What Do Your Lump Sum Policies Look Like?
Lump sum policies are known for being efficient and cost effective solutions for employee relocation. They combine 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?
A Lump Sum Policy That’s Just Right
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 lump sum policies is a good habit to get into on an annual or bi-annual basis. This ensures your allowances remain equitable for the transferee, while continuing to control costs for your organization.
How Runzheimer Helps
Runzheimer is here to help you design 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. Runzheimer’s state-of-the-art software platform, powered by Motus, rarely sleeps and serves up lump sum allowance calculations to meet your needs any time of day or night. In tandem, we can also provide you with benchmarking data that arms you with the knowledge you need to make any appropriate policy decisions that are right to meet your program objectives. In short . . . our solution provides fair, accurate, and defensible information — it’s “just right.”