The executive relocation policy of a company is one of the biggest concerns of its higher management. Every company has its own-specific executive relocation policy and relocation packages vary in benefits but one aspect that is common among all is the concern of the employees relocating. These packages are mainly level based. Recommended state to state movers claims that hiring and retaining the best talent is the most difficult task for companies nowadays and they are facing the biggest challenges in this field.
Though a good relocation policy may be very beneficial for a company in retaining and appointing the best-skilled professionals at the same time the relocation packages add up to a very high level. The relocating of a senior-level executive may cost a lot to the company. The whole family of the executive is relocated along with all his worldly possessions and sometimes, the process and package even include selling and buying a house.
Indeed, top professionals of any field are not willing to relocate until unless they are offered good relocation packages. High-level professionals who have years of experience and are older too are needed in every company and city.
In case you want an experienced top talent then you can use the following steps while creating an executive relocation package to attract and allure high level and best-performing executives:
• The basic thing that should be kept in mind while creating an executive relocation policy is to understand the needs and concerns of the relocating executives. Before crafting the whole benefit policy, discuss all of the executive’s needs, and determine what should be included in the package.
• Make sure that the relocation benefits both the employer and the employee. Relocating an executive means uprooting the whole family of the executive. They will have to start from scratch, making new friends, buying a new house to making it a home.
• Work upon and consider the common concerns of all relocating executives can have. The common concerns may include packing their stuff, traveling multiple times before actually moving to the new place, finding a good school for their children, looking for a job for their spouses, finding the right healthcare places and recreational places for their families.
• Although the most important aspect is to include the moving and finding a home for the executive, the company should try to include most of the above tasks in their package.
• It is a fact that homeowners avoid relocation more than people staying on rent. To avoid such hindrance the company can provide assistance in selling off the executive’s home in the present city and in finding a new home at the new place.
Although the company should cover all the basic needs that an executive may face while moving from one place to other in the executive relocation package but following are some very important items that a company must include to retain their high- performance executives:
• Executive-level employees are generally old and have families so the company should pay for the entire moving process that may include packing, moving supplies, and physical transportation of goods. The company can directly pay to the moving company too as it will be easier for the employee to save all the time and paperwork.
• Temporary housing should also be included in the relocation benefits packages in case the executive has not found a house at the new place before moving. These temporary housing may include hotel stay charges or rented apartments. The company may consider it based on the executive level.
• As discussed earlier, homeowners are least interested in moving so if you want to retain a good executive then assisting them in selling their house and finding a new one at a new place should also be included in your relocation benefits package.
While calculating the fee of relocation packages the company can consider it based on high-level and low-level executives. While preparing a relocation package, you may consider the difference between their needs. Like high-level executives may have more stuff and things to deal with while moving as compared to junior level employees.
If your company offers only the minimum relocation package mentioned above then you may get the high-level executives but if you want to allure the top talent of the field then the following are some additional expenses that you may include in your package:
• Consider covering the cost of exploratory pre-visits to your executive. The relocating executive will need to re-visit the city where he/she is relocating. He will need to find a house, school for their children, and a job arrangement for their spouse.
• Include spouse’s employment expense and children’s fee.
• In case the executive is facing any loss on his sale of a property, then the relocation package should cover that loss which may include the real estate broker commission and lease cancellation reimbursement.
A good executive relocation package needs consideration of common concerns. Offering a relocation policy help remove stress for your employees significantly. So, if you are planning to update your relocation benefits package then keep the above additional expenses in mind.
