Budgeting For Relocation

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Submitted by: Mickey Williams

If you’ve ever moved, you know how stressful and expensive it can be. If part of your job is helping other people in your company to relocate, then you’re intimately familiar with relocation costs and the myriad of other challenges that go along with relocating.

Using an outside firm like Capital Relocation Services can help your company keep relocation costs in check and help you measure the true ROI (return-on-investment) of relocation costs for employees or new hires and their families.

Cost Estimating and Budgeting Tools

CapRelo uses a number of cost estimating tools and budgeting tools, plus online expense reporting, as part of the company’s proprietary, low-stress relocation process. The six-phase Low Stress Relocation Process emphasizes supporting clients and their relocating employees in order to retain them for years after the move. It’s all about keeping relocation low-stress and ROI for employees, their line managers, and the company!

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Relocation costs are not one-size-fits-all. Capital Relocation Services uses a process that determines each relocation cost estimate based on company policies, and also takes into account factors that may vary with each employee or new hire. Relocation costs are generated from historical data and supplier input to create benchmarks for budgeting, but never neglect the individual’s unique needs.

Whether you’re bringing in one shining star or relocating a whole department to a new office in a different region, low-stress relocation is easier with the right budgeting tools and a relocation calculator.

Let’s take a look at how to do it.

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.

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.

About the Author: Mickey Williams is the CEO of Capital Relocation Services, LLC, a leader specializing in Low Stress Relocation. CapRelo is located in Sterling, VA – for additional information

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