5. In August 2013, 69% of organizations
agreed that the advantages of
lump-sum-only policies outweigh
the disadvantages.*
*ERC Study of 142 organizations
6. That being said, while lump sum
has its advantages…
…offering it as a stand alone benefit isn’t
enough. There is so much that goes into a
move that people don’t consider.
13. This is especially a problem for
your Millennials, who are the
largest lump sum recipients.
14. Millennials
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Born after 1980
Grew up with the internet
Desire instant gratification and structure
Gravitate towards text/email – NOT phone
Less concerned with privacy
Want clear visibility
18. There are a few different routes you can
take in terms of the lump sum policies
your company chooses to offer
19. Flexible Allowance Plan
This plan, while it requires a lot of
monitoring and receipt keeping,
is the most cost effective.
20. The amount available in each
category is (as the name suggests)
flexible. If a transferee under-spends in
one category, the remainder can be
shifted around wherever necessary.
21. Capped Allowance Plan
These plans are great for the employer, but
they come attached with restriction.
If you underestimate a cost and it ends up
exceeding the allotted budget, your
transferee can be left feeling
overwhelmed and abandoned.
22. On the contrary, sometimes employers
give more than they have to.
Not all moves are equal, so giving a flat lump
sum rate isn’t always the best route to take.
(Even though it might be the easiest)
24. Relocation technology provides
information that typically you as the
employer would be responsible for, such as:
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Transferring utilities
Housing information
Lists of vetted vendors
Public transportation
Educational information
City and neighborhood guides
30. 1 - Education
Relocation technology provides
destination information curated for
employee, teaching the transferee about
the relocation process and creating
excitement.
31. 2 - Managing the Relocation
Relocation technology allows the
employee to move at their own pace
by providing online support 24/7 in a
centralized location, as well as giving
access to vetted vendors.
32. 3 – Policy and Budget Management
Relocation technology allows you to distribute
lump sum in a way that manages personal
relocation budget, handles employer-covered
categories, reports and tracks progress, and
monitors tax implications.
33. Employers are able to
monitor their employees and
see how they are moving
along in their relocation
34. Any kind of assistance that you can
offer your transferees will not only be
appreciated, but it will help make the
relocation cost effective for both
employer and employee.
35. As you can see, with the right support…
lump sum policies are
highly effective