The benefits of offering employee relocation packages to employees are rarely discussed as much as they should be. Relocation package benefits offered by an employer can make a significant difference in the company’s talent pool. One study showed that most employees want help from their employer with relocations. 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
- Household goods shipments
- Visas and other immigration issues
- Cultural assistance
Offering relocation packages to your employees will positively impact your recruiting efforts. What are some other benefits to offering comprehensive employee relocation packages when hiring?
Benefits of Offering Employee Relocation Packages
Let’s make a point clear with 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 packages benefit an employer.
1. Candidate Pool Is Widened
Most companies are looking for a talented and diverse workforce, irrespective of the company 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. By expanding the search beyond the geographic location to a worldwide talent pool, you’ll have more candidates with the required skills and knowledge to select from.
2. Reducing The Vacancy
When you offer a robust relocation 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.
3. Helps Positive Company Brand Promotion
While many consider relocation assistance an employee benefit, it’s time to look at it from another perspective. Although a good relocation package surely attracts candidates to a company, it also speaks about the enterprise. When a company says they care about an employee’s transition and comfort with robust relocation plans and packages, it puts the company in a good light. The benefit adds value to the enterprise and works as an excellent promotional feature, eventually attracting more talent.
4. Improved Employee Retention
A successful relocation process gives the employee a sense of commitment towards the company, knowing the company is taking care of them. This can increase employee retention.
5. Knowledge Transfer
When an existing employee goes to a new assignment as part of relocation, they will transfer unique knowledge and skills to this new location. Interacting with new people will also increase culture, experience, and expertise that will help develop and bring in new ideas and perspectives to the company. The process eventually helps in making the enterprise stronger, have an international approach, and enhance its functional capacity.
Overall, a good employee relocation package gives your company a competitive edge over others by easily securing the industry’s top talent. Hire an experienced relocation management company, like WHR Group, Inc., to take care your global mobility program. Your company will reap the benefits in the long run if you support your transferees throughout their relocation process.