Searches for “Employee Relocation Package” have increased by 300% from November of 2023 to January of 2024. This article delves into the transformative power of these packages, shedding light on how they enhance the talent pool and contribute to a company’s success.
According to McKinsey & Company interviews with more than 100 chief human resources officers and people leaders, HR leaders are most focused on innovating the employee experience journey to win the race for talent. The data is clear: moving is the 3rd most stressful event a person can go through in their lifetime after the death of a loved one and a divorce. Therefore, your company must offer sufficient employee relocation program benefits to ensure your employees and their families have a positive experience (and perception) of your organization.
Offering company relocation packages to your employees will positively impact your recruiting efforts. Here are the top 5 benefits of offering comprehensive employee relocation program packages when hiring.
Benefits of Offering Employee Relocation Packages
Some of the benefits that employees expect include the following:
- Relocation allowances
- Temporary housing
- Assistance buying and selling their home (in new and old locations)
- Spousal/partner and family support
- Packing services
- Paid house hunting
- Rental car reimbursement
- Household goods shipments
- Visas and other immigration issues
- Cultural assistance
Let’s make a point clear with company job relocations; it’s not only the employees who have an advantage, but companies also find moves to be beneficial. It adds noticeable value to the company in several ways. Therefore, it is time we take a detailed look into how employee relocation program packages benefit an employer.
1. Candidate Pool Is Widened
Most companies are looking for a talented and diverse workforce, regardless of size. At times, it can be quite challenging to find people within the same geographic location who have the proper skills and experience to give the company an edge over others in the industry. Expanding the search beyond the geographic location to a worldwide talent pool will give you more candidates with the required skills and knowledge to select from. You will be able to attract talent that otherwise could be hindered by the costs of a new location or apprehensive about relocating. The cultural diversity of the workforce can dramatically change, fostering new ideas and ways of thinking.
2. Reducing The Vacancy
When you offer a robust company relocation program package to talent, the international market for quality candidates will open for your company. This allows you to fill vacant positions faster and more efficiently. As a result, the entire enterprise can work expertly and effectively. Ensure you work with a relocation service, such as WHR Global, that can accommodate international relocation packages.
3. Helps Positive Company Brand Promotion
While many consider corporate relocation packages an employee benefit, it’s time to look at it from another perspective. Although a good company relocation package surely attracts candidates to a company, it also speaks about the enterprise. When a company says it cares about an employee’s transition and comfort with robust plans and relocation packages, it puts the company in a good light. The relocation benefit adds value to the enterprise and works as an excellent promotional feature, eventually attracting more international and domestic talent. It can foster quicker onboarding and productivity, thus increasing bottom line and employee satisfaction.
4. Improved Employee Retention
A successful relocation package gives the employee a sense of commitment towards the company, knowing the company is taking care of them. Companies that pay for relocation can attract and retain talent by following these WHR Global six simple tips:
- Consider Employees’ Emotional & Mental Health: Meet their Needs
- Benchmark Relocation Policy Against the Competition
- Compensate for Cost-of-Living Differences
- Review your Relocation Policy
- Compensate Employees for Their Tax Burdens
- Hire a Professional Relocation Management Company (RMC) that Provides 24/7/365 Dedicated Assistance to You and Your Employees
5. Knowledge Transfer
When an existing employee goes to a new assignment as part of a company relocation, they will transfer unique knowledge and skills to this new location. In this relocation example, interacting with new people will also increase culture, experience, and expertise that will help develop new perspectives for the company. This type of relocation example eventually helps to make the enterprise stronger, have an international approach, and enhance its functional capacity. Companies that provide relocation assistance will have a leg up on the competition in an ever-competitive market for top talent.
Overall, a good employee relocation package gives your company a competitive edge over others by easily securing the industry’s top talent. Hire an employee relocation management company, like WHR Global, to take care of your global mobility program. Your company will reap the benefits in the long run if you support your employees throughout their corporate relocation package.
