5 Facts You Must Know When Offering Relocation Benefits To Employees
You don't have to only hire local employees for your business, but if you do want to seek candidates who live out of state or even across the country, it's a good idea to start offering relocation benefits. Relocation benefits make moving and starting a new job easier for both you and the new employee. Check out these five facts you should know about offering relocation benefits to employees.
Relocation Services Widen Your Pool of Potential Employees
When you don't offer relocation services, you limit your options. You may still find the perfect candidate willing to spend the time and money to move across the country for your job offer, but it is easier to entice distant candidates if you make the move easier on them. In the recent past, job seekers may have been more inclined to take any job they can find, even if it meant spending their own money on a move. However, with unemployment rates dropping, people are picky, and they may choose to find something closer to home instead of fussing with relocation costs and concerns.
They Improve Employee Motivation
Offering relocation services doesn't just help employees. It helps your company too. There's a lot that goes into a move, and some of it takes time. Just because an employee has made the move and started working, it doesn't mean everything is done, which means that employee isn't completely ready to start working. Worrying about last minute problems, such as selling their old home, is enough to distract your new employee. Their work will suffer, and you won't be getting the quality of work for which you are paying. Instead, take time at the beginning to help them complete these tasks before they start.
It's Not Just About Helping With the Move
Of course, some of the basic things you should cover are moving costs (moving truck, storage, etc.). However, there's more to moving to a new city or state than just relocating items. Your employee is moving their entire life, so you may want to offer additional assistance. Some less obvious services include a trip to hunt for a new home, temporary housing, names of qualified childcare providers and a list of nursing homes if the employee has elderly parents who are moving too.
You Should Explain What Is Covered
Before you start offering relocation benefits, you need to determine a policy. Your policy may be as simple as a list of services that are covered. However, some employers don't like a one-size-fits all package. They prefer to offer individualized services because everyone's situation is different. If that's the case, you should still have a policy that includes things like services that are never covered and how far away the employee must live to qualify for relocation services. Once the policy is made and you are ready to hire a new employee, make sure they know what relocation services are covered and which aren't.
You May Need to Assist the Spouse
If the new employee is married, you may have more work on your hands. A lot of families require dual incomes to pay the bills, and if your new employee's spouse can't find work, it can affect the employee's work performance or it can cause the employee to turn down the job completely. Some things you can do to help assist spouses is offer them a job in your company, help them search for a new job or offer a signing bonus to help cover expenses while the spouse looks for a job.
Moving to a new city or state can be scary. In fact, the stress alone can prevent desirable job candidates from accepting your job offer. Make it easier for them by providing relocation services. Get started today by creating a policy and determining what you want to cover.
For more information about relocation services, contact a company like Midwest Moving & Storage Inc.