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 PracticesCompany?, 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. For
more information, visit wrri.com.
