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Employees like managed benefit plans because, although their relocation expenses aren’t guaranteed “fully covered,” plan flexibility allows them to potentially achieve this anyway.
And employers like them, too, because they’re more cost-effective and easier to budget than fully-covered relocation plans. Bonus: if employees don’t spend all their benefits, the employer keeps the savings—and that can really add up. At UrbanBound, 94% of employees’ relocations come in under budget—by an average savings of 24%!
The Best of Both Worlds
Now, here’s the best part about the various relocation plans available to employers today: you don’t need to pick just one. Many employers develop tiered relocation policies that offer, say, fully-covered benefits to senior management, managed benefit plans to middle management and individual contributors, and modest managed lump sum plans to interns. The possibilities are only limited by your imagination—and, of course, that of your relocation provider.