The last couple years have been a roller coaster for the corporate relocation industry.
As companies increase the number of employees they're relocating, more services are being developed to cater to their needs. Numbers are up pretty much across the board, and that means new trends are beginning to emerge. Here's a look at the latest relocation industry trends.
Companies are finding more than ever that they need a formal policy in place in regards to relocation. Standard policies are preferred over individual, but the finer points are still evolving to meet the needs of the industry as it evolves. Employers are also looking for hybrid solutions that standardize relocation packages for employee groups but also provide flexibility to customize within those packages.
Flex relo packages are emerging as a popular method of relocation benefits, and companies are seeking out a third party to better manage these policies. Most policy alterations seem to be in response to a relatively high demand for new talent, which means that benefits in relation to relocation are critical to an effective recruiting program.
One trend that has been taking off in the relocation industry is combining policy types, such as lump sum and core benefits, to cover expenses. Companies are finding that employees have a better relocation experience if their core relocation needs (think household goods moves and housing) are met, and the rest of their relocation expenses can be covered with either a lump sum disbursement or a flexible managed budget.
This offers your employees some flexibility in their spending, and it can save your company money if you structure it based on previous relocation expenses. Rather than giving everyone a lump sum, or set benefits that they may not use, providing flexible relocation policies puts money back in the employers budget for any benefits not needed by the employee.