Benchmarks can be a useful tool when evaluating your mobility policy and how it may compare against other companies’ policies— and more specifically, your industry peers’ policies. A benchmark outlines policy provisions and their parameters (such as amount/ percentage/ duration caps, calculation methodology, etc.) if noted. Company names are anonymized.
A policy benchmark can:
- Tell you whether your policies or specific policy benefits are above/ below/ in line with what the benchmarked organizations are offering
- Be customized to include organizations that draw from a specific industry, program size or policy type
- Easily spot areas of imbalance in your policy suite
- Advise how other organizations are employing specific policy elements
A policy benchmark cannot:
- Tell you whether a specific policy structure or element is right for your organization or its business and talent needs
- Identify specific challenges the benchmarked companies are undergoing
- Convey details around exceptions or pain points a company is experiencing
- Predict future changes to benefits, the market, etc.
Whether you may be embarking on a policy design journey or checking in on the competitiveness of your current mobility policy, a benchmark can be one step in that process but is not the destination. Benchmark data can help identify policy gaps, cost savings opportunities and your market position. Making a business case for policy changes can be strengthened by benchmark statistics.
We recommend supplementing policy benchmark data with a review of your exception reporting to see areas necessitating a rebalance, customer satisfaction survey results and other Voice of the Customer tools to draw on the experience of all involved – human resources business partners (HRBPs), talent acquisition, business line managers, leadership, relocating employees, your Global Mobility team and your Altair team. This can give you a well-rounded view of your policy suite from those impacted – the level of support provided, the fit and alignment to your organization’s talent strategy, the level of effort in administration and what might be coming around the corner.
Altair’s Global Consulting Services recently conducted a policy benchmark for a specific population of great interest – interns in the United States. We invite you to download and review the benchmark by filling out the below form. This is a population that can seem rather straightforward. Intern policy design is not complex but the organizational strategy, cross-functional coordination and approach considerations, combined with external pressures such as housing, converge to pose some interesting challenges for organizations across industries. We would love to know how you are tackling these questions! Let us know in the form below.
