Open Dialogue And Not Suprises
Are your providers good at communicating and sharing how their company is doing in these challenging times? Are you welcoming of their communication and see value in such dialogue?
If the answer is no, then think carefully about engaging in dialogue with your provider as no news is not good news in these challenging times!
The relocation industry has been stressed financially like no one could imagine prior to COVID as we covered in our Catastrophic Financial Tsunami blog. This comes after years of pressure on profits, increased compliance, and large investments in areas such as technology.
Now is a time for honest and open dialogue between global mobility stakeholders and providers. Relocation companies are struggling for cash and they must make hard decisions on how and where to invest. No one should be shocked if a provider lets them know that they cannot fulfil all of their original investment plans! Technology maybe an area where not every company is able to financially fulfil their plans or within agreed time scales. But this might not be a bad thing as when companies are financially challenged it forces them to focus on key deliverables that will allow the company to prosper.
The smart companies will focus on key areas such as how the market is evolving and where they truly add value to their clients. As an example, this could mean some companies stop providing certain services, but improve others for the benefit of clients as we discuss in our Ecosystem The Future blog.
We have seen relocation companies make decisions to reduce their workforce, shut offices, sell parts of their business. Some companies have been excellent in communicating such news with their clients whilst others have been slow and given mixed messages on such changes. If your provider is excellent in communicating such news, even though you might not want to hear the news you should value such an open and honest relationship.
I would highly encourage global mobility professionals to engage with their providers by saying they understand these are challenging times and you need to understand the impact on their company. Honest and open dialogue is needed on the state of the provider and what they can achieve, changes they need to make so that everyone's expectations are realigned and managed. No one likes surprises and especially in these challenging times!
So, what can you do? Take time to ask the right questions of your providers and ensure you do not get any unwelcome surprises.
- Engage with your providers in open dialogue so they share their company strategy.
- Regularly check providers financials.
- Ask questions to ensure their supply chain is secure.
- If you have concerns with a provider that cannot be rectified make a change. There are time and cost-efficient ways to tender and onboard a new provider.
If you need to review the market or undertake a formal RFP in these circumstances, I can help by sharing affective approaches that will save you time and deliver the results that you need.
Written by Paul Barnes, Director, Inspire Global Mobility Consulting.
Email: paul@igmobility.com Mobile: +44 (0) 7534 565 888