The ability to attract big talent is one of the principal reasons why companies offer relocation benefits packages; especially when the specific skill sets you desire within the local talent pool are scarce. More often than not, it becomes necessary for companies to extend the scope of their search outside of their immediate geographical area to recruit industry experts from other cities, states, and even countries.
Establishing pre-defined tiered relocation packages can be a great help in this endeavor, as it accomplishes two key goals that could dramatically improve your company’s competitive edge: offering increasing levels of incentive to skilled workers to relocate for a job opportunity, and infusing your efforts with a high level of speed and flexibility.
Rapid-Fire Relocation Offers
Companies that have already established tiered relocation packages are in a far better position to snatch up the cream of the crop of job candidates by virtue of the fact there’s no time wasted in putting together an offer. Packages are budgeted in advance and specific criteria are determined, making it a snap for your company to put an offer on the table where others may have to scramble to do the very same.
Extra Ammo for Potential Bidding Wars
Sometimes, companies seeking highly skilled employees find themselves dragged into a bidding war with another company or direct competitor. When this happens, the ability to negotiate and make rapid-fire counteroffers can mean the difference between landing a highly sought after talent and losing them forever to the competition. This is where having everything lined up comes into play. It allows your company to raise the stakes in negotiations without having to go back to the drawing board every single time an offer is declined or the competition one-ups you. In a bidding war, time is of the essence, and frequently the company that’s quicker on the draw stands a far greater chance of having their relocation offer accepted.
Addressing Budgetary Considerations
Having a set of well-defined relocation policies in place can give your company yet another competitive edge that others may not enjoy: budgetary flexibility. When you establish tiered relocation policies, all budgetary considerations for that offer are figured in advance. This leaves no ambiguity and eliminates any guesswork when it comes to answering the question, “How much can we afford to offer the desired candidate?” This is especially useful during negotiations; instead of having to perform budgetary forecasts to determine the fiscal impact of throwing in additional benefits, you can simply reach for the next tier and slap that on the table - thereby also eliminating the associated administrative costs.
Working out the specifics of what to include in different tiers of relocation policies requires that budgeting be done in advance, which means all costs will have been predetermined and there’s no worry about going over budget.
The All-Important Bottom Line
Today’s job market is fiercely competitive - not just for job seekers, but for companies interested in finding the best possible candidates to help them achieve their business objectives. For this reason, establishing tiered relocation policies should be standard business practice.