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.
Employers offer employee relocation programs for different, often overlapping, business reasons—including these.
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.
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.