If you’re working with a relocation management company, there may be some perks you have yet to take full advantage of that can also be used by your entire employee base! Maybe you are just starting to look for a global mobility partner? If so, make sure you keep these perks in mind as you’re vetting providers – if they have these types of benefits in place, they could deliver a big bonus.
The types of perks we’re referring to are often considered value-added services, or services that are built into your program without any additional financial commitment on your part. “Affinity” is a commonly used term as well. A key characteristic of these benefits is that they can be used by anyone in your company, not just you or your relocating employees. So share the love (if love means cash and discounts!). Here are three common extras you may find in a relocation program:
1. Cash-back rewards
Programs that offer cash-back rewards for home buying and selling put extra cash in your pocket at a time when it’s most needed – during the purchase or sale of a home. Typically, all you or your employees need to do is use your relocation company’s recommended real estate agents, and you’ll get cash back. That’s it! Our team even built a handy calculator that will let you instantly see your reward.
Note: some states do restrict cash bonuses or other incentive payments in connection with real estate transactions, so make sure to check with your relocation provider before promising an employee this benefit.
2. Preferred mortgage relationships
Global mobility companies work with banks and financial institutions around the world, and those relationships can benefit you, too. What are some of the perks of working with a preferred mortgage provider? You may have access to anything from instant pre-qualifications and lower interest rates to no closing costs and on-time closing guarantees.
Securing a mortgage and closing on a house can be really stressful, so knowing you’re part of a preferred program is a huge comfort. Plus, the less stressed your employees are at home, the happier they’ll be at work!
3. Moving discounts
If you have new employees moving without a relocation package or existing employees relocating around town, you still may be able to provide them with moving discounts and more. Often, relocation management companies can pass along the benefits of their long-standing relationships with moving companies around the country.
Competitive discounts may be available along with free, no-obligation estimates. Discounts are desirable (moving is expensive!), of course, but there are other perks that may be available, too. If you typically manage your company’s employee relocations, you know that moving during peak volume periods can be a challenge. Improved coverage during those periods is a lot more valuable than it initially sounds to a moving newbie! Customized and discounted or even free valuation programs are another common moving advantage that can be passed to your employees.
Remember – these benefits are not just for your transferees and assignees. Any employee who is moving on their own or buying or selling a home could be eligible for perks like these. You want to provide your employees with as many reasons to stay loyal to your company as you can, so having what are essentially free benefits available to them is a no-brainer.
So give your relocation provider a call and find out what types of benefits may be available to you! And if they aren’t providing anything like this, we can give you a hint as to who does…(it’s Lexicon!).