The right relocation assistance helps attract new hires and supports your overall business objectives, ensuring the right talent is in the right place at the right time.
Moving while also starting a new job is difficult, stressful and time-consuming to organize. For a desirable outcome, it’s imperative that the process is optimized, minimizing inconveniences for the new employee, their family, and your human resources team. There are four questions every employer should start with to achieve a well thought out relocation policy with all relevant stakeholders deciding together. This will result in corporate moves that can be managed efficiently, compliantly, and in line with corporate goals.
4 BASIC QUESTIONS YOU NEED TO ANSWER BEFORE CREATING YOUR RELOCATION POLICY
1) Does our company culture support covering the entire cost of a new hire’s relocation or do we expect them to bear some of the expense?
There is no right or wrong answer to this, but you do need to know which is right for your company before designing policy benefits.
2) What is our budget?
According to research data, the average cost to move a new hire within the USA who is a homeowner is around $98,000 and the cost to move a renter is around $28,000. If your culture is one that covers the entire cost, you need to be sure you have the budget for it. If not, you need to know exactly how much you’re asking your new hire to invest of their own money to accept your job offer.
3) What level of flexibility do we want to provide?
Relocation polices vary from a set of benefits with zero flexibility, to core-flex policies which offer some flexibility to managed cap policies which gives the transferee the greatest amount of control to tailor their relocation benefits to meet their individual needs. Whichever policy type is right for your company culture, you want it delivered with white-glove service.
4) What level of support do we want to provide?
Some companies opt to have their employees move on their own and submit receipts for reimbursement. Others contract with a relocation provider that offers a self-serve technology system for their employees to manage their moves on their own. While there is nothing wrong with either of these choices, given the amount of stress inherent with moving and starting a new job at the same time, transferees who are fully supported with the full-service option provided by a Relocation Management Company often fare much better.
LOOK TO AWARD-WINNING MOVECENTER TO SUPPORT YOU AND YOUR EMPLOYEES WITH WHITE-GLOVE SERVICE
When you’re relocating employees to new locations and offices, you’ll need to make sure they have the necessary tools and equipment for their job. Our team of corporate moving professionals at MoveCenter will assist with our award-winning service. Call (800) 668-3903 or fill out our contact form to discuss your company moving needs with one of our team members.