What are some tips for using tiered relocation policies?
Building tiers into your mobility program can help support relocating employees and meet business needs. Client Relations Manager Terri Hamilton offers some useful tips in this Relo Tip Tuesday.
Complete transcript: “Hi, my name is Terri Hamilton, and I’m a client relations manager here at Plus. I’m here to answer the question, ‘What are some tips for using tiered relocation policies?’
When designing a mobility program, it’s important to realize that not all relocating employees are the same. Different types of employees and different types of relocations or assignments can require different policy considerations.
Tiered programs set levels of benefits for specific groups of employees. For instance, you could create these four tiers within your program:
- A tier four policy for newly hired college recruits. This might include a lump sum package.
- A tier three policy for all other exempt employees, which may include a shipment of household goods, final move expenses and a moderate lump sum for other expenses.
- A tier two policy for middle managers, which might include new home purchase benefits and 60 days of temporary living.
- And a tier one policy, which would include a robust relocation package to cover the needs and expectations of your executives. Benefits such as 90 to 180 days of temporary living and white glove services may be offered.
Within each tier, you can further separate policies for renters and homeowners, and provide the appropriate benefits to each group. This could include things like lease termination and rental tours to support your renter population, and home sale and home purchase benefits for homeowners.
When setting up tiered policies, it’s important to clearly define the eligibility requirements for each policy. This will reduce confusion over which employees fall under which policy. Ultimately, the specific tiered policies that are best for your company are those that help meet the business objectives and support relocating employees across the world. Thank you for watching.”