Being able to accurately manage and measure a company’s global relocation and mobility costs in real-time is EXTREMELY important. If not managed properly, it can increase in complexity as a company increases in size and expands its international operations.
Today, many Global Relocation companies are becoming antiquated in managing global mobility financial reporting, which can ultimately require significant resources. Reimbursements, payments, cost estimates and compensation balance sheets are often processed manually, and the resulting data isn’t always fully-captured, analyzed, and reported on. As a result, Corporate International Movers could be opening themselves up to unintended compliance and data risk, as well as world-wide payroll reconciliation issues.
In the era of compliance and regulation, a company’s global mobility program is greatly affected by its ability to effectively manage compensation. Ideally, companies should be in a situation where they can control costs and manage payroll to do what it is intended to do on a world-wide basis—accurately pay and record salaries and all associated assignee benefits.
What can companies do to leverage technology in order to reduce cost, increase accuracy, compliance and reporting capabilities in the global mobility space?