Deploying human capital has become an integral part of today’s company operations. While offering an employee the perfect job in another city does not come with the obligation of providing relocation incentives, these packages are invaluable to your workforce. Supporting your employees during these critical moments is the best way to show you care while building a strong company culture. Here, we look at five important aspects that employers should include in a job relocation package.
- Costs of finding new accommodation
A standard relocation package should cover the costs of employees finding a new place to call home. House-hunting expenses such as transportation, lodging, and meals need to be fully covered, as your employees have to travel to the new area before they can find the best neighborhood. On top of helping your employee find new accommodation, you could offer to cover their renters insurance for the first couple of months until they are settled in.
- Home sale and buying expenses
Quick home sales or early lease termination typically leads to losses and penalties that need to be reimbursed to your employees. Equally, there are many home buying expenses such as real estate commissions and closing costs that a company should cover for their employees. Make it a priority to include these elements in your job relocation package to cushion your employees from money lost during these transactions.
- Moving costs
Relocating is quite demanding, and your employees need a moving checklist of essentials to help them keep track of their valuables. A simple way to ensure the hassle of packing and moving to a new location is properly managed is to meet all the moving costs. Today, the standard is to partner with a moving company with proper insurance coverage to handle the entire moving process.
- Temporary accommodation
One of the best ways to improve relocation experiences is to cover the short-term housing needs of your employees. It is best to provide temporary housing for at least 30 days, so your employees have sufficient time to explore the new city and find a good neighborhood to stay in. This is a smart way to make it easier for an employee and the family to get comfortable from the minute they get to the new city.
- Miscellaneous expenses
There are so many hidden costs that an employee has to bear whenever they are relocating. These additional expenses can include cleaning services, pet registration & licenses, driver’s license fees, and school relocation costs. You should never ignore these expenses as they often take a toll on employees and make relocation expensive.
A great way to cover these miscellaneous expenses is to approximate these move-related expenses and offer a lump sum compensation. Always keep an open mind when approximating these costs and involve your employee in the negotiation since you never know what exactly will be needed.
It takes a lot for an employee to relocate from one location to another successfully. The least you can ever do as an employer is to provide a befitting relocation package for a smooth and stress-free transition.Track Latest News Live on CEOWORLD magazine and get news updates from the United States and around the world. The views expressed are those of the author and are not necessarily those of the CEOWORLD magazine.
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