Corporate housing options are an important benefit companies now offer as cross country and international business travel continues to grow. The relocation process can be stressful, so it is important to establish temporary housing that addresses immediate and long term needs as well as offer pleasant accommodations that can have a direct impact on employee productivity and morale. Advanced planning can help ensure that living in your new home is an enjoyable experience.
Corporate Housing Basics
In essence, corporate housing is lodging provided to current or prospective employees who are assigned to a remote location away from home for business reasons. Unlike hotels and extended stay facilities, corporate housing is designed to resemble a traditional home environment by providing a full array of amenities such as linens, hot tubs, housewares, complete kitchens, electronics, pools and fireplaces. Many corporate housing providers offer complete housekeeping services and a variety of other comforts to help make the stay more satisfying.
Other benefits of corporate housing include:
* Improved Living Conditions: Corporate housing options are usually located in quiet residential neighborhoods. In contrast, hotels and extended stay facilities are often positioned right next to airports or freeways. Guests check in and out at all hours of the night, which can interrupt sleep patterns and add additional stress to already challenging days.
* Lower Costs: Hotel bills add up quickly, especially with the outrageous charges for internet access, phone usage, minibars, movies and other services. All of those amenities are included in a corporate housing package, and rates do not fluctuate during tourist season.
* Better Location: Most corporate housing facilities are strategically located near restaurants, transportation hubs and businesses that cater to daily living.
Corporate Housing Essentials
While many companies offer housing relocation assistance, it is the employee’s responsibility to ensure the package is adequate to cover essential requirements. Always ascertain who is responsible for the following expenses.
* Moving service costs
* Specialty item moving costs
* Travel reimbursement
* Trip costs to inspect various locations
* Loss protection on the sale of your current home
* Closing cost reimbursement
Additionally, employees are encouraged to determine how they will be compensated for housing and moving expenses. Typical relocation packages include direct billing to the employer, lump sum reimbursement or third party coordination. For corporate housing, all related expenses are usually presented in one convenient monthly billing that is paid by the employer to the provider. In some instances, the employee is reimbursed as part of the relocation package.
While many businesses assume the majority of relocation and temporary housing costs, it is important to budget for those expenses that are not covered. This may include overnight hotel stays, food, and local travel expenses. Try and conduct as much research as possible ahead of the move to find the best setting that suits your family’s lifestyle. This includes identifying neighborhood crime rates, schools, and prevailing home values. Corporate housing options may vary but all in all, they take the stress out of relocating for business.