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Because providers track your employees’ expenses—captured in reports and analytics—you see how your money is spent. This transparency allows you to keep tweaking your program to be more cost-effective.
Unspent Funds Stay with YOU!
We saved the best for last. Unlike with lump sum, unspent managed benefit dollars never leave your account. And thanks to all the above cost-cutting measures, the potential for savings is great—as is the likelihood that employees will have a consistently-awesome relocation experience.
3 Questions to Ask Potential Relocation Providers
If you manage your lump sum plan inhouse, you may pause at the thought of contracting with a relocation provider. Don’t worry: a great provider will deliver such great savings, it should offset their fees and then some.
But not all relocation providers are the same. When choosing one, be sure to ask these three questions:
Is your solution software-based?
Software-based relocation providers cost a fraction of what traditional providers charge, while leveraging the real-time service and data-collection benefits of technology. If you want to save money, this is a must.
How much do employers save by switching to you?
If they look at you blankly, move on. A good provider has a proven track record of saving clients money and can’t wait to share it with you.
Have they negotiated discounts with preferred vendors?
Careful here. Some providers discount fees, but others actually add commissions to them. Why would you want to deal with a provider that benefits when you pay more?
In short, if you’d like to cut costs in 2023, while supporting your recruiting and retention objectives, start exploring managed benefit plans. The sooner you do, the sooner you start saving.