A generous relocation package covers all your moving needs and expenses and gives you plenty of time to find or build a new home. Of course, the dollar amount varies by location, because in some areas it is more expensive to live and in others it can be relatively cheap to move. If the employee needs to start on a certain date, companies may also consider the possibility of temporary housing. Thanks to the rise of shared hosting programs like Airbnb, companies can avoid hosting someone in an expensive hotel, although that option is still.
Temporary housing can help the employee adjust to the new place in a month or two. Along with the rental costs of those two months, companies also usually cover utilities. A lump sum relocation package is a financial allocation that a company offers to an employee to help them relocate. Lump sum packages can help employees settle in and return to work faster by providing more flexibility to quickly move to their new city and role.
These packages also help employers retain valuable employees while controlling expenses. This type of relocation package is when a company gives a transferee a fixed amount of money to help with moving expenses. The transferee is responsible for using that money to purchase a moving service, transportation and any other expenses that may be necessary. However, the assignee has to decide on the best use of the amount of money he receives.
The benefits included in an executive relocation package vary from company to company. However, many companies offer generous executive relocation packages to suit their unique circumstances. Essentially, the idea is to offer an attractive watch package that addresses most (or all) of the executive's concerns, to entice him to accept his offer. A typical executive relocation package includes more benefits than an entry-level or mid-level employee relocation package.
Because relocation expenses are a one-time cost to a business, negotiating a relocation package is sometimes easier than negotiating a higher salary. Lump sum relocation packages can help employers keep this spending under control, while giving their employees the opportunity to take control of their relocations and related expenses. An employee relocation package is a benefit that companies use to help new and current employees move from one location to another because work requires it. A survey by Mobility magazine revealed some interesting facts about how companies manage their lump sum corporate relocation packages.
Technology employees in leadership positions are advised to move companies that are not willing to extend generous relocation packages that meet their family's needs. Another area that a company could cover in a relocation package is temporary housing for a transferred person. The last thing you want during your relocation for a new job is an additional stressor of underestimating relocation expenses and then staying with additional expenses that are ultimately not covered. A strong relocation package is a hiring tool that can attract quality candidates and keep your company competitive in the global job market.
Companies are realizing the fact that having a strong and attractive relocation package makes excellent business and brand sense, and it becomes a reality to be competitive in today's market. While the final cost of an employee relocation package varies widely, there are ways companies can estimate and reduce these costs. Shyft combines the logistics management of relocation technology with the personalized service you can only find with concierge companies. Offering employees options in relocation packages provides incentives for current and future employees to stay and pursue careers within a company.
The most important factor in determining employee satisfaction and retention is ensuring that you have a well-structured and managed relocation policy, regardless of the type of relocation package you offer. You need a moving company that delivers positive, personalized experiences for your executive employees. . .