How does your company rate when it comes to compensation and benefits? Companies that rate high on those two items see a 56% lower attrition rate.
When you’re in a tight labor market, offering things like a relocation package, a signing bonus, and/or other perks can make all the difference in attracting good employees.
On the other hand, if you are thinking about moving your company to a different location, you want to be able to bring your valuable employees with you.
While relocating your business can be exciting, you should consider offering job relocation assistance to your employees. Keep reading to find out how to in this guide.
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What’s an Employee Relocation Package?
When the job requires an employee to move from one location to another, some larger companies offer a perk like a relocation package. It’s a perk for companies that are looking to bring in candidates that currently live outside of their geographic area.
In order to entice them to move for the job, the company pays their relocation costs. A relocation package can be pretty basic or it can also include several aspects of moving an employee and his or her family.
What’s in a Relocation Package?
What is involved in making a move for a job? There are a lot of things to think about besides packing and unpacking. Let’s take a look at some of the things a company can offer to make it a smooth transition.
Packing and Unpacking
Some companies hire movers who will come and pack up the whole house for an employee, move it to the new location, and even unpack at the new house.
An Advance Trip
Will you offer your employee a trip to check out the new location and assist with finding a place to live? This means covering travel and hotel costs while they explore the new city or town.
Spousal Job Assistance
When the employee has a spouse that might need a new job in the new location, you can offer assistance with finding one for them.
Temporary Housing and Real Estate Fees
Does the employee need temporary housing until he or she can get into a place to live? Sometimes this is unavoidable depending on how quickly you need them to start.
Another facet of a relocation package is to cover realtor fees, closing costs, and other real estate fees.
While some businesses choose to relocate, others realize when it’s time to sell and move in another direction. Click here to learn more about the reasons to sell your construction business.
Relocation Assistance
When initiating a business relocation, one of the most important employee benefits you can offer is relocation assistance. This is a very valuable asset to your employees and will have a significant effect on their decision to relocate or not for the job. Always have a clear policy that spells out which aspects are negotiable and which are not.
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