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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.