Part two: Budgeting for Relocation
B/Tracking and Reducing Relocation Costs: Using an upfront relocation calculator ensures you’re looking at the total costs associated with the relocation, including sale and purchase of real estate, temporary living, household goods and travel expense. This means your accounting department, as well as HR, won’t face surprises due to policy exceptions or rising costs associated with travel, real estate closings, and the like.
But what about out-of-policy costs? You can track these with the online budget tool, too. Input the actual expenses online and compare them with the relocation cost estimate from the relocation calculator. Are you on budget? If not, what can you do to get back on track? If you go under budget in one category, you have the flexibility to allocate that money to another benefit category. Best of all, you can do this all online through Capital Relocation Services’ relocation calculator and budgeting tool, so multiple people in your department—or across your company—can access the data. Expense reports can be downloaded directly into the Budgeting Tool for real-time updates, making it easier for everyone to stay on the same page.
C/ Relocation Costs Are Not a Science: Every relocation is different. Employees have unique needs. The time an employee needs to get back in the swing of things and return to full productivity after relocation may vary. Effective, accurate cost estimating and budgeting tools take this into account, so that every employee can enjoy a low-stress relocation and return to work faster. With many of the challenges of relocation taken care of, relocating employees know they’re part of a company that truly cares about their well-being. This leads to longer employee retention, which directly impacts your company ROI, and also creates a happier, more productive workplace.