Relocation packages are a great way for companies to attract and retain quality employees. They provide financial assistance to cover the costs of moving and settling into a new home. The amount of money offered in a relocation package varies depending on the location, as some areas are more expensive to live in than others. Companies may also consider providing temporary housing if the employee needs to start on a certain date.
Thanks to the rise of shared hosting programs like Airbnb, companies can avoid hosting someone in an expensive hotel, although that option is still available. A lump sum relocation package is a financial allocation that a company offers to an employee to help them relocate. This type of package gives the employee more flexibility to quickly move to their new city and role, and helps employers retain valuable employees while controlling expenses. The employee is responsible for using the money to purchase a moving service, transportation, and any other necessary expenses. The benefits included in an executive relocation package vary from company to company. However, many companies offer generous packages that address most (or all) of the executive's concerns in order to entice them to accept their offer.
These packages typically include more benefits than those offered to entry-level or mid-level employees. 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. Technology employees in leadership positions should look for companies that are willing to extend generous relocation packages that meet their family's needs. Companies should also consider providing temporary housing for transferred persons, as this can help them adjust to their new place in a month or two. Along with rental costs, companies should cover utilities as well. A survey by Mobility magazine revealed some interesting facts about how companies manage their lump sum corporate relocation packages.
Companies are realizing that having an attractive relocation package makes excellent business and brand sense, and it is essential for staying competitive in today's job 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.
