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Rule #4: Introduce Them to Their Soon-to-be City
The more pertinent information you can provide to employees before they move, the more confident and enthusiastic they’ll be. Providing fact-based data about the local real estate market, neighborhoods, schools, etc. will help them make better decisions from the get-go.
Plus, showcasing area highlights and amenities is a great way to get them engaged with their new area—as are paid house-hunting trips led by knowledgeable real estate pros. Throw in some insider tips from their new coworkers, and they’ll not only be more comfortable pre-move, but more likely to settle in faster.
Rule #5: Cover Your Employees’ Relocation Expenses (Duh!)
Employees who relocate for business expect employers to foot the bill. Nothing sours a new relationship faster than when it unexpectedly becomes clear that’s not the case.
The problem is, most employers can’t afford to provide every employee with the no-holds-bound, fully-covered relocation policies typically reserved for C-level executives.
The good news is: you don’t need to—not when you structure your benefits shrewdly.
For starters, switch to a managed budget plan, if you haven’t already. These limit how much employees can spend, while giving them the flexibility to use their funds as they see fit. (Bonus: anything that isn’t spent stays with the employer.)
In addition, verify that your relocation provider that has negotiated discounted fees with movers and other vendors, instead of padding those fees with commissions, which some providers unfortunately still do.
These strategies help relocation funds go further, so you can achieve the effect of a “fully covered” plan without blowing up your budget.
Rule #6: Pay Tax Gross-ups
As you undoubtedly know, most employees are horrified when they first learn that their relocation benefits are taxable. That’s why most employers cover the cost of these taxes via relocation tax gross-ups.
Yes, it’s an additional expense, but it’s also key to a positive relocation experience. And if you structure your program wisely (see managed budget plans, above), you’ll recoup the savings elsewhere.
And that’s what it’s really all about right now, isn’t it—helping your employees make successful relocations, while ensuring your program is as lean and efficient as possible? You don’t need to settle for one or the other—and we can help.