One of our clients, a world leading independent, end-to-end IT Services Company engaged Weichert Workforce Mobility to conduct a holistic assessment of global mobility policy and programs specifically for the technology industry.
Over 60 people from the technology industry participated, providing their insights into best in class mobility program, including business managers, leadership, finance, human resources and employees who are currently on assignment or recently returned from an assignment.
Throughout the survey, Cost Control emerged as an area of concern and importance. Respondents agreed on the importance of controlling spending while also ensuring compliance and the assignment’s fundamental needs are met.
Not surprisingly, the survey revealed that participants are unanimously seeking ways to better achieve a balance of consistency, flexibility and cost consciousness. However, the ways in which these companies address cost control varied greatly.
Some companies have made a headway in cost control by reducing allowances and sending talent on shorter assignments. Companies are also looking at the value of streamlining operations through process improvements, including the expanded use of technology as a key cost savings measure.
When asked specifically how these companies are addressing the challenge of controlling or reducing cost, the respondents indicated the following:
Considering that 54% of the participants stated their company is cost conscious or conservative, it’s also clear that companies perceive mobility as a sizable investment and therefore they need to be more strategic about the selection and pre-authorized process, so as not to risk a failed assignment.
Additionally, when asked about how companies determine assignment benefits, an overwhelming 83% indicated that cost plays a significant role.
Yet, paradoxically we also discovered mixed opinions on whether companies even have a clear understanding and knowledge of their total company wide costs. While it is is not uncommon for costs of individual assignments to be captured inconsistently across business units, participants are broadly optimistic that new systems and technology will facilitate more timely and accurate cost capture in the near future.
“With adequate tools and equipment to track the data, and provided that resources capturing the cost have understanding of the policy and systems where costs are recorded.”-Participant
At the end of the day, we all want to save money and are looking for ways to control costs. This survey revealed the critical importance of managing costs particularly to the high tech industry.
For more information and to request a copy of this benchmark report please email, firstname.lastname@example.org.