Your workforce is changing—and your relocation benefits should be, too.
Baby Boomers are retiring. Gen X is advancing. Chances are, your recruiting efforts are increasingly focused on Millennials and Gen Z. And each generation has its own priorities and mindset.
Frankly, as Baby Boomers retire, some old-school relocation practices should be retired, too—because they simply don’t resonate with young professionals.
If your goal is to recruit Millennial and Gen Z superstars-in-the-making, your relocation benefits must appeal directly to their hearts and minds. So, how do you wow them?
You start by incorporating these five “next-gen” elements into your relocation plan.
1. Offer Personalized Relocation Benefits
Younger consumers, especially Gen Z, crave the ability to personalize everything—and that includes relocation.
The solution: offer flexible relocation policies—i.e., lump sum and managed benefit plans—rather than traditional, highly-structured policies. Give them the latitude to custom-design their relocation around their lifestyle.
For example, young, single professionals may not need an elaborate household goods move, because they haven’t acquired many belongings. But they may want extra house-hunting time in order to find that perfect condo. Give them the freedom to make their own choices.
2. Fully Leverage Relocation Technology
Millennials and especially Gen Zers are digital natives. They’re not just fluent in technology; they expect and demand it in every facet of their lives, including their relocation benefits.
Is your current relocation provider still largely paper-and-people based, or is it truly tech-based? Here’s how to tell. If it’s fully tech-based, your employees can easily manage all of these tasks online:
- Learn about and use their benefits
- Plan each step of their move
- Monitor their spend in real-time
- Book the services of movers and other vendors
- Access curated info about their new city and worksite
If that’s not in case, it’s time to make a change!
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3. Provide Extensive Housing Support
Homeownership continues to elude many younger consumers, who are stymied by the tight housing market and high-interest rates. The homeownership rate for Millennials is just 51.5%, far lower than it was for Gen X and Baby Boomers at their age. And it’s even more dismal for Gen Z.
One powerful way to appeal to younger professionals is to offer benefits that help put homeownership within reach. This can include offering:
- Coverage for closing costs
- Generous house-hunting trips
- A strong network of real-estate agents (with relocation experience)
- Access to top lenders that offer discounted rates
- Short-term housing benefits, which give relocating employees breathing room while waiting to close on their home
For more ideas on this subject, see our UB Home solution.
4. Offer Multiple Ways to Move Household Goods
When it comes to orchestrating a household goods move, one size most definitely does not fit all, especially for young professionals.
On the one hand, millennials with young families may need a full-size moving truck—complete with crew—to transport all their belongings. On the other, single, minimalist-minded professionals may be happier with a small DIY van rental or a small-scale shipper.
Offering a range of options is another way to allow employees to personalize their move, resulting in a happier relocation experience. (And it’s also more cost-effective for employers since costs are scaled to the size of each move.)
One note, though: the residential moving industry has its share of bad actors, so make sure your relocation company screens all providers carefully. Leave nothing to chance.
5. Extend a Helping Hand…on Demand
While young professionals are independent by nature, for many, this will be their first corporate relocation experience. Moving is complicated and stressful; there’s a lot to learn.
For this reason, provide your employees with access to comprehensive relocation support. This should include resources like digital how-to guides, checklists and timelines, plus the services of experienced relocation specialists to call on. Or not. Like everything else: make it their call.
At the end of the day, offering younger employees the freedom to manage their relocation the way they want—and the tech and tools to simplify the process—is an excellent way to win their minds and hearts.
For more ideas and tips on recruiting the new generation, read our companion blog, Keeping up with Gen Z.
