The not so hidden secret behind cost optimization in talent mobility
By Christine Weddell
Aug 24, 2015
Regular conversations I hold with HR and mobility professionals keep validating that the most important part of an HR technology solution in a 21st century organization is its reporting and analytics capabilities.
Data analytics give professionals across all HR functions visibility to support better business decisions. They can spot trends earlier and understand what they are spending in a way that may enable them to reduce costs, without undermining the productivity and satisfaction of the employees.
Data can also help HR to show where it adds value to the business. It can be difficult for HR managers to prove they’ve been successful and present the value they’ve added without backing it up with hard facts. Imagine if you could easily demonstrate, for example, how you increased employee productivity, reduced employee churn and boosted workforce engagement.
That is truer than ever when it comes to talent mobility.
According to PwC, only 36% currently have access to the right data in order to manage their globally mobile employees. And many more struggle with manual and resource-intensive ways to pull data and turn it into actionable insight.
Accessing financial data around the cost of a move is one of the areas where talent mobility professionals struggle the most. And the pressure gets higher when they need to answer not only to their CHRO, but to their finance department too.
Finance teams expect to receive accurate and timely information on the cost of each employee move from their mobility counterparts in HR. That data is vital to them in order to forecast mobility spend, track how it measures against budget and identify ways to reduce costs. They also need accurate data to ensure they can guarantee compliance from a tax and payroll perspective.
One of the most recurring patterns I observed over my years in the global mobility consulting practice at PwC is that better data analytics translates into cost optimization and increased compliance for Finance as much as HR.
But how to cross the chasm between teams and make sure everyone has access to the right data at the right time?
To help overcome that challenge we have built an integrated cloud solution, called Talent Mobility Cloud, to enable our customers to:
Report on their mobility spend at any time and get an up to date, consolidated view for their finance team.
Visualize costs by region, policy or cost center on their personalized dashboard.
Get access to the detailed expense data without waiting for monthly reporting cycles.
Easily track progress of each relocation to meet the program objectives.
As a result of achieving better visibility over program costs, HR, mobility and finance teams can plan and forecast more effectively:
HR and mobility teams can easily analyze and optimize how much they are spending per move and its progress, and report back to their stakeholders such as finance, the business units and the C-suite.
HR and mobility teams can finally invest the days they used to spend sourcing and consolidating data into more strategic activities that directly impact the business, and the employees.
Finance teams can improve compliance and better budget and account for mobility costs.
Are you ready to experience the benefits of instant and accurate financial reporting?
Read this factsheet to learn in more detail how MOVE Guides is helping companies like Societe Generale, SurveyMonkey and Tesco to increase efficiency through better data analytics, with full mobility program management for all of their moves.