Not all corporate relocations are created equal. Nor should they be! When it comes to offering an employee a particular relocation package, savvy employers will weigh multiple factors, starting with the type of employee and their anticipated tenure with the company. The distance of a move, the transferee’s needs, expected moving costs…these also should factor into the type of relocation benefits offered to employees.
As a result, one best practice relocation-savvy employers have adopted is to offer tiered relocation packages, scaled to different types of employees. Often, three appears to be the magic number. At UrbanBound, we’re seeing a growing number of three-tier relocation programs, geared to three distinct types of employees: interns/entry-level new hires, mid-level professionals and C-suite executives.
Moving interns and entry-level hires involves a unique set of circumstances. By definition, an intern is only going to work for you for a short period of time, typically three to six months. With entry-level hires, the job is permanent, but there’s no guarantee of longevity—and plenty of turnover at this level.
Many campus hires and new college grads haven’t yet developed the life skills needed to take on the complexities of a move, so they need some basic support. Their primary concern: finding housing and perhaps furniture. Since they’re not buying or selling a home, what they most need is help choosing an appropriate, reasonably-priced rental—perhaps furnished—and possibly roommates to share the cost.
While providing an intern or new hire with money to move is important, it isn’t everything. Many are single and inexperienced—and perhaps moving for the first time as an adult. While they will quickly grasp what relocation technology has to offer, the services of a relocation consultant can provide the additional guidance required to coordinate the logistics of moving. (Interns may also need assistance returning to their home city once the internship is over.)
Providing an excellent relocation experience to interns and entry-level hires is a great way to attract emerging talent—and UrbanBound is in a unique position to provide it. Our cutting-edge technology appeals to this generation (all the information they need may be found on our “Intern” dashboard: help finding roommates, company documents and all types of moving resources), while our skilled consultants can play an instrumental role in simplifying the process.
Mid-level professionals have more complex relocation needs than newbies. Often, they’re married, have children and may already own a home. Their move may well involve selling one home and purchasing another while transitioning the kids to a new environment. As such, they need more intensive relocation support.
Employees in this group generally have these priorities: choosing a safe, friendly neighborhood, identifying a sought-after school district, finding career opportunities for the relocating employee’s spouse.