A globally recognized reinsurance company (“RIC”) headquartered in Stamford, Connecticut has built their business on creating tailor-made solutions to support companies’ risk management and financial goals. With over 1,500 employees across 40 offices in 6 continents, RIC has a strong corporate culture and understands their people are their most valuable resource.
As part of their growth strategy, RIC leadership recognized the need to hire top talent from across the globe as well as bring their rising stars to the Stamford, Connecticut location for employment opportunities.
The Problem:
RIC utilized local hotels with kitchenette facilities for housing their visitors and relocating workforce including those relocating with their families. The individuals and families would live in a hotel for anywhere from 30 days to 6 months at a time before finding a permanent home or returning home after their assignment.
Staying in hotels posed a number of challenges for RIC and their employees: limited space, not being able to prepare healthy meals, the high cost of eating out every day and high cost of hotels were some of their biggest challenges.
Employees also commented that while staying in hotels they felt no sense of community and felt like a visitor in the new city.
Based on the feedback of their employees and RIC management met with Compass to explore alternatives to the hotels that would meet or exceed the employees’ expectations. RIC’s criteria was to have a cost effect living environment that made the long-term visitors and transitioning employees acclimate more quickly to their new city.
The Solution:
Compass introduced furnished apartments in Stamford, Connecticut as a unique living alternative to hotels. The apartments would provide RICs' assignees and relocating individuals and their families ample space to cook, relax and work all in the privacy of their own apartment. The apartments included all the “comforts of home” such as full-size washers and dryers, fully equipped kitchens, as well appointed furnishing and accessories. Additionally, the building amenities were similar to what they were used to in a hotel, such as concierges, dry cleaning services, fitness centers, resident lounges, swimming pools and on-site maintenance.
Employees were able to experience the transition to the Stamford, Connecticut area in a unique way. Living in a furnished apartment gave the employee a feeling of being at home and greater stability by living amongst a community of residents. Employees were able to meet other locals which helped them feel more settled in their new job. In addition they had the support of the Compass Crew sharing local information, local recommendations and events.
The Outcome:
Feedback from relocating and visiting employees was very positive. RIC saw immediate results with respect to a cost savings over hotels and 100% employee retention for those who stayed with Compass. By having a trusted local partner to manage the reservations alleviated the burden of RIC management having to facilitate and coordinate housing on a regular basis.
“Our employees have loved the temporary housing provided by Compass. Several have said they wished it would not end and that I would forget there was a limit. So far all the people we transferred are still with us. Several did comment that having a happy place to stay made them fresher for the work day.”
- Vice President of Administration and Benefits, RIC
The Results:
Most recently, RIC became a PREFERRED EMPLOYER of Compass’ giving all RIC employees access to Compass’ inventory of furnished apartments for any reason including personal matters, home renovation, visiting family or friends or a weekend getaway. There is no commitment or cost to become part of the Perks Program.
Enhance the assignee experience and increase satisfaction one employee at a time by working with Compass.
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