A comprehensive talent mobility program is essential to recruit and retain top executive talent. Offering a competitive mobility package is one way to attract and keep the best talent on your executive team.
Addressing concerns about selling a current home and purchasing a new home in your mobility program may play a large part in an executive’s decision to accept a relocation offer. Consider the following for your executive mobility program:
Guaranteed Buyout Program
A Guaranteed Buyout (GBO) program involves providing a buyout offer after a home has been on the market for a certain length of time. This gives your employees the assurance that they can confidently purchase a new home without the constant worry of whether their old home will sell.
Buyer Value Option Program
A Buyer Value Option (BVO) program offers similar advantages to a GBO once an outside buyer has been identified. This option often focuses on providing employees with sufficient marketing support to sell their homes.
Home Sale Bonus Incentives
A home sale bonus incentive involves providing an additional bonus for employees who sell their homes within a certain period of time. These bonuses – also known as quick sale bonuses – provide employees with motivation to sell their homes more quickly and relocate without having their attention, focus and efforts diverted by their former properties.
Loss on Sale Provisions
A loss on sale provision involves reimbursing employees for a loss incurred due to the sale price of their home. This helps assuage employees’ fear about losing money on a home sale.
Home Staging Assistance
Provide access to a third party company to stage your employees’ homes for sale to improve the chances for them to sell quickly.
New Location Orientation & House Hunting Trips
Conduct research on area neighborhoods, schools, child care, typical commute times, medical services, places of worship, etc., and provide that information to help your employees become familiar with the new location and assist them during paid house hunting trips.
Home Finding Assistance
Look for and provide access to real estate professionals in the area who have relocation experience. These professionals will be best suited to manage the time constraints of your employees’ house hunting trips to maximize the use of their available time.