How to Create an Irresistible Job Relocation Package
In times where relocating your employees is necessary, it’s important that you offer them a package that they can’t resist. In a way, you’re asking your employees to make huge life changes and it’s only fair that they are rewarded for their effort.
Companies that recognize real talent will invest heavily in employee relocation. If you’re not willing to put in the resources to ensure your employees stay with you, you’re risking the chances of them jumping ship and joining competitors.
In this article, we’ll take a look at how you can create a job relocation package they just can’t say no to!
Home Buyout Programs
One of the biggest hurdles when it comes to relocating employees are home and mortgage-related issues. Most of your employees aren’t going to buy a new home unless they manage to sell their current one.
This is stressful and time-consuming as it can take between 65-93 days to sell a house depending on market conditions.
A great way to solve this pain point is by introducing a home buyout program. Obviously, most companies can’t afford to do this. But if you’re outsourcing employee relocation management to a renowned relocation company, they may offer this service.
There’s no way an employee can feel comfortable buying a home just from looking at pictures. You don’t want them feeling stressed throughout the process and further dampening productivity at work.
A great solution to this is by paying for temporary accommodation when they arrive in the city. These are usually corporate housing with short-term contracts of 30, 60, and 90 days. This should be enough time for them to scout for a permanent home and slowly transition into a new life.
Chances are, your employees will want to take a look at the new city you’re relocating them to. If they have a family, this becomes more important as your employees and their spouse need to look for new neighborhoods, schools, and recreational areas.
Show your support by providing them with allowances for their visits. This includes flight tickets, gas, accommodation, food, and ground transportation. The duration of their visits will depend on individual situations so you will need to negotiate this with your employees.
Do expect them to make multiple visits before making the move. This allows them to “soak in” the new city, familiarize themselves with the transportation system, and paves the way for a less stressful move.
Understand What Employees of Different Tiers Want
Nowadays, even entry-level employees are offered relocation packages. This privilege was only given to upper management back then. Due to the varied circumstances, it’s critical that you offer something that appeals to all ends of the spectrum.
Let’s take a look at generational differences. Most early millennials don’t plan on being homeowners yet especially when they’re the generation that’s being crippled with student loan debt.
A homeowner’s assistance benefit may not appeal to them, but a student loan repayment plan might. For a senior-level manager that’s retiring within the next ten years, they may appreciate a 401(k) matching scheme.
Though it’s easy to generalize, the best way of knowing your employees need and want is to have a candid conversation with them.