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Why a Change of Lanes Is Needed
Managing relocation budgets has become a real challenge for employers in recent years. It used to be common practice for employers to cover all relocation expenses. However, it became cost-prohibitive with the elimination of the moving expense deduction, a casualty of 2017 US tax reform. Costs have further skyrocketed, forcing employers to seek out more affordable options.
Some turned to cash-only programs, which offer relocating employees a set dollar amount to spend how they wish. The drawback: cash-only programs rarely give employees the support and guidance they need, resulting in a growing number of relocation horror stories. Plus, the market has shown that cash-only programs can expose employers to gross overspending. Enter Freeway.
“Freeway puts employers in charge of their budgets and employees in charge of their moves—and the guardrails we’ve put in place ensure a smooth, positive relocation experience for everyone,” says Krasman.“You’re about to see the industry turn 180°.”
UrbanBound is a next-generation relocation management company that modernizes the way companies relocate their employees. Through leading relocation software, top-notch customer support, and policy guidance, UrbanBound has been helping Fortune 5000 companies and fast-growing start-ups offer competitive relocation benefits regardless of their size and budget. UrbanBound is the tech-driven way to provide a flexible relocation experience for all employees.