There is now an easier way to deal with moving expenses
for your employees. Contact Relocation Management Worldwide to find out what tools you can use to estimate relocation or moving costs. You can send us an email or call 1-(866)-815-8300 for assistance. Visit our website for free tools on calculating moving expenses.
The moving expenses involved in international relocations can be substantial. There is a long list of direct and indirect expenses associated to sending someone on a global assignment because relocation cuts across travel, transportation, human resources, household moving, and payroll, to name a few areas. From tax equalization to housing allowance to cost-of-living adjustments, the expenses really do pile up. In fact, the average expatriate compensation package can be as much as three times the base salary in the home country. An expat with a $100,000 annual wage, for example, can easily cost the employer $300,000 per year, including relocation costs. The moving expenses associated with international service assignments are also affected by factors such as the host destination, whether the employee has a family (and how big it is), and home-host taxation. Making the situation even more challenging is the fact that many companies seeking to expand globally still use decentralised relocation departments to move their people, and are often faced with regulatory and financial risks unless they agree to refit their organisation structures to allow cross-national transfers.
Unfortunately, many corporate finance systems are ill-equipped to track relocation expenses or analyze management cost data. This is why many companies choose to hire third-party corporate relocation service providers to keep expenses down. Providers like Relocation Management Worldwide (RMS) offer technologies that not only enhance transferee experience, but also keep costs organised, accounted for, and properly audited. Call us at 1-(866)-815-8300 or explore our website for more information on how we can help you.