Lump sum policies are known for being efficient and cost effective solutions for employee relocation, combining cost control with fair, equitable assistance that supports employee satisfaction. Depending on an organization’s specific program, they can also take on many forms.
Are you on the lean side where maintaining cost control is key and the budget for dinner covers only a burger and fries at a fast food restaurant? Or, are your policies on the other end of the spectrum and rich enough to feed a small village?
Whether it be company culture or the position of the employee, there are many good reasons to have a lean or generous lump sum policy. The best policies are those that are in line with the classic Goldilocks and the Three Bears story…they are “just right” for both the company and the transferee.
But how do you know if you have “just the right” policies in place? The answer lies in taking a hard look at your policies: Are they up-to-date? Are they fair? Are they consistent with industry standards? Reviewing managed lump sum policies is a good habit to get into on an annual or bi-annual basis to ensure your allowances remain equitable for the transferee, while continuing to control costs for your organization.
Runzheimer is here to help you design managed lump sum policies that will reflect your company’s specific needs - whether that means creating lean policies for new hires or generous policies for executive moves. We are the experts that can help you customize your policies to make sure they measure up to your relocation goals.
Schedule a call with your Runzheimer representative to review your existing policies. Not only can Runzheimer provide you with detailed data that is used to calculate your lump sum allowances, we can also provide you with benchmarking data that arms you with the knowledge you need to make any appropriate changes. Runzheimer is considered the gold standard when it comes to data integrity. Our data is fair, accurate, and defensible -- it’s “just right.”
About the Author
Rob is a proven business development leader with over 20 years of expertise in the relocation and financial services industry. He holds his Senior Certified Relocation Professional (SCRP) and Senior Global Mobility Specialist - Talent (SGMS-T) certifications from Worldwide Employee Relocation Council (ERC).More Content by Rob Kreiling