Have you found the perfect candidate for a role only to discover they live far away? Relocation packages may be the perfect incentive tool.
Relocation packages are also a great incentive for current employees who have the potential to transfer offices and develop their career further. In both the above cases, companies either cover the full cost of relocating or offer a flat rate.
Usually a relocation package will cover home-finding costs, transportation, temporary housing plus bills and the cost of a moving truck if needs be. However, this is not an exhaustive list and the type of relocation package you offer will depend on many factors; these include the candidate’s proximity, demand and company finances.
Sounds like a lot of hard work right? Yes, but a solid relocation strategy can effectively attract and retain highly-sought after candidates outside of your initial geographical boundaries. A good relocation package also shows that you care about your employees and broadening your company culture.
If you are considering implementing a relocation package, it may be a good idea to check out these tips first:
Be aware of what other companies are offering
If you have never offered a relocation package, you need to be aware of what other companies in your area are offering. As it is difficult to source this information, it is a good idea to leverage any inside connections.
After researching, if you find that you can’t offer the same packages as other companies, you need to think of other ways you can benefit relocating candidates. For example, if you cannot justify covering the entire cost of temporary housing (ex.bills), suggest to the candidate that they will get a sign-on bonus or other special benefits.
Ensure the candidates are worth investing in
If you have a number of candidates who you think are eligible for relocation, you need to consider first are they worth the investment. Have the candidates shown significant interest in their desire to relocate? Do they have highly-sought after skills?
If the answer is yes, chances are you have some promising candidates. Even so, recruitment is largely unpredictable. On moving, a candidate may get homesick , perform badly or have bad social skills. It is good practice to be prepared for any changes and have backup solutions ready.
Be honest and transparent with candidates
This point reigns true whether you are a large company with set relocation packages or a company who has never used them. If you have a set structure in place, there is often little room for negotiation. If you don’t have a set structure, ensure you have a detailed discussion via video or phone to discuss what you will cover.
However the conversation goes, it is important to set realistic expectations with candidates. To protect both parties, you should also set out all details in a contract. Relocation can be a stressful experience, so having a contract helps eliminate further issues and shows complete transparency on your end.