When was the last time you reviewed—and updated—your relocation benefits? If you haven’t done so in the last six months and you’re actively recruiting (or plan to), the time to do so is now.
As you know, healthcare recruiting is more fiercely-competitive than ever. For example, the average resident receives around 50 job offers, per the AMA. Offering standout relocation benefits is a great way to sweeten a job offer, set your practice apart—and get new hires up and running quickly.
This doesn’t necessarily mean allocating more money for relocation. It means making some strategic changes to your relocation offerings that could actually save you money. Here’s how.
According to Merrick Hawkins’ latest recruiting incentives survey, 78% of healthcare job offers include some type of relocation allowance. It’s pretty much the industry standard. However, we don’t know how many of those allowances come with relocation assistance—and that’s a key differentiator.
Planning a relocation takes an enormous time and work, from arranging the move, to buying and selling a house (or breaking a lease and finding a new rental) to learning one’s way around a new city. For physicians, it also means getting credentialled—a time-consuming process in its own right.
That’s why the best relocation benefit plans don’t just provide an allowance, but assistance with the many tasks and details relocation entails. Such as providing a list of vetted movers and realtors. Offering guidance on what needs to be done and when. Delivering useful information about the new location.
And, of course, providing the services of a relocation specialist to ease the entire process.
Admittedly, most healthcare practices don’t have the bandwidth to provide that in-house; nor does it make sense to do so. Which is why, for many practices, the solution is to partner with a relocation expert—something you may or may not have already done.
However—and this is a biggie—if your goal is to keep costs down, you need to know what to look for before you commit.
There are two types of relocation management providers: traditional companies, which operate primarily through consultants, and modern, tech-based relocation providers.
With a traditional relocation service, your relocating physicians must make their arrangements through a consultant on the other end of the phone. It’s a slow, labor-intensive process that requires tons of back-and-forth communications.
On the other hand, with a tech-based relocation provider, physicians have the option of handling everything online themselves, via a user-friendly portal. That means requesting moving quotes… booking vendors…submitting receipts…and even reading up on their soon-to-be-new city. All online, at their convenience.
Of course, they can always reach out to a dedicated relocation specialist if they’d like—so, nothing is lost. In fact, they’re more likely to have a smoother, calmer, better-organized relocation this way.
The real kicker here: the cost difference. Traditional relocation consultants are expensive—in part because they tack unseen commissions onto every transaction, a regrettable industry practice.
In comparison, tech-based relocation companies cost significantly less. Not only do they leverage the efficiencies of technology, they generally steer clear of padding the bill with commissions, offering greater transparency and savings.