Relocating an employee requires a lot of organization from your company. Your employee might need to sell their house, or get a temporary house in their new home country, for example. All these responsibilities result in inevitable costs and setting up a relocation budget quickly becomes a necessity. In this blog, we will share best practices for doing this.
Employee relocation expenses — what to expect
No one likes unpleasant surprises. That’s why you want to be prepared for the costs that come with relocating an employee. Before setting up a budget, you need to bring all the foreseen expenses together so that you have an overview of what to expect. When listing employee relocation expenses, you will have to keep at least the following in mind:
- Accommodation – including selling or buying a house, finding a potential temporary home to rent etc.
- Moving goods – moving furniture can be very expensive, this is something to keep in mind when budgeting
- Travel – the move itself will cost money as well, think of plane tickets, extra fees for a travelling pet, rental car etc.
If you are looking for ways to reduce employee relocation costs, head over to our blog post on how to go about this.
Setting up a relocation budget at the right time
When it comes to relocation, timing is everything, and the same goes for setting up a relocation budget. If you’re not prepared when you’re extending the offer to your employee, they might decide they don’t want to relocate for your company. Asking someone to leave their safe environment behind is not trivial and acknowledging that is crucial. That’s why the timing of setting up a relocation needs to be around the same time your employee receives the opportunity to relocate.
This is especially important when you’re making use of a relocation company like Jimble. The reason for this is that we can take care of any concerns or questions your employee might have. After all, a lot will change, so naturally your staff will want to be reassured. When you use Jimble, you and your employee will be content knowing that everything is taken care of. In this way, your employee can ease into the new location, which means better performance for your company.
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