In today's rapidly evolving global mobility landscape, benchmarking has become essential for companies looking to stay competitive and provide the best possible experience for their mobile employees. As highlighted in our recent The View From The Top discussion featuring mobility experts Ellen Shipley from Slalom and Russ Haynie from Benivo, benchmarking offers crucial insights that can shape effective mobility programs.
Why Benchmark?
As Ellen Shipley aptly put it, "You don't know what you don't know." Benchmarking allows companies to:
- Understand current industry trends
- Compare their offerings to peers and competitors
- Identify gaps in their program
- Make informed decisions about policy changes
How Often Should You Benchmark?
While opinions vary, the consensus is that companies should conduct comprehensive benchmarking every 1-3 years. However, ad-hoc benchmarking on specific issues can be valuable on an ongoing basis as questions and challenges arise.
Key Findings from our recent International Mobility Benchmark Survey
A survey of 41 companies across various industries revealed some interesting trends:
- Flexibility and cost management are major focuses
- Core-flex policies are gaining popularity, even for long-term assignments
- There's a strong emphasis on compliance and duty of care (e.g. immigration support, tax assistance)
- Sustainability initiatives in mobility are still nascent but growing
- Companies are split on VIP policies, with slightly less than half offering enhanced benefits for executives and the rest offering no such enhancements
The Future of Benchmarking
Exciting developments in technology, particularly artificial intelligence, are enhancing benchmarking capabilities. These advancements allow for:
- More in-depth analysis of open-ended responses
- Identification of nuanced trends
- Customized follow-up questions based on participant input
Best Practices for Effective Benchmarking
- Clearly define your objectives
- Choose appropriate peer companies to benchmark against
- Look beyond just "what" is being offered to understand the "why"
- Use benchmarking data to inform, not dictate, your policy decisions
- Consider your company's unique culture and needs when interpreting results
In conclusion, regular benchmarking is a vital tool for global mobility professionals. By staying informed about industry trends and peer practices, companies can create mobility programs that are competitive, cost-effective, and aligned with both business objectives and employee needs.
You can access the complete discussion here, and you can contact Benivo for information on Benchmarking.
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