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Relocation Policies

Practical tips and advice on how to develop effective relocation policies for corporate transferees.

Pit Crews and Policies

I originally wanted to name this post, “Everything I learned about Mobility, I learned from NASCAR,” but it was so cliché and I’ve learned so much more from my career in mobility to devalue the experience. But, I thought it would be a “fun read” to look back on my former experience in motorsports marketing to compare some common traits about the sport and the mobility industry.

Lump Sums… A Moving Target

So, you just hired two great candidates for two new assistant manager positions in headquarters.  New Hire 1, we’ll call him Jim, is married with 2 kids.  New Hire 2, we’ll call her Mary, is single.  They both have about 800 miles to travel to their new location.  Your relocation policy for their job level allows for a lump sum of $6,000.

 

How’s that working for you? How does that make the transferee feel about their new job?

What Does Your Payback Agreement Look Like?

Before I get into anything, I think it’s important to note that payback agreements vary widely. Every company approaches the payback agreement differently and that can be confusing for HR, senior management and transferees alike.

To Stage or Not to Stage?

We all know time is money.  When it comes to real estate, this couldn’t be truer. While the sales price of a home may

Staging a Home

Photo credit: HGTV

not change, obtaining a sale quickly can save a considerable amount of money in the form of carrying costs and even loss on sale if the market is in decline.  One way to give prospective buyers a perception of the depth and functional usage of space is to furnish the home. As such, transferees may request additional monies for staging the home as a part of the home marketing benefit. Should you comply?

Three Issues to Tackle to Make the Relocation Decision Easier for Transferees

When it comes to relocation, I think we all want the same thing: an employee that is happy, focused and engaged in their work at the new location. With the ever-changing relocation environment and a less than ideal economy, however, many companies have made major cuts to policies offered to transferring employees. In addition to corporate changes, the same issues have led employees to evaluate relocation opportunities even more carefully than they have in the past. So, the question is, how can you design relocation policies to fit your company budget but also attract your necessary talent?

Airbnb for Home Finding Trips

The more I use Airbnb for travel, the more I fall in love with the concept. Airbnb is a travel site that allows people to rent out private rooms, apartments, or even entire houses for a select period of time. Now think about this: The home finding trip is essential in your transferee’s search for a new home at destination. They need to be armed with plenty of information and resources to ensure they select a home that will work them and/or the whole family. Since the whole home marketing and home finding process can take such a big toll on transferees, why not present them with options that turn the home finding aspect into something desirable and fun?  

Don’t Trust Temporary Living Lease Terms

Yep, we said it. At times, temporary living is a necessary evil, as opposed to a relocation benefit. Semantics, to be sure, but nothing turns us off more than landlords or property management companies who pack their lease agreements with fine print clauses designed to “trap” distracted transferees into a longer lease term and/or additional fees. It’s a shame and it’s bad business but, unfortunately, it happens.

Temporary Living Must-Do’s

We’ve talked a lot about the real estate market lately and it’s no secret that rental prices are skyrocketing. Given this trend, and my own experience in temporary living, I thought it was due time for a post about what transferees (and companies) should know about temporary living.

The Rise of the Hybrid Lump Sum Relocation Policy

Lump sums are all the rage. And, they will continue to be a hot ticket item. Yep, we said it. While we are not the lump sum’s greatest fan, we wholly accept that many employers will be working to combine as many relocation services as possible into a lump sum component.  Predictability is, understandably, very important for managing budgets. But, on the other hand, predictability does not automatically translate into cost savings.  In fact, it could do just the opposite.

Relocation Policies Across the Generations

I’ve written about Millennials and menu programs in the past and, as a team, we have certainly covered the generations in our EBooks. But, the discussion is important. As we all know, the makeup of the average assignee/transferee pool continues to change with the progression of the Millennials into the ranks and the exit of the Baby Boomers. For the first time ever, we have four generations working together – and that’s diversity that people rarely think about in the grand scheme of the diversity conversation.

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RICK CALANNI
VP of Business Development Northeast Region

 

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