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how to determine moving cost reimb.
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how to determine moving cost reimb.
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I'm trying to put in place a policy of reimbursing new hires for moving costs and am interested in what others do. We are only in a position to pay moving costs on our most senior recruits, and I'm tr
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Forums » Topic Forums » General Forum » how to determine moving cost reimb.
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how to determine moving cost reimb.
posted at 9/23/1999 9:25 PM EDT
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Posts: 48
First: 6/11/1999 Last: 4/13/2001 |
I'm trying to put in place a policy of reimbursing new hires for moving costs and am interested in what others do. We are only in a position to pay moving costs on our most senior recruits, and I'm trying to state a policy which addresses reimbursement cost. What do others do? Do you have a cap on what you allow, based on distance the person has to move? Some other formula?
This maybe belongs in the Benefits Forum but I'm not sure so I apologize in advance for posting on both. |
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how to determine moving cost reimb.
posted at 9/26/1999 6:41 PM EDT
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Posts: 26
First: 7/14/1999 Last: 10/6/2003 |
I am not a corporate HR representative, but am a relocation consultant. There are several ways that you can handle the situation you described. 1) many companies are offering a flat lump sum payment to cover moving costs. It may not be enough to cover the full move by a van line but may cover the cost of a self-move using someone like U-Haul. As for the Senior level new hires,you basically can stipulate in your policy the exact perameters that you will cover. Your costs can be reduced by excluding certain items like vehicles and RV's. Further you can approach the question by placing a weight limit on the total move. Anything over that weight limit, the new hire covers the costs. Hope that helps. |
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how to determine moving cost reimb.
posted at 9/27/1999 1:31 AM EDT
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Posts: 2
First: 9/27/1999 Last: 9/27/1999 |
I'm also interested in this area. Currently, my firm (brokerage) caps costs at $5,000, and it's meant to cover the physical move of household and personal good. It does not cover realtors' fees, closing costs, points, losses, etc. I am in the process of putting together a policy for senior executives. I'd like to see any responses you get, if I could. |
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how to determine moving cost reimb.
posted at 10/6/1999 9:49 PM EDT
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Posts: 22
First: 10/6/1999 Last: 12/5/2002 |
Most of the companies have some scheme.
1. If you a HR Business partner ,you must definitely add a clause in your offer letter that the same shall be recovered if the person resigns in less than 6 month/1 year time. 2. You can also introduce a composite relocation allowance which would mean that if the person decides not to use the entitled money, decides to sell off items and not hire a truck etc and end of the day doesn't spend money which he is entitled under the scheme he will be paid back 25 % of the projected cost . |
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