Relocation for work purposes may be a hard sell for employees. However, there are relocation packages that can help employers and employees in moving not only themselves but also their families to a new home. Therefore, let us go into what you can expect in a relocation package, what types there are, and how employees can negotiate the terms with their employers.
An employee relocation package is aimed to help employees move due to work reasons, as in, their company is requesting them to move to a new location to do their job. Companies would often use relocation packages to assist either current or even new employees to move themselves and their family to their new work location. It is typically used in certain fields such as IT.
The whole point is to get qualified, and experienced employees to move closer to their new place of work, certainly so if it is in another country. A relocation package can also be a card in the hand of the employer to get new employees on board. Many employees have expressed that they would be willing to relocate for the right job, and a relocation package is an Ace to help them join the team while making the move. The main deciding factor outside of the work is the location they will be moving to. And, the hassle that comes with relocating. This is where a handle relocation package comes in to help decrease and take away the hassle.
A bonus for employers to use relocation packages is that it will be cheaper for the employees, and make the moving process easier as well. Plus, a great relocation package can improve employee retention rates while keeping and finding strong, new talent.
Since we are talking about relocation packages, as you know there are different types. It all depends on what the company can afford to do as well as the distance of the relocation. These relocation packages that we are about to mention are just some of the ways that businesses can structure the relocation funds for their employees.
This is a set amount of money for the employee to use to make their move. However, the employee has to hire the moving company and figure out transportation, as well as the other expenses that may pop up. The lump-sum is a fixed amount that the employee is in charge of.
This type is when the employee first pays for the moving process out of their pocket with the idea that the company will reimburse/ pay them back. This will be a certain amount of the money spent after the move has been completed.
Depending on the agreement the business may be able to cover most of the moving expenses, and maybe even all of them. However, the employees have to keep all the recipients so that they can get some or all of the funds back.
Here is where the business hires a relocation company to do all the moving processes for their employee. Such as finding moving companies, storage, etc. The business does not have direct involvement with the process since it is in the hands of a third party.
Such companies that handle employees’ relocation are Graebel. They are a full-service Relocation Management Company (aka RMC) that uses strategies to relocate not only employees, but teams, and corporations around the world. Furthermore, they work by their “people-first approach.”
Another third-party relocation company that you can check out is Aires. They aim to make relocation seamless and streamlined from the start to the end including the potential challenges along the way. They manage everything including service partners. However, there are a lot more reasons you should choose Aires.
The next type of relocation package is called expatriation assistance. It is for companies that wish to move their employees from one country to another. And, this type of relocation package covers expenses beyond that of transportation and the moving process.
Since moving to a new country will also include visas, as well as finding homes. Furthermore, this package can also be for employees with families as well as helping them with cultural assimilation after the move has been completed.
Direct Billing is not as much a relocation package as it is a method of payment when it comes to lump-sums or reimbursements packages. As the name suggests it allows employers to directly transfer the relocation funds to their employees.
If you use a Shyft Card then not only will you have a secure platform to make direct transfers, but you will also have a handy table to see where and how the funds are being spent. Putting the employers in the know and control of what is happening to their employee’s relocation allowance.
When it comes to deciding which is the best relocation package for you to use for your employees, you would have to research what these packages have to offer. It is also important to know about your employee in terms of whether they have a family or not, or even if they are willing to relocate in the first place. When it comes to the packages themselves they should have:
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