Prudential Relocation North American Survey Finds Labor, Real Estate Markets Impact Programs.
NEWARK, N.J. -- Businesses participating in a survey by Prudential Relocation, a Prudential Financial, Inc. (NYSE NYSE
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see boophilusannulatus. labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience and the real estate market.
More than 150 respondents participated in North American Mobility Trends: A Best Practices Survey from Prudential Relocation, which focused on four areas of employee deployment trends and initiatives, including: recruiting, retention and reluctance to relocate; policy and program parameters; outsourcing, program and supply chain management; and cross-border relocations. To download a complete report of survey findings, visit www.prudential.com/relocation/nasurvey.
Organizations are now (or will soon be) facing difficulties when recruiting and retaining top employees due to a predicted shortage of qualified workers: 46.71 percent of respondents say that their organizations have found recruiting new employees more difficult in 2006.
"Recruiting and retaining top employees, some employees' reluctance to move and companies' financial constraints with relocation incentives all will be potential challenges with broad impacts on the economy and relocation," said Margery Marshall, Prudential Relocation president. "This makes it that much more important that mobility professionals deliver exceptional service."
In light of today's changing real estate market (longer selling times and higher interest rates), it was surprising to see that 60 percent of respondents reported that they were making no changes to their policy. This is most likely a result of organizations having already developed policies designed to respond to market volatility.
"A well-structured home sale assistance program should employ many of the proven drivers of employee-generated sales as possible, regardless of market conditions," Marshall said.
The majority of respondents (90 percent) report that future relocation volume will stay the same or increase. Throughout the survey results, a trend toward the "I Want It All" philosophy was noted. Seventy-seven percent of organizations strive to find an effective balance between premium customer service and cost containment cost containment,
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"The question becomes how do you get it all for the employee, while protecting the organization and its investment," Marshall said. "Organizations must strike an effective balance between policy provisions that attract and retain the most sought after employees and cost containment procedures that keep budgets in check."
Prudential Relocation provides comprehensive global relocation services Relocation services or "employee relocation" includes a range of internal business processes that are engaged to transfer employees (and often their families) or entire departments of a business to a new work location. to corporations worldwide. With locations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, United Kingdom, France, Mexico, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Singapore, Taiwan, Japan and China, Prudential Relocation -- which operates as Pricoa Relocation in Asia and Europe -- offers a broad menu of services critical to the relocation of clients' employees, including coordination of intra- and inter-country relocations, international assignment management, intercultural in·ter·cul·tur·al
Of, relating to, involving, or representing different cultures: an intercultural marriage; intercultural exchange in the arts. training, global business consulting, appraisal, inspection and sale of relocating employees' homes, equity advances to relocating employees, assistance in locating a home at the relocating employee's destination, global household goods moving services and client cost-tracking and a variety of relocation policy and group move consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.)
service - work done by one person or group that benefits another; "budget separately for goods and services" , and more.
Prudential Financial companies, with approximately $568 billion in total assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of June 30, 2006, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the United States. These companies offer a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement-related services and administration, asset management, banking and trust services, real estate brokerage franchises, relocation services and, through a joint venture, retail securities brokerage services. For more information, visit www.prudential.com.