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Sometimes when your crafting your lump sum policies, you need to know the data behind what other companies are doing. We have aggregated some of the results from Atlas' 47th Annual Relocation Survey in this SlideShare.
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A STAT BOOK FOR
LUMP SUM
Based on Atlas’ 47th
Annual Corporate Relocation Survey
A Publication of
You’ve heard us give advice about lump sum.
What to do, what not to do…
A FEW TRICKS OF THE TRADE.
But sometimes, you need to back all of that up with
HARD DATA
So, to solve that problem:
Atlas’ 47th Annual Corporate Relocation Survey Results
LET THE NUMBERS DO THE TALKING.
RESULT
1For what types of relocation costs are lump sum
payments typically offered to relocating employees (transferees
OR new hires)?
53% Miscellaneous Allowances
47%
42%
41%
32%
31%
Travel Expenses
Entire Relocation Cost
Temporary Housing
Household Goods & Storage
Rental / Real Estate Assistance
5% Other
This data should show you your lump sum policy can be flexible. If you don’t want to cover the entire relocation cost (which can get pretty pricey), talk to your employees and see what matters the most to them. If you offer them the option to choose which part of their relocation they want monetary assistance for, you will save money and they will feel respected and supported by you. It’s win-win!
What does this mean?
RESULT
2What types of relocating employees most commonly receive lump sum payments?
59% New Hires
50%
43%
42%
41%
39%
Experienced Professionals
Entry Level Employees
Transferees
Executives
Renters
28% Homeowners
Don’t assume that simply because you are relocating someone that has a higher title or level of expertise, they can’t use a lump sum reimbursement. Everyone is eligible for a lump sum reimbursement – just make sure you offer it with with some sort of assistance. Lump sum is becoming more and more popular trend to all levels of your company’s pyramid, it can be extremely effective.
What does this mean?
RESULT
3For the applicable cost types below, what
are the typical ranges of lump sums offered?
$5,000-$9,999 Entire Relocation Cost
$2,500 – $4,999
$2,500 – $4,999
$1,000-$2,499
$1,000-$2,499
Miscellaneous Allowances
Temporary Housing
Travel Expenses
Rental Assistance
$2,500 – $4,999 Household Goods Shipping
Relocating employees doesn’t have to break the bank. In fact, if budgeted and monitored properly, there doesn’t have to be a whole lot of wasted money. While allowance plans like this (typically known as flexible allowance plans), require a lot of receipt keeping and expense tracking on your company’s part, not all relocations have to fall into the tens of thousands of dollars. Be sure to take into consideration cost differences, though.
What does this mean?
RESULT
4How many of your employees were relocated in
2013?
4% None
38%
12%
9%
9%
1 - 9
10 - 19
50 - 99
100 - 199
9% 20 - 49
7%12%
200-399
400 or more
Relocation is important. You don’t have to relocate hundreds of people per year in order to justify taking your relocation policy seriously. Whether you relocate 5 people per year or 50 people per year, it is important to have a well thought out, thorough, and effective relocation policy. It will be useful as your company scales and you find yourself relocating more and more of your employees.
What does this mean?
RESULT
5What percentage of your relocations were…
51% Fully Reimbursed
22%
23%
Partially Reimbursed
Lump Sum Only
4% Not Reimbursed
Offering no help at all to your transferees is not a great route to take. As you can see from the information provided in this presentation, you don’t have to offer every benefit under the sun, but some sort of assistance is going to be crucial for your employee relocations. They will not only feel like a valued member of your company, but they will likely take to the location much better (which helps your retention numbers!)
What does this mean?
THERE YOU HAVE IT.
Now, of course there is much, much more data about lump sum than
that which is provided here.
But this should give you a good base-point of where to start with your lump
sum policy.
More questions? Check our our
eBook on lump sum
!