Data is king. Today it doesn’t matter whether you work in marketing, sales, people or any other business function, everywhere you look data is required to have a meaningful impact on an organization. And if you don’t have the data to back up your decisions you just aren’t seen as credible.
Data gives 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 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 global mobility.
According to PwC, only 36% of organizations 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. That data is vital 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.
But how do you create a bridge between teams to make sure everyone has access to the right data at the right time?
The key is leveraging a single mobility management system to serve as a central repository of all mobility related data – including spend – to enable teams 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 data at your fingertips?
