Anyone who has ever created – and followed through on – an Employee Relocation package can speak at great length as to how complex and expensive they can become, depending on varying factors (like the employee’s level, the distance of the relocation, and the destination). There are a lot of moving parts to choose from, too, when it comes to benefits. Below are what InterLink’s Relocation Consultants cited as good faith “must-haves” for a well-built mobility policy.
- Lease Cancellation Coverage. Because thousands of dollars in deposits are usually at stake, you should not expect a relocating employee to turn his or her back on that kind of money, should breaking an existing lease be required.
- Home Finding Trip(s). The last thing a transferee should have to worry about is renting a place sight-unseen; online photos can be quite deceptive, and should never substitute for an actual visit to the new location, so the employee can get a feel for their future new hometown.
- Miscellaneous Expense Allowance (MEA). Payables, such as car tags, new driver’s licenses, utility deposits and so forth, can really add up; reimbursements for such expenditures are always appreciated.
- Temporary Living accommodations. Giving a transferee a chance to live in a new location and look for his or her preferred permanent location is also a great idea – especially if there is no home finding trip scheduled.
- Household Goods shipment and storage. Too often, companies offer Lump Sums to their employees and have them cover the cost of their own move; many times, it is not enough, and transferees are stuck with the remainder of the cost.
- Final Move travel. Your transferee’s Household Goods are covered in the relocation…why not also spring for your employee’s travel, too? Whether by air or land, picking up the tab for your transferee’s physical relocation is a practice of good faith, and one that serves to alleviate his or her stress.
- Home Sale Marketing Assistance and Real Estate Agent Referral. Relocations usually require time to be of the essence; offering professional assistance to the transferee helps facilitate a quicker turn-around time, saving your company time and money.
- Home Finding Trip(s). Just as these are beneficial to renters, so too are they helpful for homeowners, especially if children are involved; getting a family moved into a good school district with a robust real estate market is of vital importance.
- Mortgage Lender Referrals. InterLink only uses national lenders who provide direct billing.
- Miscellaneous Expense Allowance (MEA). Whereas renters have basic costs to cover, homeowners have those, and then some. One example of such an expense is installing window coverings throughout their home, whereas these are almost always provided in apartments.
- Temporary Living accommodations. There are times when homeowners need temporary housing in between selling their previous home and closing on a new one.
- Household Goods shipment and storage. Relocation Management Companies negotiate discounted rates on behalf of their clients/transferees, and in doing so, can deliver savings that would not exist otherwise.
- Final Move travel. Just as with transferees who rent, getting from Point A to Point B for a homeowner – especially those with children – makes for a much better experience when the employer foots the bill.
If you would like to discuss these and other relocation benefits with one of InterLink’s representatives, please call us toll-free at 866-254-3910, or email us at firstname.lastname@example.org.
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