How to Create a Robust Relocation Benefit

Posted by Ryne Inman on Dec 12, 2017 8:06:00 AM

Reimbursement policies have been a pillar of employee relocation programs for years. Over time they Expense Management Solutionsevolved, but rather than increase in efficiency, they typically became more time consuming, burdensome, and a hassle to relocating employees, relocation professionals, and payroll departments. Even as technology improved other burdensome processes, reimbursement procedures remained frustratingly manual. UrbanBound’s new expense management solution tackles this very obstacle.

Flexing Expense Management

Current best practices dictate that reimbursement works best as part of a Core/Flex policy, in which “flex” options are paired with a “core” policy that uses direct bill benefits to handle the bulk of an employee’s move. This arrangement allows the best of both worlds for both employers and employees. In a Core/Flex policy, the large portions of an employee’s move are administered via direct bill, where a third party, such as UrbanBound administers the payment for services, avoiding tax penalties, and giving employees a directly defined benefit.

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For instance, an employee’s household goods move, would be paid through UrbanBound, rather than as a dollar amount given directly to the employee. This makes up the “core” policy. The “flex” portions of a policy provide auxiliary support that may vary from employee-to-employee. This includes costs like additional home-finding trips, lease cancellation fees, or storage fees.

Other examples of reimbursed expenses in an ideal Core/Flex policy that in include:

  • Checked baggage fees

  • Meals en route to destination

  • Lease cancellation fees

Utilized in this type of policy, expected fees can be addressed through reimbursement. This approach removes a large degree of variability and in turn, the amount of work needed to approve or deny submitted expenses.

Combining Expense Reimbursement and Direct Bill with the UrbanBound Solution

UrbanBound’s expense management solution streamlines and simplifies this process. Using a direct bill core policy for major expenses, like household goods moves, through UrbanBound allows employees to get service from a network of vetted suppliers. Expense management acts as a fill-in for expenses that aren’t included in that core policy.

Your relocation team can craft a reimbursement policy based on the employee’s needs, and once their relocation has begun, employees can upload receipts directly to UrbanBound. Each upload will be added to an expense report, and is automatically audited against their policy. The administrators at your company are then alerted that an expense has been submitted. Your team can approve or deny each claim. From there, approved expenses can be tracked in UrbanBound’s reporting suite alongside direct bill expenses.

The simplicity and straightforwardness of UrbanBound’s reimbursement tools are a boon to both the employer and employee. Employers save time processing requests and manage less physical paperwork, while constraining spending to predetermined amounts automatically. Employees can more easily manage their receipts, and track the approval status of each transaction each step of the way.

Urbanbound’s expense management and reimbursement tools aim to support relocation programs with best practice solutions for relocation programs. Tackling a time-consuming, burdensome process with easy-to-use technology not only improves existing programs, but opens up relocation benefits to more companies.

Streamline employee relocation today. Request a demo!

Topics: HR, Relocation Management Software, Product Update

Relocation Technology Offers Acclimation Services, So You Don't Have to Manage Them

Posted by Ryne Inman on Mar 28, 2017 8:28:27 AM

Millennials get a lot of guff for needing their hands held for something that seems simple. Of course, most ofThose managing intern and campus hiring programs can probably attest to the fact that younger, new employees seek guidance more frequently than those more advanced hires. our current interactions with millennials are those who are inexperienced and just getting out in the world for the first time. It’s understandable that there’s a learning curve, even on the things that more experienced professionals may find to be mundane, everyday tasks.

Those managing intern and campus hiring programs can probably attest to the fact that younger, new employees seek guidance more frequently than those more advanced hires. And if a relocation is involved, the number of questions increases by magnitudes. And the rub of it is that they’re not asking solely about the relocation policy, but about suppliers, where to live, for advice on the city in general, about parking in the city, about how their co-workers-to-be commute, and on, and on, and on.

A portion of this comes with the territory. As their recruiter or HR contact, you are also their tether to a complicated and stressful occasion. Very few people have the bandwidth to manage the intricacies of each intern’s interests, to personally educate each intern, and to answer all of the questions each intern has.

It’s unreasonable to expect that of your HR team, and it eventually hobbles the operation of your program. Everyone working with your intern and campus recruiters wants to focus on what they were hired to do, not educate about the city they live in.

Relocation technology can help cut the never-ending flow of questions more easily than any solution before it. Successful tech solutions merge the financial benefit with a local education component. The education becomes part of the benefit itself. This is one of the ways that technology has innovated in the relocation sector.

Since the technology services a large volume of relocating employees, it can provide a more robust informational component. Any solution that doesn’t take into account local acclimation and informational services is lacking a crucial component that makes relocation technology a solid choice.

rental policies

Topics: Interns, Technology, HR

Three Steps To Take If You Aren't Able to Implement Relocation Technology Before 2017 Intern Season

Posted by Ryne Inman on Mar 21, 2017 9:04:37 AM

It’s officially spring, which means internship programs around the country are firing up at full power. Some A major part of any successful change is preparation, so if you’re eager to get the gears in motion at your company, here are three things you can do to to prepare to implement relocation technology as soon as possible.will be implementing relocation technology for the first time, some will be using previous relo tech experience to fuel an even better-tuned, tech-fueled solution, and others will be working without relo tech at all.

The first two on that list are well positioned to maximize their program. While the last group may have sought a solution in the time between last intern season and today, it is likely too late to implement a large scale relocation program in time for this year’s intern class. Smaller groups are still in luck, but even with a hasty procurement process, fully converting your intern program could be problematic.

But don’t despair. There is still plenty you can be doing to fully charge into modernizing your relocation program throughout this current intern season. A major part of any successful change is preparation, so if you’re eager to get the gears in motion at your company, here are three things you can do to prepare to implement relocation technology as soon as possible.

Policy Prep

The first major thing you can do is to make sure you have clearly defined policies at your fingertips. Knowing your current benefit in and out is key, but so is being able to have someone else understand it easily. The clearer your policies are, the easier it is to gauge how they would be affected by integration with software. Even if you only offer a simple Lump Sum, it’s important to list any strings that may be attached. The software partner you choose will want the most thorough policy definition you can bring to the table. Your policy will change with relocation technology, even if it’s just a superficial change, and a solid foundation will make any transition a breeze.

Budget Watch

Knowing what you spend and what it is being spent on is important. When looked at next to your policy, it can reveal shortcomings or overperforming areas of your relocation program, and help you to better tailor those areas when implementing a software solution. If you aren’t already doing this, it might be hard for you to convince higher-ups to approve any software purchase. If you are currently tracking it, you have a great resource to compare with next year’s results.

Data, Data, Data

Beyond budget information, you need data about each of your relocating employees. What services are they using? How many exceptions do you deal with every year? How many go over budget? Having this data read will help you flawlessly prepare an updated policy, and also give you a benchmark to improve on once the software is integrated.

relocation for tech companies

Topics: Technology, Relocation Policy, HR

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