Case Study: Financial Services Company

High cost of living here in Vancouver coupled with a low 0.5% vacancy rate

THE CLIENT

An outsourcing department in a large Financial Services company that has offices in India has an extremely skilled and talented pool of IT professionals who drive the design, development and implementation of core mission critical banking, financial services and insurance applications for the company. Satellite offices are located throughout the world including a large office of 2000 employees here in Vancouver. Employees from the main office in India travel to satellite centres including one here in Vancouver to work on ongoing projects. A problem that has arisen for this company is the high cost of living in Vancouver coupled with a low vacancy rate forcing the company to ‘think outside the box’. Economists are predicting this problem is only going to get worse as the 2010 Olympics approaches while the economy grows & job market sizzling. Before coming to Businessstay.com, employees were housed in ‘short term stay’ hotels. However, it became more difficult to house these employees as some employees have wives and children accompanying them. Living out of a small room at a hotel can be difficult for those families. The company wanted to find them homes and contacted BusinessStay to help them find a solution.

THE CHALLENGE

With experience in real estate and housing, BusinessStay.com listened to the needs of HSBC and their employees. They were as follows:

  1. Management
    • ‘We need to house 100 employees in nice clean apartments’
    • ‘Please lower our costs and provide the same great service’
    • ‘HSBC Employees like being near other employees as these people are young and keep each other happy’
    • ‘HSBC Employees will commute no further than 45 minutes each way to work’
    • ‘HSBC Employees teleconference with our Indian head office from home, thus requiring internet and telephone services’
    • ‘Apartments require maid services two times a month’
    • ‘Keep our employees happy’
  2. Employees
    • ‘Please provide us with nice, spacious, and clean apartments’
    • ‘I want to live in a safe neighbourhood’
    • ‘Please provide us with Indian TV’
  3. Property Owners
    • ‘We want good tenants’

THE SOLUTION

After identifying and documenting all the relevant information, BusinessStay.com used its expertise to provide the following:

  • We found apartment owners that are willing to work with us and HSBC to create apartment building communities.
  • To ease culture shock, and provide additional support to HSBC employees, apartments are sourced near Hindu temples to help employees settle into their local ethnic community.
  • To minimize travel times for HSBC’s employees commuting to and from work, apartments are sourced in North and Central Burnaby resulting in one 6-minute bus ride to/from HSBC’s development offices in Central Burnaby.
  • To satisfy needs of employees, all apartments are fully furnished for everyday living. They include high speed internet, telephone, cable TV with specialty channels, and hydro services. We also fulfill special requests that HSBC employees make such as providing extra specialty TV channels.
  • To make an HSBC’s employee and his family’s stay more enjoyable, each apartment that is chosen is walking distance to amenities including community centers, transportation, and shops.
  • We used our clout and leverage, in a tight vacancy market, to have owners call us for occupants instead of us calling owners.
  • As we continued to work with the apartment owners who appreciate our trouble-free tenants, they offer to improve units above and beyond our expectations.

THE RESULT

  • One of our clients is saving more than $1 million/year
  • Improved service and care- 24hour online and telephone service
  • Seamless integration- allow us to design a custom solution for your needs
  • Focus on your business- allow us to take care of your employees

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