Compensation Management: 3 Reasons to Choose an RMC
By: Katie Lenehan, CRP, SGMS
Vice President, Client Support Services
When you think of compensation for your global assignees, what comes to mind? Compliance Accuracy? Headaches? Yes, yes and… quite possibly! Getting compensation right—from both a financial and a fiduciary perspective—is essential to managing your mobility programme with confidence. Who you choose to perform those compensation-related tasks matters, and the best team for the job might not be the one that is doing it today.
While it might not be the obvious choice to have a relocation management company (RMC) like Graebel handle compensation tasks like cost estimates or payroll remittances, an RMC offers distinct advantages for mobility professionals and their assignees. Here are 3 reasons why an RMC is a smart choice for compensation management.
1. We see compensation through a mobility lens
Your in-house Finance and Payroll teams surely know your business, and the “Big 4” know all about tax, but an RMC lives and breathes mobility—and it shows. RMCs bring a uniquely global mobility perspective to compensation management. We anticipate and navigate changes in systems and regulations as easily as we switch languages. And we see how assignment-related changes impact compensation. Can you really expect someone who is not deeply involved in Ricardo’s move to Mumbai to make balance sheet updates in a timely and accurate manner?
2. We are already deep in the data
RMCs are hands-on with assignee data—because it is being used for other programme purposes. So why export that same data to someone else to produce a report that then has to be added back into the system? It is like having a walking stick, breaking it intentionally, putting it back together and expecting it to be as strong as the original. An RMC can easily connect compensation to other mobility data sources and formulate a clear and accurate picture of your assignee. Timely and accurate global data capture also removes the burden from any internal teams of aggregating data from multiple sources and reduces the risk of non-compliance.
3. We keep your programme right and tight
Ever had an assignee express their frustration with having to transfer funds to your Payroll team each month? Or have your team need to go back and forth (and back and forth) with a tax provider to complete a compensation accumulation report? That is friction, and it affects the quality of experience your mobility program can provide. Instead of having a bunch of cooks in the compensation kitchen, an RMC can act as a single, expert point of contact. We can provide active and agile compensation support, reducing handoffs and minimising risk of error. With an RMC at the helm, you can also reduce programme complexity and increase visibility.
You hire an RMC to look after your assignees, and compensation management is an important part of that responsibility. Graebel offers a full suite of compensation management services to support your mobility programme and enable exceptional experiences for your team, your assignees and even your tax provider. With Graebel, you get the people, processes and technologies you need to keep assignees fairly and accurately compensated while continually meeting global compliance demands.
Want to know more about Graebel Compensation Management Services? Contact us today.