Today’s job market is a little bit chaotic. America’s workforce is still trying to find itself as it climbs out of one of the worst periods in history for unemployment.
More and more jobs are being created, however, and people are starting to job hop a little bit more. The Bureau of Labor Statistics reports that the average American will hold a staggering 11 different jobs in their lives. Millennials seem to be more willing than previous generations to change jobs every two years or so, especially the top talent.
We’ve talked in the past about how to keep your employees engaged and combat turnover, but retaining employees isn’t as important if you don’t attract the right ones in the first place. Acquiring the top talent for a job opening is extremely important, but it’s not a simple process. Luckily, your relocation policy can be a serious advantage when it comes to bringing in the best candidates… As long as your policy is attractive.
Relocating Your Talent
Let’s face it, if you really want the best people working for your company, you aren’t going to find them all in the same place. It might be a little more realistic if your office is located someplace like Chicago or Los Angeles, but if you can expand your search nationwide, you’re going to have the opportunity to bring in the best in the industry, not just the best in the state.
If you expect the cream of the crop to move to your city for your company, however, you’re going to need to make it worth their while. Of course salary and benefits are the primary factors here, and things like company culture and chances for upward mobility are in there as well, but it’s not everything. Asking somebody to relocate to work for you is going to require an excellent relocation policy. We’re talking about top talent here, these people have options, you have to win them over. A phenomenal relocation benefit can help you do just that.
What Do People Want From Their Relocation?
You might not know this, but relocation is one of the most stressful life events a person can experience. In fact, statistics show that the only things more stressful are death and divorce. That’s some pretty shady company, but unlike the other two, relocating can be a very positive experience if done correctly. It comes down to what you, as an employer, offer in your relocation package.
The first thing to consider is expense reimbursement. It’s no secret that moving is expensive, so offering to cover some of the costs is huge. Lump sum is becoming the most popular form of relocation expense reimbursement, and for good reason. It offers flexibility and ease of use, and new hires often see it as a signing bonus. It can create a little confusion, however. Sometimes employees don’t know exactly where to spend their money in order to maximize its efficiency. That’s why a little bit of assistance goes a long way.
People might also be nervous about starting over in a new location. Leaving friends, family, and familiarity behind is daunting. If you can provide your relocating new hires with educational resources about their new location, they’ll find it much easier to transition. It can be tough to pinpoint the most useful information for your employees, however, which is yet another area in which relocation assistance (especially relocation technology) can be of service.
The Solution: Relocation Management Software
Relocation support eliminates the confusion of relocation, and makes the entire process less stressful, more manageable, and even pleasant. Everyone uses technology in today’s world, and relocation technology is developing quickly.
Using relocation technology and the support that it provides, your employees will have an easy way to keep track of their move. They’ll know where to spend their reimbursement money, they’ll know what the next steps of their move are, they’ll learn about the city they’re moving to, they’ll always have somebody looking out for them during their move, and more. It’s peace of mind in the form of technology, and it makes your offers to top talent seem much more attractive.
Bringing in and retaining top talent is absolutely key in today’s business landscape. Your relocation package, more specifically offering relocation technology, will give you a leg up when it comes to convincing the best candidates to work for you. Do this the right way, and you’ll be bringing in the best employees from all over the globe.