Ignoring the need for a quality, comprehensive relocation package can mean losing out on attracting and retaining top talent for your company.
A common myth in many industries is that the relocation package is no longer necessary. However, ignoring this option in favor of telecommuting arrangements is a dangerous move that may cost your company in the long run. Cutting corners on relocating people who have the potential to become power players for your organization means limiting your ability to grow and expand.
The 5 Key Features of an Effective Package
So what makes a relocation package effective? Here are the top 5 characteristics of a top-notch package:
- Comprehensive, Not Complex.
- Anticipates Problems.
- Proactive About Real Estate.
- Protective of Household Goods.
- Includes Built-In Bonus Incentives.
These five features all help put your future employee at ease by demonstrating to them that the company truly cares about taking care of all the relocation details, large and small, that will help them get settled in their new city, and position.
Thinking Outside the Moving Box
When offering a relocation package, you'd be remiss to only consider the physical goods of your future employee. The best packages are individualized, and people centered. Plates are easy enough to pack carefully, but what about the social networks that your employee will leave behind? Work to find innovative approaches for them to stay in touch and make new connections; your new employee will feel supported and seen.
The Reality of Relocation Reluctance
No matter how effective your employee relocation package, some employees will still show some reluctance when it comes to moving across the country. This reluctance has historically been from fears about the real estate market; however, things have begun to look up in the last few years. A recent survey from Atlas Van Lines has revealed that the rise in reluctance to relocate that marked the early 2000s has begun to drop; today, only half of the firms surveyed reported any declines from employees asked to relocate.
The Outsourcing Solution
Instead of overtaxing their Human Resources departments with figuring out the nuts, bolts, and nuances of creating the most effective relocation package, many companies are turning to outside firms that specialize in handling relocation. Going with a firm that has both experience and current knowledge of the latest trends influencing relocation can guarantee a smooth and stress free relocation for your company.
Making the Move
Working with future employees to develop relocation packages can be challenging work, but it can also bring in vital fresh energy to your company. Handling relocation right means attracting a talented, loyal team from all around the country, and ensuring that you help meet their needs while transitioning them smoothly to their new position.
Relocation Packages Still Matter