value for employees. ‘There is a pervasive assumption among this generation that if they want a strong career, they need this kind of experience.’
According to a study compiled by Brookfield Global Relocation Services, 11% of the employees taking relo assignments are ages 20-29 and when mobility and talent management are combined, the number increases to 22%. Companies are really focusing on getting younger employees into their global leadership roles.
The relocation industry is shifting because of this growing trend of sending younger employees on assignments. More relocation packages are being offered now based on the needs of the company and the value of the employee. Younger employees are also typically easier to relocate since they don’t usually have kids and families to relocate, and since most Millennials rent instead of own, no property managers to find. Millennials are craving these experiences and in exchange, aren’t necessarily looking for higher salaries and benefits to accompany their relocations.
Temporary housing is a large portion of relocation services. According to the 2014 Gen-Y Housing Survey conducted by the Urban Land Institute and UDR, there were some very interesting findings regarding what Millennials are looking for in their accommodations:
These figures represent what Millennial respondents chose in regards to housing. It is from the 2014 Gen Y and Housing Survey compiled by the Urban Land Institute and UDR.
So which cities are millennials relocating to here in the United States?
- Atlanta, GA
- Pittsburg, PA
- Memphis, TN
- Boston, MA
- Austin, TX
- San Diego, CA
- Seattle, WA
- Houston, TX
- Denver, CO
- Charlotte, NC
Good news, we have full-service, local offices in 4 out of these 10 cities and can assist our millennials with short-term, fully furnished temporary housing while they get settled into their new city. All of our properties include the features that are important to the Millennial respondents and even more!
For all of your relocation needs, your local AvenueWest Managed Corporate Housing office is at your service, providing exclusive residential properties including single-family homes, town homes, condos, and apartments. All offices are licensed real estate brokerages and can help you find your perfect home once you are settled. Most of our offices can also help with unfurnished rentals as well.
We are local and know the cities and neighborhoods our properties are located. Plus, we have properties not just in major cities, but in the surrounding suburbs as well.
Submit a housing request, Search for a Real Property in our actual database, or give us a call today 1-800-928-1592 and a local representative will be able to answer all of your questions. You can also Message us on Facebook or Tweet us on Twitter
Traveling to Denver for business? Or perhaps you are relocating and want to try living in a particular neighborhood prior to settling down. Whatever your reason is for coming to beautiful Denver, let the local AvenueWest Managed Corporate Housing office find the perfect fully furnished rental for your needs.
This month, we are featuring a very unique and beautiful all-inclusive property in the heart of downtown Denver, within walking distance to tons of restaurants, coffee shops, boutiques, the Pepsi Center, Denver Performing Arts Complex, the Convention Center, Union Station, Museum of Contemporary Art and so much more!
Bike rentals are right around the corner and the Cherry Creek bike path is at the end of the street. Confluence park is 1/4 mile away.
This 1,600 square foot 2BD/2.5BA downtown Denver town home boasts high-end functionality and features including:
- Main floor is open concept with 11 foot ceilings and floor to ceiling windows
- Maple floors
- Sub Zero refrigerator, Miele dishwasher and oven, and stainless steal countertops
- Master bedroom has a king bed, sitting room and office, private balcony and a large flat screen TV.
- Bathrooms have Kohler fixtures and white stone floors and both have a tub and shower
- Separate laundry room next to 2nd bedroom upstairs
- 2 covered parking spaces in adjoining garage
Along with the great property features included above, all AvenueWest Denver rentals include high-speed wireless internet, expanded basic cable, domestic long distance, capped utilities (gas/electric), water, trash, linens and towels, housewares, and furnishings all for $5,500/month. There is also a one-time, non-refundable departure cleaning fee of $350. Maid Service can be added for an additional fee.
Click here to see more pictures and details of this charming town home or call us 303-825-0000 to reserve this beautiful property today! 🙂
The below was contributed by Gemma Vine:
Travel is an important aspect of many successful businesses – and can be one of the most rewarding parts of your working life! However, there are plenty of things which one should think about before packing bags and departing. We’ve got you covered in regards to accommodation with our comfortable and convenient corporate housing, but temporary housing isn’t the only thing you might want to consider. Here are a few tips which might help you plan your next business trip:
Establish Objectives. It’s really important to get clear in your mind the reasons behind your trip and what you want to gain from it. This will help you manage your time more effectively. Doing some research into your objectives will also be of great use when you reach your destination – when you know what you want, you will also have a better idea of who to seek out and meet with when you arrive. You will be able to look at anything you’re researching with a more educated eye. Knowing what you’re doing when you arrive is a great time saver and will also lend you the confidence which comes with prior knowledge.
