It is natural that many industry professionals view various relocation services as being disparate and therefore, go out to RFP for these services singularly without taking into consideration how they may affect each other. It’s normal to compare like suppliers for basic offerings. Nonetheless, the many services offered and the manner and efficiency in which they are delivered are crucial to your overarching relocation program.
Transferees Prefer to Avoid Temporary Housing
As a result of more than a decade of experience PorchLight has in the rental assistance space, and numerous studies conducted over the past several years, we have learned that more than 70% of transferees prefer to avoid temporary housing during their relocation and move from origination to destination city with limited interruption.
Although employers should provide the safety net of temporary living in the event housing isn’t secured in time, it’s important to be in-tune with the fact that their employees prefer to have one move, and in that process they are happier, more productive, and settled more quickly. If employers are able to achieve one move, and limited interim housing, this represents a significant program savings, while improving the overall satisfaction of their employees.
According to Corporate Housing Association reports, the average nightly cost of corporate housing in U.S. in 2016 was $150 per night or $4,500 per month. Cutting that cost in half is more than reasonable when the right rental and destination service company is in place. Saving $2,250 per transferee who rents multiplied over 100 or 200 transferees adds up to $225,000-$450,000 savings per year in temporary housing. Adding in the cost of rental assistance across that same 100-200 renters still results in a net overall savings of $150,000-$300,000 per year.
Another extremely significant piece of the puzzle that needs to be taken into consideration and directly translates to relocation expenditures and overall program satisfaction levels, is the transferees’ productivity during their rental finding experience. The ability to move quickly and efficiently into their rentals and not spend hours of time doing something they are not often equipped to do, allows associates to be productive in their new positions throughout the process.
8.5 out of 10 renters find their new address through PorchLight.
This translates to hard cost savings and soft cost savings relative to keeping the transferees and their families happy throughout this often stressful experience. As relocation professionals, it’s important to recognize areas to add value for the business in both bottom line performance and employee on-boarding performance. Adding rental finding support enhances employee satisfaction and it aligns corporate initiatives with employee needs.
It’s a win-win at all levels!
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