Weichert Relocation Resources Experiences a Year of Tremendous Achievements in 2008
March 20, 2009 // Franchising.com // Morris Plains, N.J., — Despite the harsh market realities of 2008, Weichert Relocation Resources Inc. (WRRI), a global leader in relocation and assignment management, implemented a number of creative solutions and leveraged unique competitive advantages to record another successful and memorable year.
"Throughout 2008, we faced many of the same challenges that our clients did, and took preemptive measures to minimize the impact of the economic slowdown," said Aram Minnetian, President of WRRI. "To shield our clients from the effects of the recession, we implemented unique policy and home marketing strategies, such as our innovative Next Practices, which represent the next generation of relocation and real estate best practices. I am happy to report that the clients who adopted our Next Practices achieved lower home disposition costs, higher amended value rates and reduced days on market."
WRRI's unique status as an independently-owned company proved to be another compelling distinction in the relocation marketplace, providing the company with unparalleled financial stability and integrity.
"WRRI's strong capital base affords us the flexibility and agility to respond quickly to new business opportunities and deliver solutions in timeframes that few competitors can match," said Jim Schneider, Executive Vice President.
"Where tighter lending standards and excessive debt have made some relocation service companies a going-concern risk and forced them to reduce or stop funding their clients' relocation programs, we have expanded our credit lines to fund client equities and expenses, while continuing our practice of carrying zero corporate debt," said Schneider.
WRRI's relentless focus on quality and performance helped the company set a new benchmark for client satisfaction, which rose to 97.4 percent, while transferee satisfaction remained solid at 96 percent.
"Our high client and transferee satisfaction ratings are especially rewarding given current market conditions," said Dave Bencivengo, Executive Vice President. "Ever since we adopted our Raving Fans customer service program over five years ago, we've remained vigilant about enhancing the customer experience and making service quality a true competitive advantage. We're proud to see that our efforts continue to bring unprecedented levels of positive feedback."
Other notable milestones achieved last year included:
- Exceptional organic growth via new client signings, including such globally-recognized companies as BP, Nestle Purina, Alcon Labs, KIA Motors and Lubrizol.
- Induction into the Balanced Scorecard Hall of Fame for Executing StrategyTM, a distinction held by only a handful of leading companies throughout the world. WRRI is the first relocation company to be elected into the Hall of Fame.
- Receiving the Culture Leadership Award from BlessingWhite, one of the world's leading management consulting companies. WRRI was one of three winners of this coveted award—along with PepsiCo and Boeing Parts—which is given to companies that achieve the most significant results in fostering employee engagement and driving a purposeful culture.
- Expanded thought leadership, consulting and knowledge-sharing initiatives designed to help companies control relocation costs, avoid inventory and keep employees mobile under challenging market conditions. Specific initiatives included the second annual Mobility and the Current Real Estate Market survey, which identified how over 200 North American companies are responding to economic challenges; a series of Industry Sector Virtual Roundtables, which brought together more than 200 companies from seven major industries to discuss current mobility challenges and identify solutions; and comprehensive whitepapers covering such topics as loss-on-sale strategies, new hire policies and localization practices in Asia Pacific.
"Our 2008 accomplishments prove that WRRI has the service quality, leadership commitment and financial stability to thrive under the most challenging market and economic conditions," said Minnetian. "In 2009, we plan to further our market leadership position by offering new and innovative ways to help our clients attract and retain critical talent."
About Weichert Relocation Resources Inc.:
Weichert Relocation Resources Inc. (WRRI) is The Next Practices Company?, delivering the next generation of relocation and assignment management services that help some of the world's leading companies avoid inventory, increase employee home sales, enhance mobile workforce management and reduce program costs. A Balanced Scorecard Hall of FameTM Company, WRRI provides a unique combination of stability, financial expertise and seasoned leadership that has made the company a trusted, proactive partner to clients throughout the world.