Cover Your Back. Travel is exciting and provides boundless opportunities for business growth but it can also bring certain risks with it. If you want to make sure that you and your business are prepared for all eventualities, have a look at your business insurance policies before you go. You might find, for example, that your corporate health insurance doesn’t cover you if you fall sick while traveling. Hopefully, of course, you won’t ever need to use these fail safes, but it’s best to be protected just in case. Also, if you’re coming from overseas, it’s a good idea to learn the location of your embassies in the event that you need to avail their services.
Do Your Research. Once you’ve established your objectives, you can further streamline your time and make your trip generally more efficient by researching the people and places you want to meet and/or go. In this age of the internet, it doesn’t take long to do a bit of background research, which will ensure that you’re hitting the ground running, so to speak, when you arrive. Of course, business research is an essential component of any good business, so it’s likely that you already have the requisite skills! Seeking out some expertise from people who know the area and/or the people and places you’ll be visiting also makes for a great research opportunity. The more you know before you go, the more time-efficient your trip will be, leaving you with more time to enjoy yourself! The people you’re meeting are likely to be impressed if you’ve taken the time to learn a bit about them and what they do, which may in turn bring about a favorable result for your trip!
Enjoy Yourself! Business trips don’t need to be all about hard work. In fact, if you’re actively enjoying yourself, you may find that the work is much more productive. People who are relaxed, happy, and not stressed are generally better workers than people who are harried, pressured, and miserable. People who present a happy persona in meetings are also more likely to leave a good impression and come away from the table with their objectives completed. And, of course, the best way to present a happy persona is to actually be happy!
Business travel is a fantastic opportunity to see the world and have some fun, so be sure to let your hair down a little, take in the sights and experiences of the places you’re visiting, and generally have a great time! It will not only be great for you, it’ll be great for the business as well.
There are so many fun-filled outdoor activities to do in Cambridge, MA. If you are planning on staying here this year, whether for business or pleasure, make sure to check out all of theses exciting outdoor activities in the nearby area. Here are the best five:
The Freedom Trail
The Freedom Trail, running throughout downtown Boston, is a must-see. Be sure to visit Paul Revere’s House, Boston Common and the Bunker Hill Monument. You will also be taken through some of Boston’s most exciting areas such as Faneuil Hall and Government Center, both featuring tons of local eateries, outdoor parks and great souvenir shopping.
Kayaking on the Charles River
See spectacualar views of the city of Boston while enjoying the beauty of the Charles River. Get a firsthand view of the river by renting a kayak or a canoe. Charles River Kayak & Canoe is located right in Kendal Square.
Harvard Square is a bustling intersection filled with great restaurants, shopping, and outdoor eating areas. Plus, Harvard University is one of the oldest and most prestigious universities in the world. The university has acres of beautiful grounds and rows of historic buildings and museums including the Harvard Museum of Natural History and the Harvard Art Museum.
The Esplanade is one of Boston’s most famous parks featuring stunning views of the Charles River and the city as a whole. Pack a lunch and you’ll have the ultimate summer afternoon enjoying the great views and wonders of Esplanade Park.
The Minutemen Bikeway
Starting in Bedford, MA and running all the way down to Cambridge, the Minutemen Bikeway features endless discoveries. This historic landmark takes you on a tour of where the American Revolution began. Visitors can rent a bike in multiple places along the trail using Hubway, a cheap service that rents out bikes all over the city.
If adventure is your thing, you can definitely get out for some great exercise, dine on some great local food, or casually take in the sights. There are so many great things to do here in the “City of Squares.” So get out and enjoy the sites!
This article has been provided courtesy of CorporateStay. They offers short term or long term furnished apartments and rentals throughout the Metro Boston area, including Cambridge, Harvard Square, Davis Square, Porter Square, Kendall Square and more! If you are staying for business, school, or pleasure, CorporateStay has exactly what you need to stay comfortably.