Are you thinking about business relocation as a way to save money? Perhaps you're considering moving your corporate offices to a location where the cost-of-living is cheaper. You assume you'll pay less for a lease, reduce overall operating expenses, and recruit top talent for less money.
But don't forget to factor in these important expenses when it comes to business relocation:
- Cost of Business Interruption: Not only will your business operations stop when you actually move, but you can expect some time before a full return-to-productivity. Having a relocation service provider who can create a low-stress moving experience can help.
- Costs of Recruiting and Training New Talent: Even if you relocate to a desirable area and offer a generous employee relocation benefits package, you can count on losing some employees who must then be replaced. If you're expanding your business with the relocation, you may also need to hire new employees in the new area. Salaries may be lower in your new region, permitting you to find top talent for less, but you must still factor in the costs, both in time and money, of recruiting and training employees at every level.
- Cost of Keeping Existing Talent: Employee relocation benefits packages, temporary housing, moving employees, their families and their household goods, and real estate sale benefits packages are just a few of the costs associated with keeping existing talent, along with relocation incentives and other expenses. The cost of keeping and relocating existing talent can represent a significant portion of your business relocation budget.
A relocation service company can help you manage these costs if you decide business relocation is the right choice for your company.