Standard relocation packages for employees vary in benefits. For example, a recent college graduate might expect to see anywhere from $2,000-$5,000 in a relocation allowance. This number tends to be much lower than an executive relocation package because recent college grads don’t have as many costs to cover, such as relocation of a family or the purchase of a new home.
Using relocation packages specifically intended for executives
Executive relocation packages, on the other hand, tend to be more complex. Relocating C-suite employees can involve uprooting families, selling or buying a home, and moving many decades' worth of personal possessions. The cost of job relocation packages can seriously add up.
What do executive relocation packages include?
The benefits included in an executive relocation package vary from company to company. However, many companies offer generous executive relocation packages to accommodate their unique circumstances.
Luckily, UrbanBound is your number one source for employee relocation packages and the benefits that come along with them.
Here is every detail you need to know about a typical executive relocation package:
What’s the difference between an executive relocation package and a mid-to-entry-level employee relocation package?
An executive relocation package is going to be quite different from an entry-level job relocation package. An executive-level employee is (most likely) older. They tend to have significant others, children and larger homes. Because of these factors, they’ll have a more established presence in their city and will be less likely to pick up and move their life.
In order to convince an executive to relocate their life, you’ll need to offer them a lot more than a $3,000 cash benefit. They will have many more expenses, and you’ll need to make sure most relocation costs are covered by the employer in a convenient relocation package. For example, any fees or costs associated with selling their home should be covered by the executive relocation package.
The best relocation packages will create an easy move for an executive and their family.
What is included in an executive relocation package?
An executive relocation package typically includes more benefits than an entry-level or mid-level employee relocation package. These standard relocation packages often cover all moving expenses as well as an additional cash allowance.
Here are a few things that are typically included in an executive relocation package:
Physical moving expenses paid for in a relocation package
Typically, all moving expenses will be covered in the executive relocation package. This includes packing and household goods movement (usually up to 18,000 pounds), car shipment, storage for a period of time, short-term housing, and transportation expenses (airplane/train tickets) as well as one or more home-finding trips.
Lease cancellation or costs included in home sale
Executives are usually eligible for longer lease cancellation benefits and other fees associated with selling their home (such as the real-estate agent’s commission). Any other costs related to this will most likely be covered.
Cash allowance or lump sum with a relocation package
In addition to the above benefits, executives are often offered a lump sum allowance or a signing bonus. The executive is given a certain amount of money for any miscellaneous moving costs and gets to keep the remaining sum if any money is left over. This amount can vary depending on a variety of factors.
Get help from UrbanBound for the best relocation package
These are just a few of the many benefits of an executive relocation package. The overall goal of an executive relocation package is to create a comfortable moving experience for them and their family.
If you’re looking for help with any executive relocation packages, check out UrbanBound employee relocation software & services. You need a relocation management company that delivers positive, personalized experiences for your executive employees. While other companies may keep you in the dark with murky, confusing practices and pricing models, UrbanBound puts you behind the wheel of a relocation package—giving you the clarity and flexibility you need to set your executives up for success on day one. Contact us to request a demo, or watch the video below to learn more about UrbanBound.