Executive relocation packages tend to be more complex than most other categories. Relocating C-suite employees can involve uprooting families, selling or buying a home, and moving many decades' worth of personal possessions. The cost of executive relocation packages can quickly add up.
Standard relocation packages or policies for employees typically vary in benefits based on seniority or job level. 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.
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. Essentially, the idea is to offer an appealing relo package that addresses most (or all) of the executive's concerns, to entice them to accept your offer.
An executive relocation package is going to be quite different from an entry-level job relocation package. An executive-level employee is often older and has more possessions. They're more likely to have significant others, children and larger homes. They'll also typically have a more established presence in their city. Because of these factors, they'll 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 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, and eliminate any out of pocket costs for the relocating executive.
A typical executive relocation package 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:
Typically, all moving expenses will be covered in the executive relocation package. This includes packing and shipping household goods (usually up to 18,000 pounds), vehicle shipment, short or long-term storage, short-term housing, transportation expenses (airplane/train tickets), and one or more home-finding trips.