Are you finding it difficult to recruit top talent in your industry? Do you feel like you are reinventing the wheel each time you enter negotiations with a potential employee? Is there a thin talent pool in your region? Are there too many competitors vying for the best employees?
These are just a few challenges that rapid-growth industries like healthcare, biotechnology and alternative energies face. And every business owner knows that the right people in your company provide the greatest opportunities for success.
Evaluate Your Relocation Policy
Your relocation policy may be partially to blame if you’re having trouble recruiting top talent. It may be possible that your competitors offer better relocation packages, but you don’t know how to address the issue. You may just want to see how your policy stacks up against your competitors.
A relocation policy should help your company recruit and retain top talent in your field, make the move as low-stress as possible and get new talent back to work and productive as quickly as possible. It should also be fluid – changing with the economy, real estate market, new business challenges and employee needs.
You can evaluate your policy and look at areas of your current relocation process that work, and areas that don’t, either because they cause too much stress for transferees or staff, or because they are expensive.
During the evaluation, you should consider the following:
- What are your organization’s current business strategies and goals?
- Are your relocation benefits competitive? Have you benchmarked them lately?
- How many policy exceptions are being requested each year?
- What is your relocation program’s ROI?
- Are you meeting both recruitment and retention goals?
- What is your rate of assignment acceptance? Are employees turning down relocations because of a specific benefit, such as home purchase?
Based on your findings, you can determine which policies and practices to incorporate into a competitive relocation package designed to attract and retain valuable employees.
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