Lump sum rewards are becoming more and more popular in the relocation industry as they are flexible and easy to deploy. They can be excellent when used appropriately, but as a standalone benefit, they just aren’t enough.
Relying solely on lump sum for your relocations can leave assignees out in the dark, with little support where it counts. There is a high risk that transferees end up working with low-quality or unscrupulous vendors, or just no vendors at all. This can damage both the individual, and by extension, your company.
However, this doesn’t have to be the case.
Include a destination support service for every assignee in their new home.
Create a list of quality service providers for your transferees to choose from.
Provide pre-assignment training for global tax and other financial matters.
Remember that lump sum rewards are not the only option for those requiring varied and quick-to-deploy relocation solutions. Flexible Allowance Plans and Capped Allowance Plans are also a great option.