The benefits of employee relocation packages play a pivotal role in talent acquisition but often don’t receive the attention they deserve. According to Google Trends, searches for “Relocation Package” have increased 300% from April of 2020 to June of 2023. This article delves into the transformative power of these packages, shedding light on how they enhance the talent pool and contribute to a company’s success.
According to McKinsey & Company interviews with more than 100 chief human resources officers and people leaders, HR leaders are most focused on innovating the employee experience journey to win the race for talent. The data is clear: moving is the 3rd most stressful event a person can go through in their lifetime after the death of a loved one and a divorce. Therefore, it’s imperative your organization offers sufficient employee relocation program benefits to ensure your employees and their families have a positive experience (and perception) of your organization.
Offering relocation packages to your employees will positively impact your recruiting efforts. What are some other benefits of offering comprehensive employee relocation program packages when hiring?
Benefits of Offering Employee Relocation Packages
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
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 program 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 program 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. Ensure you work with a relocation service, such as WHR Global, that can accommodate international relocation packages.
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 program package surely attracts candidates to a company, it also speaks about the enterprise. When a company says it cares about an employee’s transition and comfort with robust relocation plans and packages, it puts the company in a good light. The relocation benefit adds value to the enterprise and works as an excellent promotional feature, eventually attracting more international and domestic talent.
4. Improved Employee Retention
A successful relocation package gives the employee a sense of commitment towards the company, knowing the company is taking care of them. Organizations can attract and retain talent by following these WHR Global six simple tips:
- Consider Employees’ Emotional & Mental Health: Meet their Needs
- Benchmark Relocation Policy Against the Competition
- Compensate for Cost-of-Living Differences
- Review your Relocation Policy
- Compensate Employees for Their Tax Burdens
- Hire a Professional Relocation Management Company (RMC) that Provides 24/7/365 Dedicated Assistance to You and Your Employees
5. Knowledge Transfer
When an existing employee goes to a new assignment as part of a relocation, they will transfer unique knowledge and skills to this new location. In this relocation example, interacting with new people will also increase culture, experience, and expertise that will help develop new perspectives for the company. This type of relocation example eventually helps to make 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 employee relocation management company, like WHR Global, to take care of your global mobility program. Your company will reap the benefits in the long run if you support your employees throughout their relocation process.
