We are experts in corporate relocation and we understand the difficulty of moving your company. Employees can work from home with the help of corporate moving plans. This will save them the expense and stress that comes with relocating. Employers and employees can both benefit from an employee relocation plan if they plan it carefully.
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What is a relocation package exactly?
If an employer offers permanent employment within 50 miles of their current workplace, they will usually offer relocation packages. To ensure employees and their families feel at ease during the moving process, the package often includes both the relocation cost and the work.
Employers that offer great relocation programs are able to attract qualified candidates across the country for their jobs. Many job-seekers will make their final decision based on where they need to move and where they have to relocate. Relocation plans can ease the stress of moving.
What is relocation assistance?
Employers offer relocation assistance to help employees who are newly hired or already working in the area. Employees who move from one place to another, such as a state, city, or country, can receive relocation assistance.
Relocation assistance can help reduce the financial burden of relocation and get your employees settled in their new homes as quickly as possible. There are many areas that assist during the relocation process that can be helpful:
- Unpacking and packing service
- Transport costs
- Moving costs
- The layout of a house
- Temporary accommodation
- Assistance with mortgages
- Purchase of a new home
- Language training
- Arts Education
- These are the most requested moving packages
How to Calculate Moving Costs
To get an estimate of the cost of a move, employers will typically consider the following factors:
- Distance between locations
- Weight and volume of belongings
- Size of home or office
- Special items that require extra attention (e.g. piano, artwork)
- The amount of packing materials needed
- Mode of transport used
- Additional services required (e.g. unpacking, storage)
Relocation assistance programs are a great way to help your employees transition into their new home or office with minimal stress and cost. When considering the costs of relocation, employers should also factor in the amount of time and energy it will take for their employees to adjust to living in a new location. This can involve things like language training, cultural immersion activities, education about the area’s attractions, and more. With an understanding of what is included in relocation assistance packages and how to calculate moving costs, employers can provide stress-free experiences for their employees who are relocating. You can also make use of approximate moving cost calculator by MovingAstute.com, which can help you get an estimate of how much will it cost to move from one place to another.
Average Relocation Packages in 2022
When planning a 2022 moving plan, there are many options. Your employees and job candidates will appreciate the unique benefits of this package.
It can be difficult to understand the requirements of your work before they move. These are the key aspects to consider when planning a relocation for 2022.
Flexible Start Date
Typically, new employees start work within two weeks of accepting their job offer. It might take longer if employees have to move.
It is important to ask your employees what time they expect to need to be available to create the best relocation plan. You can establish clear communication with your employees to help you determine the best time frame for moving and then start making the necessary preparations to make it a pleasant work environment.
Relocation reimbursement
It can be expensive to move. Companies could offer expense reimbursement plans to help employees pay for their moving expenses. This could include moving costs as well as transport and insurance.
You have the option of allowing the company to pay only after an employee is moved and files cost reports, or you can opt for a lump sum.
Temporary housing arrangements
Temporary accommodation may be an option if your employee has to start work on a certain date. Your employee can stay in a Hotel or Airbnb until they find the right home or are ready to start construction.
An employee may not be able or able to buy or build an apartment. They might prefer leasing. Your employee may prefer renting, but they have the option to find another place they can stay until they rent an apartment. Companies are often required to cover the cost of temporary accommodation and utilities.
No cost visits
Many companies offer employees free trips to their new workplace before they move. Your employees should explore the new area they will be moving to. As they will have the opportunity to meet people from the new area, they’ll feel less stressed about the move.
Most employers offer two free trips to employees in order for them to explore the area before they look for their next home.
Real Estate Cost Assistance
Businesses often help employees move by paying for the cost of buying or selling their homes. Most businesses help by buying the property later to be sold or promoting the home of employees. It is possible to pay the rent if your employee is subject to a lease agreement.
Family Assistance
You are asking your employees to move. Most employees have relatives that need to relocate with them.
Your company can assist families by supporting the individual who is moving into a new home. They can help the spouse find work, locate schools for their children, or provide childcare options for their children.
Pay Bonuses
The cost of living will vary depending on where you live. Some companies offer relocation bonuses that can help you cover your living expenses. This is an excellent alternative for high-tax states.
Exit clause
Moving should bring in a profit for businesses. They should also establish a payment obligation. The clause for payback stipulates that if an employee is transferred, they must either quit before the deadline or pay the company the relocation costs.
Executive Relocation Packages
Optional Relocation Options Available for Standard Packages
You might be asking, “What is reasonable relocation planning?” You can offer your employees many options for relocation.
Lump Sum Relocation
Employees often choose a lump sum plan for relocation. A lump sum plan allows employees to receive a specific amount of money to help with relocation expenses. It is tax-deductible because the government treats it as income.
Many employers use gross-up to cover their tax obligations. This allows them to spend money on relocation.
A lump-package move can be complicated because it is difficult to accurately calculate the cost beforehand. If the amount is not accurately calculated, the employee will have to borrow their own money to make up the difference.
Executive Relocation Package
All costs of moving are included in the executive moving packages. The cost of moving includes packing and moving household items up to 18,000 lbs, long-term or temporary storage auto relocation, transportation expenses, and visits to the employee’s residence.
An executive relocation plan that anticipates the possibility of an employee having difficulties while moving will be a successful one. This is especially true for employees who have children. It is important to assist in the search for preschools or other schools that can accommodate the employee’s children.
Spousal support is a part of the executive relocation plan to help spouses of employees get the job they desire.
Relocation Bonus
Many employees offer incentives to move to lower living costs. Each employee who moves is paid a certain amount based on a variety of factors. The company will pay an employee who moves a higher living cost due to the expiration or termination of leases and the costs of moving and the cost of finding a new place.
Relocation Compensation
Relocation reimbursement programs allow employees to move out of pocket to cover relocation costs. After the move is completed, their employer may be able to pay a portion.
Most employers cover the costs of moving. It is up to you and your employees to determine what a fair and reasonable salary plan should include. To ensure that the money is not paid excessively, employees should keep all receipts.
This plan can be problematic because the person may not have enough money to pay the initial move cost without financial aid. They may feel trapped because they cannot afford to move, but they want to.
What makes a great relocation package?
There are many different relocation packages available, which makes it hard for employees to choose the one that suits their needs. Your employees will feel less stressed if you offer many moving services and they are happy with the support they get from their employer.
Comprehensive relocation plans will help employees save money on moving and allow them to take their time finding their new home. ARC Relocation can assist with all aspects of moving. You can find moving companies that will help you relocate your employees. They can also help with packing and unpacking. Call us today for a free consultation. A no-cost appointment phone call.
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