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Are Compensation and Other Benefits Included in Your Relocation Policy?

Are Compensation and Other Benefits Included in Your Relocation Policy?

Sometimes for the growth and development of your business, it is important to expand your business in other places. So, if you are serious about broadening your employment then offering a strong relocation policy is important. As per the best movers on movingapt.com, employees will choose the option to relocate over the other options when there are benefits for them.

Considering types of employees in the company

Before developing your company's relocation policy, analyze the different types of employees in your organization. The classification of employee’s population is categorized as;

  1. New recruitment: This involves graduates fresh out of college or freshers with minimal work experience.
  2. Middle-level employees: This category involves those employees who are appointed at the middle level of the organization and have been working for a good period.
  3. Executives or directors: These are high-level employees and take important decisions regarding the working of the company. They also have a significant amount of experience.

Of course, a company does not want to lose its pool of talent. Therefore they should craft a relocation policy that provides numerous benefits to both the employees and employer. Otherwise finding the new employees to fill positions in the organization could cost you more.

Cost of relocation

The best relocation policy for employees covers every type of expense that they may face when relocating for work. The company also needs to decide how much the company will be able to provide to its employees. The company can also use professional movers to help calculate the total relocation cost. Some general expenses that are necessary to cover are;

  1. Transportation costs.
  2. Movers cost.
  3. Shipping of automobile.
  4. Storage expenses.
  5. Cost of trips for house/apartment hunting.
  6. Extra expenses such as license fee, nursery school, services for cleaning, etc.

Generally, organizations help the employees with these costs so that employees can focus on their job role rather than thinking about the huge moving process.

Make sure that relocation is worthy enough for investment

Nowadays, it is difficult to find valuable employees in the same city. Therefore, companies must broaden the search area for competent employees for a particular job. And when recruiting these employees, the organization will need to provide relocation benefits to them, so that they don't face any issues while shifting to the workplace. Providing relocation benefits can also attract talented young ones to join your company.

Drafting the relocation policy by the company

Instead of getting an outside agent or organization to draft your relocation policy, your company should craft its own relocation policy. This is because only your company can only understand the requirements and budget of itself.

Also, while crafting the policy, research the problems that existing employees faced while shifting. This will allow your company to draft a better and more attractive policy. Don't focus solely on the concerns of the company but also on the concerns of the employees so that an employee feels it safe to relocate.

Fixing of different packages

Before fixing the number of packages for different employees, the organization should see to it the percentage of value that a particular employee is providing to the company. The package for the employee providing high value to the organization is generally higher than the employee providing less value. According to the employee’s value to an organization, benefits are provided to an employee.

Types

There are different types of relocation policy and the company needs to see which policy will be well suited for it. The main 2 policies are;

  1. Lump-sum relocation policy: In this, a fixed amount is given at one time by the employer to an employee to cover the entire cost.
  2. Core-flex policy: This involves providing core benefits to the employees and also giving those optional benefits which vary according to employees' requirements.

What is in a standard relocation package?

  • Complete packing and unpacking services. It saves an employee time and stress. If the package includes this then it will be the duty of the moving personnel to do it. That way the employee can relax during the entire process.
  • Reasonable insurance to provide complete peace of mind to the employees when the moving company is shifting the home belongings.
  • Temporary housing costs, the cost of house hunting, and transportation charges for the convenience of the employees.
  • Apart from the necessary things, some miscellaneous costs are also added such as license fees, cleaning services, and so on.

These days, moving packages have become common and most of the companies are offering the same to the employees. This boosts morale and reduces stress as employees don’t have to suffer the cost of moving. A strong relocation policy allows you to relocate your business without facing a productivity loss. An organization should customize the policy considering the concerns of the employees and according to the type of move.

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