RELOCATION EVALUATION
Achieving a profitable relocation in six steps: here’s how to go about it
Relocation evaluation – Your company’s relocation strategy should go hand in hand with your business’ talent strategy. Conducting the necessary talent and location analysis is therefore crucial to the success of your relocation, driving long-term growth and a sustainable future for your company.
Always base any location decision on data relating to the specific criteria you’re concerned with; this will avoid personal biases swaying the decision in a certain direction. Define the requirements and strategic objectives, consider all the specific circumstances and your objectives, and assess the data for each market.
MULTIPLE PERSPECTIVES
Your company has very specific needs and objectives, which make your relocation strategy unique. Consider all the decisions from multiple perspectives and prioritize your unique requirements and business goals.
To show you just how many factors come into play when deciding on a relocation, we’ve mapped these out for you. Be sure to take the right steps and use risk assessment as an ongoing tool to keep a clear overview of all possibilities, benefits and potential pitfalls.
THE ROADMAP TO A SUCCESFUL RELOCATION
Here’s a handy six-point roadmap to follow for your specific relocation and talent strategy:
LOCATION ANALYSIS
It all starts with drawing up a short list of your most favourable cities for future operations. Determine location criteria, screen locations, analyse the communities on your longlist, assess transition costs and incentives and consider possible risks. Don’t forget to assess the available talent pool in the area, as well as its cost.
FIELD VALIDATION
Study your locations shortlist in depth. Interview other employers in the industry, discuss relocation incentives with economic development entities and develop a negotiation strategy. For preliminary insights into the available real estate, don’t hesitate to contact your Cushman & Wakefield expert.
TALENT ACQUISITION STRATEGY DEVELOPMENT
There’s a whole lot to do when it comes to developing a coherent talent acquisition strategy. Talent mapping analytics, employer branding and hiring strategies, candidate assessment, talent pipelining… these all come into play, based on your operation specifics, hiring plans, projected budget and scope.
NEGOTIATION
Negotiating real estate and incentive terms that match your business objectives and strategy is an essential but complex task. You’ll need to formulate your real estate requirements, negotiate terms and incentives, update your financial models and finalize your transactions.
IMPLEMENTATION
Here’s where it gets concrete. At this stage, you’ll want to execute your project intelligently to develop an ideal workplace environment, fostering a positive employee experience at the best possible cost. Team up with architects and engineers, commence on-site development, administration and support and execute your project management strategy.
TALENT ACQUISITION EXECUTION
To roll out your talent acquisition strategy, start at the beginning: candidate sourcing and screening. That includes skills assessments, scheduling interviews, checking performance references, issuing offers, and launching on-boarding and training initiatives for new hires.
Along the way, you might find yourself needing a partner with not only all the right data to assess every stage of your process in order to allow you to make the right informed decisions, but also the necessary expertise to advise you on certain moves and decisions as well.
Cushman & Wakefield offers the knowhow from the best of the best in real estate and location strategies. Discover also the benefits of relocation.
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