CapRelo Blog

The Challenges of Developing a Core-Flex Program

Posted by Amy Mergler on Thu, Jun 21, 2018

Group of young business people sitting in board room during meeting and discussing with paperworkDeveloping a core-flex program can be challenging, especially for organizations that are inexperienced with corporate mobility.

Determining Precisely What Benefits to Offer

The choice of benefits should be competitive – but it should also be financially viable. The included services must be representative of the company culture and the level of employer support employees can expect, while at the same time fitting within the constraints of the available budget.

Balancing Core and Flexible Benefits

Again, this needs to be competitive and realistic. Adding more services to the core component might bring in more talent, but it could also result in a larger financial investment than necessary or even possible.

Establishing Reporting and Metrics Procedures

Organizations need robust reporting and metrics procedures to keep track of the costs and success of the program. Most corporate mobility companies provide client dashboards where this data is collected and analyzed for review. Employers that wish to manage this aspect in-house will need to integrate relocation reporting and metrics into their existing HR management systems.

Ensuring Consistency of Policy Application

It's critical to be consistent in applying the core-flex policy to ensure compliance and employee satisfaction. Establishing clear rules regarding qualifying factors is a requirement to make sure all decisions to provide specific services to employees are based on data, not personal preference or guesswork.

Developing New Processes

Companies should develop new processes to assess employees' eligibility, assign the appropriate services and accurately document each case. Clear and efficient processes reduce the chances of errors and complications. HR should collaborate with the mobility manager and any other stakeholders to establish streamlined processes that facilitate the implementation and periodic reassessment of the core-flex policy.

Creating a core-flex program is a complex endeavor, and one that requires a certain amount of expertise. Yet it’s also one that can yield considerable returns in terms of employee productivity and engagement, as well as improve employer brand reputation. For many companies, it is the optimal policy to blend the employer's strategic goals with employees' unique needs, providing service benefits while containing costs.

It can be helpful to work with a corporate global mobility company that can assist in developing a comprehensive program that contains mobility expenses, while simultaneously offering a competitive set of core and flexible services.

Guide to Core-Flex Policies

Topics: core-flex policies, talent mobility, mobility package

Address Real Estate Concerns in Your Executive Mobility Program

Posted by Amy Mergler on Tue, May 15, 2018

sold_home2-resized-600-2A 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.

Download Our Executive Mobility Guide

 

Topics: talent retention, executive relocation package, talent acquisition, talent mobility, executive mobility program, mobility package

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