A 2017 corporate relocation survey reported that nine out of ten firms that offer incentives in addition to the standard inclusions of a relocation package are far more successful in convincing an employee to relocate than those who don't.
Some popular incentives among employees—and those that may be most likely to win over an employee who is having a hard time deciding—include the following:
Extended Temporary Housing benefits
While reimbursement for temporary housing is a standard inclusion of most mobility packages, being able to extend those benefits if employees have difficulty locating a permanent home can make a big difference in their decision.
Monetary bonuses continue to be attractive to executives when making a decision to relocate. Because the bonus is considered taxable income, a tax gross up is necessary to ensure the executive receives the full bonus amount.
Cost of Living Adjustments
Executives relocating from one area of the country to another, or from one country to another, may find their salary isn’t sufficient to cover the cost of living in the new location. Typically this is offset by a separate compensation package and not a relocation benefit, but in some cases, it may be included in the latter.
A comprehensive mobility program is critical to recruit and retain executive talent. If your program includes provisions for bonus incentives, it may encourage more executives to accept a relocation or transfer offer.