News

The Case for Comp: Why Your RMC is The Best Partner

The Case For Comp Why an RMC Is The Best Partner
AUTHOR: Susan Myers
DATE: July 15th, 2020 CATEGORY: news

For many mobility and HR professionals managing the global compensation activities of their employee population is cumbersome, overwhelming and fraught with trepidation. With so much riding on getting it right, most companies look to the expertise of a Big 4 tax firm as their provider of choice; however, working with your own relocation management company (RMC) may be a less costly and even better alternative. Here’s why:

Seamless Strategy and Process

Just like with any other aspect of business, keeping knowledge and data centralized with one provider can provide a better overall experience. With Altair Global, clients take confidence in the knowledge that our Global Compensation Management Program is led by mobility financial services veterans with years of experience in delivering global compensation, tax data reporting and payroll administration. Because this team is integrated into and aligned with every aspect of your overall global mobility program, there is less chance of a break in process or misaligned objectives. Using your RMC for global compensation can streamline your company’s process to ensure comprehensive compensation accumulation from home/host locations and regulate your global payroll experience for international employees on assignment. Who better to know how benefits are delivered based on local nuances? This local understanding equates to a clear path for total compensation accumulation and ultimately, tighter compliance.

Reduced Costs with Better Insights

Working with an RMC versus a Big 4 tax firm often comes with a significantly smaller price tag; however, we also believe it comes with better insight into your overall program. Instead of paying exorbitant hourly rates, working with an RMC means more access to support teams with less hassle and expense. No nickel and dime fees for inquiries or special reporting since RMCs just work differently. Altair Global works to become an extension of our clients’ internal teams and that means a more collaborative, strategic partnership with no out of scope fees.

Further, through centralization of total cost aggregation and comprehensive compensation accumulation via your RMC, clients have full visibility of program costs, can project future spend and support key finance requirements through a single source. By effectively delivering accurate and updated assignment data, our clients are better prepared to make informed decisions on compensation management.

Technology Integration and Data Integrity

Why You Should Work with Your Own RMC for Global Compensation Activities

With an RMC the integration of technology is seamless. The same systems that are managing your full global mobility program are utilized to manage your compensation program. Data integrity, key workflows and process alignment are the win in this environment. With Altair, our systems are run on a real-time basis, flexible, configurable and industry-specific. In turn, client and employee data is always secure and protected with minimal transmission outside our watchful eye. Altair Global’s dedication to data security is evidenced through our SOC 1 and SOC 2 Type 2 audits and verified through our Privacy Shield and GDPR certifications.

Your Perfect Partner

Overall, the benefits that come from having your RMC manage your global compensation are plentiful ‒ as long as you have the right partner. With Altair’s focus on experience management, our top priority is delivering an exceptional mobility experience to our clients and your employees. We pride ourselves on our flexibility, adaptability and partnership approach. Let us show you all the ways we can improve your global compensation management program by reaching out to us today.

 

Contact your Altair Global Client Services or Business Development representative to find out more about Altair Global’s Global Compensation Management.