Perhaps your company is thinking about offering employee relocation benefits for the first time. Or perhaps it’s wondering if your current relocation program is a worthwhile investment.
Either way, these are excellent reasons to consider the business case for offering employee relocation assistance—both to long-distance new hires and potential transferees.
After all, many U.S. employers have long offered robust relocation programs to help them achieve their goals. In fact, in the U.S., corporate relocation is a $14.1 billion industry—one that’s grown at an average of 1% every year from 2017.
And it’s not just for large employers. Many small and medium sized companies offer them as well. The fact that they do so year after year indicates that they find it makes good business sense to do so.
5 Benefits of Offering Employee Relocation Assistance
Employers offer employee relocation programs for different, often overlapping, business reasons—including these.
Employee Relocation Enhances Recruiting Results
In the age of the Great Resignation and unprecedented labor shortages, effective recruiting is more critical than ever. When you add employee relocation assistance to your benefits portfolio, you instantly increase the size of your candidate pool by casting a wider hiring net.
Now, you no longer need to hope the talent you seek lives around the corner—a key pain point for industries with highly-specialized hiring needs. For example, in the highly-competitive healthcare and technology fields, a competitive relocation program is a recruiting must-have, and employers in other fields increasingly feel the same way.
A Strong Relocation Program Improves Productivity
Every time you make a new hire, your goal is to get them up and running as quickly as possible. And that holds doubly true with long-distance hires.
So, the faster and easier you can make their relocation experience, the more quickly those new hires or transferees will morph into productive employees. The key is to offer relocation services—including user-friendly software and access to live relocation consultants—along with that relocation allowance.
In other words, making it easier for your people to plan and book their move not only makes life better for them, it makes business better for you.
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Relocation Benefits Increase Retention Rates
All employers are committed to reducing turnover these days. And if your company is like most, your turnover rates among newly-hired personnel are the highest of any worker group.
A robust relocation program will help convert those newbies into long-termers. For one thing, it sets them up for success from day one, so the thought of leaving is less likely to cross their mind.
For another, a thoughtfully-designed, employee-centered relocation plan shows that you care about your people. It creates good will and builds loyalty, the cornerstones of employee engagement and retention.
Employee Relocation Facilitates the Transfer of Knowledge
For regional or national companies, transferring seasoned employees to other worksites is a smart way to ensure their particular expertise or successes are leveraged across the organization.
And when you offer a competitive relocation program, those key people are more likely to accept such long-distance assignments—creating synergy across separate locations while building the company’s reservoir of collective knowledge.
A Great Relocation Program Is a Great Brand-builder
Now more than ever, it pays to be known as an employer of choice. People want to work for employers that care about them and can prove it. By extension, quality companies like to do business with highly-regarded companies.
Offering a state-of-the-art employee relocation program can set you apart as a visionary, employee-centric company that will go the extra mile to take care of its people.
So, while you may be contemplating an employee relocation program for HR reasons, it will also burnish your brand—a multidisciplinary win-win.
Yes…But What about the Cost?
Okay, so your company is sold on the idea of adding employee relocation benefits, but it’s just not a good time to invest a ton of money.
That’s okay, do it right, and you won’t need to.
UrbanBound is the original tech-based relocation provider. Both employees and employers rave about our easy-to-use platform and helpful relocation specialists. Employers also rave about how affordable we make it to offer a premium relocation program.
In fact, employers that switch to us from traditional relocation providers save an average of 66%, while improving their employee’s relocation experience and cutting their administrative workload down to practically nothing.
So, while there’s a strong business case for adding employee relocation benefits, there really isn’t one for failing to do so. Take the next step: learn more.
