Pricoa Real Estate and Relocation Services: Relocation Revolution - Earl Lee
When companies need to relocate employees and their families, they face severe logistical challenges. But as Earl Lee of Pricoa Real Estate and Relocation Services explains to CEO, specialist service providers can ensure the relocation serves strategic goals as well as the needs of the individual making the move.
People are the most valuable assets in any organisation, and having the right people in the right place can be the difference between success and failure.
As markets and supply chains evolve and expand across the globe, and as companies look further afield for key talent, the onus is on them to better understand the implications of employee relocation.
Organisations that lack vital talent at an important location, or that are marshalling resources to move into new markets, are increasingly turning to providers of relocation services, not only to ensure that individual employees are well looked after, but also to optimise cost efficiency.
‘Relocation costs continue to grow as they include, in most cases, selling a property, moving household goods, and finding a home in the new destination. These activities involve major financial transactions affecting the employee and the company making the decision,’ says Earl Lee, president of Pricoa Real Estate and Relocation Services.
‘Taking on the challenges of relocation is stressful, but most people get to learn about different ways of doing business, they get a new perspective on life, and grow personally and professionally. It also provides job security and creates opportunities. Having a strong talent pool willing to move supports the company, allowing it to deploy resources where needed,’ he adds.
Pricoa Real Estate and Relocation Services is a full-service employee relocation company that helps organisations around the world balance the needs of employees and families with the objectives of corporate strategy. It understands the pitfalls of relocation and helps its clients avoid them.
‘From an employer’s perspective, the most common mistake is not adjusting the relocation policy to the changing realities of the market. In today’s market it is important for companies to be flexible with the period offered for temporary accommodations. It takes longer to sell a home in markets such as the US. Policies should be reviewed and adjusted in response to current market conditions,’ says Lee.
‘From an employee’s perspective, the most common mistake is not having proper information about the relocation process and knowledge of the benefits and challenges of relocating, which in today’s economy is challenging and stressful,’ he adds.
‘Economic volatility and declining real estate values make it difficult for employees to consider relocating because they would be selling and buying one of their most expensive assets – a home.’
Locating a solution
Specialist service providers such as Pricoa can ease the relocation process, be it domestic or international, by preparing employees for the transition and helping with the practical details of the move. Intercultural training, for instance, helps assignees and their families adapt to a new environment. Its importance cannot be overestimated, even when the cultural gap is not very wide.
‘People from the US assimilate well in countries that share the same language, but cultural differences still exist, so you need a different mindset,’ says Lee. Pricoa’s online research tool, CultureWizard, helps people learn about cultures and understand the differences between them.
‘We offer solutions tailored to the employees’ needs and requirements, including business and language training, and job search support and help for spouses and their partners,’ he adds.
For Lee, the future of relocation lies in the hands of specialist service providers, which he believes will have increasingly close relationships with their clients.
‘Managing people and key elements of their lives requires a close partnership between the corporate client and the relocation company,’ he says. ‘Satisfying the clients’ needs is key in maintaining a long-standing relationship.’