In competing for the talent to run your business, moving employees to the right role for them to succeed can drive efficiency and retention. Sometimes this requires transferring an employee’s location. When business needs require the employee to move, it’s common to present them with employee relocation benefits. This makes the moving process more affordable and streamlined for the employee while allowing your company to retain and reward talent.
This process is called “employee relocation” or “corporate relocation.” If the move will be international, the process may be termed “global mobility.” No matter what name is used, the process of corporate moving is intricate, involving the creation of a corporate relocation benefits package and, once the offer is accepted, the transfer of household belongings to the new location along with other package benefits provided.
This post will provide high level guidance about types of corporate relocation packages, addressing employee concerns, and partnering with a relocation company. To talk about your specific needs, please contact us online or call (888) 903-7695.
Companies typically define a corporate policy to govern the benefits offered for employee relocation. This gives structure to the program and supports equitable treatment of employees. Here are four commonly used formats:
It’s important to weigh the pros and cons of each package type and to develop one that’s attractive and equitable to employees while being reasonable and beneficial for the company. You may decide to review this policy annually to take inflation, what your competitors are offering, and other factors into account.
Common elements to include are as follows:
Additional components to consider include the following:
As a final consideration, the Tax Cuts and Jobs Act of 2017 largely removed tax exemptions and deductions associated with employee relocation costs. This made relocation relatively more expensive for employees.
Share information about corporate moving benefits with your recruiting team and human resources (HR) business partners so that they can provide this upon request. You may decide to include this information in recruiting/onboarding materials and employee manuals, updating the information as you make changes.
Written employee relocation policies will only include high level information because each situation is unique. Expect employees to ask you how this translates into a budget for them and answer any questions they have about how it will work.
If, for example, you’ll transfer a certain amount of money to their bank account and then require receipts for payments made, then explain that process. If you pay invoices directly for an employee, describe how that works. If you require employees to pay expenses and then you reimburse receipts, explain that process and let them know how long it may take for them to receive funds and how they’ll get them (bank deposit or check, for example).
Setting expectations for employees goes a long way in feeling satisfied with a move.
If your company doesn’t offer a full package to employees (or if the employee who asks this question doesn’t qualify for a full one), make sure your HR team is prepared to answer questions like this.
When an employee is being asked to take on a business-critical role, you want to be ready in advance with an offer that makes it easy for them to say yes.
This answer can vary, based on how quickly you’ll need the employee at the new location. It isn’t unusual for companies to have a general policy (say, one month) and then offer flexibility, as needed. What’s important: be clear about your policies and fair in how you treat each employee.
At the end of the conversation with an employee, it can help to ask them if they have any outstanding questions. The more fully they’re answered at this point in the process, the more smoothly the move is likely to go with the employee feeling less stressed and more confident.
Because the moving process is at the heart and soul of relocating employees, it’s important to choose carefully among relocation companies. So, make a list of possibilities, asking fellow professionals which companies they’ve used and how happy they’ve been with the relocation services provided. Did they have any concerns you should know about?
Browse the sites of the relocation companies on your list. Do they offer the relocation services you need? Do they move employees from and to the geographies you’ll require?
Check to see how long they’ve been in business. This allows you to gauge their financial stability and ability to sustain their corporate moving services. Suddath, for example, has been in business for more than 100 years and we’ll be here for your company today, tomorrow, and into the future.
As you narrow down your list, ask how the corporate moving companies will communicate with your HR team and with the employees being located. Do they use a single point of contact to help prevent miscommunications and confusion? How do they leverage technology? How much of a personal touch will your employees receive?
Plus, in today’s data-driven world, it’s important to choose movers who take strategic steps to ensure client and employee information is protected on every level.
When you select Suddath for your corporate relocation company, you’ll benefit in numerous key ways, including our broad menu of quality relocation services. We have thirty-plus locations and regional headquarters around the world with top-notch global partnerships.
Suddath provides moving services you can count on, something we’ve done for more than a century, and we’re here to stay. Our pricing is competitive and transparent, and there are no hidden fees. To get started with your employee relocation services, please contact us online or call (888) 903-7695.