Chicago, Illinois – April 2019
UrbanBound, the leading provider of tech-driven relocation management services, has unveiled an innovative new relocation policy, Freeway, which gives employees the freedom to relocate their way—while offering employers a predictable, cost-effective relocation program.
“Freeway solves the biggest relocation challenge facing employers today,” says UrbanBound CEO and Co-Founder, Michael Krasman. “Namely, how to give employees a great, personalized relocation experience, while controlling costs and operating within a fixed budget.”
According to UrbanBound’s research, what employees prize most in relocation benefits is the freedom to arrange their move on their own terms. Conversely, employers seek a tightly-managed relocation program with built-in cost controls—that doesn’t sacrifice the employee experience.
UrbanBound was able to develop Freeway because of its revolutionary relocation technology, which offers employees flexibility and employers real-time transparency, yet costs a fraction of what some employers spend on traditional relocation programs.
UrbanBound’s software, available on any desktop, laptop or mobile device, guides employees through each step of their move, automatically tracking expenses as they go. It offers employees:
- A roadmap for planning their move
- The power to spend their relocation budget on the benefits that matter most to them
- A network of preferred suppliers (employers may elect to let employees choose their own suppliers, too)
- An introduction to their new city, with tips from soon-to-be coworkers
- The support of a live relocation consultant every step of the way
Simultaneously, the platform gives employers automatic control over their dollars, real-time visibility into their employees’ moves and insight into how their program is performing.
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.