Creating a strong relocation package for your employees is key to attracting and retaining top talent. So how do you determine if your company's relocation policies are up to par? Consider the following five features that distinguish the most attractive relocation packages from the weakest.
1. Comprehensive, Not Complex
The goal of a quality relocation package is to offer a range of comprehensive solutions that eliminate stress for the employee and ensure seamless productivity for your company. Hiring a moving company may seem like enough, but you should work to ensure that employees don't feel shouldered with the burden of planning and executing their move. Offer comprehensive, wraparound relocation support, and your employee will feel secure, stress-free and confident about their new role in the company.
2. Anticipates Problems
Sure, it's important to be responsive to bumps in the road during the relocation process, but the best relocation packages anticipate problems before they even arise. Consider the following factors that frequently cause difficulty for employees, and be sure to have a thorough, thoughtful plan at the ready:
- Local schools. Finding a satisfactory school for your employee's children can take a major burden off their plate.
- Spouse Support. Offering networking assistance to your employee's spouse can make or break the decision to relocate. Research leads and connections in the local job market, and help ease the transition for a working spouse.
- Create Connections. Research professional and/or leisure organizations that might interest your employee. Offering connections can make for a much smoother transition, especially for employees who are reluctant to leave their established social and professional life behind.
- Places of Worship. Consider the importance of spiritual life to your relocating employee, and be prepared to offer a list of appropriate churches, temples or mosques.
- Moving Precious Cargo. Go above and beyond to ensure that a plan is in place for moving pets, plants or other belongings that go outside the purview of a traditional moving company.
3. Real Estate Solutions
According to a recent WERC U.S. Transfer Volume & Cost Survey, the issue of real estate is one of the chief reasons why executives turn down relocations. Develop and maintain connections to real estate professionals in order to offer your employee fast, professional service to sell their old home and purchase a new home with little hassle.
4. High-Quality Handling of Household Goods (HHG)
As the late, great George Carlin put it, "the whole meaning of life is trying to find a place for your stuff!" Dealing with "stuff" can be stressful, which is why offering a comprehensive package that includes packing and handling household goods is worth the additional cost over a self-service move.
5. Built-In Bonus Incentives
Finally, consider adding a final layer of "icing on the cake" for executives who may be on the fence. Cost of living salary adjustments, monetary bonuses and protections from losses on the sale of a home can all give your employee the peace of mind they need to take the relocation plunge.
Attracting and retaining ambitious, productive employees means taking extra care to make their relocation smooth and worry-free. If you find your relocation package is missing any of these five features, you may find yourself missing your top executive pick at your next meeting. Spending the extra time and resources to support a new or long-time employee through a major life change can pay off in sustained productivity and increased loyalty to your company for years to come.