If you were to consider your organization’s top priorities, what would they be? Chances are, recruiting talented workers is at the top of your list. And for good reason – for most companies, hiring and keeping the best people is the surest way to achieve their organizational goals and future growth.
The question is: How do you go about it?
The trick is providing benefits that today’s employees want. The same Metlife survey found that benefits were a key driver of happiness at work – so long as they were customized to meet employee needs. They recommend employers offer a benefits program where “employees have the ability to build packages that are personalized to their individual needs and that can be changed as their needs evolve.”
Our Global Mobility and Cultural Benchmarks study found that one area where a more flexible and customized approach could pay significant dividends in recruiting and retention is in your relocation program. We learned that while 87% of survey respondents believe their relocation program is focused on employee satisfaction, only 28% would describe their programs as flexible (“easily adapting to needs”). While there are many reasons to consider consistency over flexibility, including ease of administration and cost stability, giving employees more choice in their relocation benefits can go a long way toward happier and more engaged employees.
Here are some thoughts on creating a more flexible relocation program:
Know your options.
There’s a lot more to relocating than calling a moving van. From house hunting and helping with renter and mortgage agreements, to relocating the beloved family pet, you have a vast array of options to build out a comprehensive relocation program. And we’ve learned relevant choices are especially important if you’re working with a strict budget.
Don’t be afraid to ask.
According to the Willis Towers Watson survey mentioned above, 97% of employees prefer to choose their own benefits instead of having their employer choose for them. Rather than assuming which benefits to provide, why not survey your relevant employees and ask? The answers might surprise you, especially if you have a younger or international workforce.
Learn from the data.
Take a closer look at your past relocations, both recently and over time. Do you see any developing trends? Which benefits are your employees choosing most? Of the ones they’re not choosing, is it because the benefit doesn’t fit their needs or because they don’t understand the offering? Are there issues that keep coming up across different relocations that you can head off at the pass?
Be aware of your competition.
Just like you do with your company’s main area of focus, it’s good to know what your competitors are up to. By getting a handle on what others in your industry are offering, you can establish where the guiderails are – and where you can add can add extra value. If you know both what your competitors are offering and what your employees most want through internal surveys, you can really home in on creating a relocation program that provides maximum value.
To get the most value for your relocation program, your employees need to know what it is and how they can use it. Not only will more people take advantage of your relocation benefits, but even those who don’t will understand the investment your organization is making in their well-being. Be sure your recruiters can also speak to the value of your program.
The most important point about evaluating any benefit plan – relocation or otherwise – is that your people are your most important asset. With any benefit decision you make, make sure your employees and their families are treated with empathy and responsiveness. That doesn’t mean blowing a hole in your company’s budget. Just make sure that your relocation benefits package choices are all focused on the same thing – helping your employees put their families in the best position for success.
If you’re thinking of retooling your company’s relocation program, we have some free tools to get you started, from estimating relocation costs to building a benefits-focused program. And if you have any questions along the way, feel free to reach out to us because we’d be happy to help.