You offer a relocation package that HR and senior management believes to be outstanding. But, is it really attractive to current employees or new hires? Are you sure your relocation package is comparable to your primary competitors' programs?
Sometimes, a relocation program appears to be attractive, but doesn't resonate with the affected employees. They may be reluctant to offer their real opinions about your relocation policy for fear of offending HR or senior management. These employees may refuse transfer opportunities or clandestinely seek employment elsewhere.
Here are some popular relocation benefit components you should consider to keep your relocation package competitive.
Popular Relocation Package Features
Auto transportation. Unless your transferee is driving to the new location, getting family vehicles to new homes is vital.
Childcare reimbursement. House-hunting trips and the moving process are more efficient and less stressful on the employee if young children are safely protected and occupied.
Packing and unpacking assistance. Packing and unpacking employees' personal property is often a physically-taxing additional responsibility for transferee families. Full packing and unpacking services are important features of competitive corporate relocation programs.
- Multiple house-hunting trips. When moving to an unfamiliar area, one house-hunting trip may not be enough. A second cost-controlled trip is a welcome feature.
- Lease-breaking penalty reimbursement. Early lease terminations typically trigger penalties, which employer-mandated transfers create. Reimbursing transferees for these penalties is welcome and cost-effective.
- Final destination home-buying and mortgage help. Another popular feature that may or may not result in an employer expense.
Temporary housing and personal property storage assistance. Even after transferees find acceptable new homes, properties may not be ready in time for their scheduled start date. Providing temporary housing and covering the expense of storing personal property is a valuable feature.
Spousal employment assistance. Connecting transferee spouses with hiring companies or search firms helps maintain employee family financial stability.
These are but some of the popular features of competitive relocation programs. If your package is missing one or more of these components, consider introducing them to increase the attractiveness of your program.
Even those features that appear to be corporate "budget busters," such as multiple house hunting trips or home sale assistance, can include monetary caps. These are valuable features you can add to your relocation package to make it more competitive and attractive, while still controlling employer costs.