A typical relocation package will include the following features. Please note that this is a more subjective, than objective, list. Depending on the industry and their competition’s relocation programs, employers can tailor their programs to offer the most competitive and attractive packages to attract and retain top talent.
COMMON FEATURES OF AN AVERAGE RELOCATION PACKAGE
- Full pack and/or unpack services. The employee's household goods are packed by a moving company, saving the employee time and stress. After arriving at the new destination and home, moving company personnel unpack the household goods.
Quality moving company service with reasonable insurance coverage. Some moving companies are known for quality moves, some are not. Since moving charges are usually based on total weight, insurance for damaged or lost goods should be equal to your goods’ value.
Home sale or lease-breaking penalty assistance. Home sale help can come in a variety of ways, from company-sponsored reimbursement for money lost on quick home sales, professional marketing help to accelerate the timing of sales to the employer buying the home. Renters can expect employers to pay contractual penalties for early lease termination.
House-hunting trip, minimum one. Standard relocation programs commonly include at least one, preferably two, company-paid house hunting trips of short duration to give the transferee and family opportunities to find new homes.
Temporary housing. Standard relocations include at least 30 days of temporary housing for transferees.
Transportation, including auto moving, to the final destination. Most relocation policies include reimbursement for transporting your transferee and his/her family to the new location. If the transferee can travel by auto, reimbursing for mileage expenses is common. Should the move require plane or train transportation, standard policies often include reimbursing the cost of moving the transferee’s vehicle(s).
Miscellaneous expenses. As usual the “miscellaneous” category can encompass a lot of small costs. To keep this category cost controlled, identify or cap most eligible costs.
These are commonly included features of standard relocation policies, which we outline in our guide. Depending on your industry and facility locations, you may want to include more features in your standard package.
Popular features in some standard programs include temporary living expenses when transferees must meet hard deadlines to move, storage costs for household goods before employees can move into new homes, spousal employment assistance in the new location, childcare costs and elder help for transferees caring for elderly parents.
Your relocation package may or may not include some or all of the noted features. However, in all cases, you should regularly compare your package with those of your competition. If your program is significantly deficient in some area, make senior management aware of the discrepancy, advising them to consider upgrades to keep your standard policy equal to your competition’s packages.