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Offering a Relocation Package is Possible, Think About It
Some of the best candidates for your position may not be local. Consider your relocation options. Evaluate your overall package and determine whether offering a relocation package is needed.
To many business owners offering a relocation package is not even an option or a thought. However, some of the top performing candidates often do not live right in town. Sometimes opening up the hiring area will provide a better pool of possibilities. Did you know that most people are willing to pay for their own relocation? Did you know that most employees will move for even just a small hiring bonus? Think about ways you can up your benefits appeal and relocation options.
Most hiring managers think that it is unfavorable to hire candidates and expect them to pay for their relocation expenses. You may believe that it is too costly to conduct out of state or non-local interviews. Truly most businesses too often look locally and not often enough outside their paremeters for top talent.
When it comes to offering a position to a candidate and to keeping employees on board, the key is an overall package. Businesses need to keep in mind that it is not just pay anymore that speaks to employees. The overall compensation package includes employee benefits and perks. The main focus of course is pay, bonus structures, healthcare, dental and insurance.
Today those "added" benefits are what is appealing to most. It is what your company will offer that is unique and different that counts. Benefits packages today are offering fitness memberships, wellness programs, paternity leave, childcare assistance, health savings accounts, carpool credits, paid parking, telecommute options and more. Remember you do not have to pay for relocation expenses if you have an overall appealing compensation package.
When you decide to open head count and hire for a position, the way you promote the package is important. When opening up the hiring area and offering a relocating candidate potential, review some of the following description options:
- No Relocation Assistance Offered
This is the most easy option as there is really no cost risk to the employer. This will most likely not appeal to a wide pool of candidate from a far but if you have a benefits package full and plump it may work.
- Limited Relocation Assistance Offered
Offering to assist with the moving of furniture or personal items, or covering costs of hotel for a week for example may provide some assistance that appeals to candidates.
- Slow Release Relocation Bonus Offered Create a package that pays a bonus after a set period of time. Typically after the first 90 days to 6 months probation period has ended the candidate would then receive a set dollar amount. This can be paid monthly over a period of time or in one lump payout.
- Full Relocation Offered
This package will appeal to candidates from out of state and abroad and get a lot of visual search appeal. This package is typically offered for senior to executive positions and top talent. Costs often include all movings costs, hotel, temporary housing, real estate assistance, car rental, and allowance for food and living expenses for a period of time.
When an offer is made to a relocating candidate keep in mind that providing options is essential. Be open to listening to their needs and then determine if that is within the scope of company costs and goals. Provide an option and be willing to negotiate for top talent.
When interviewing candidates that outside of local parameters think of strategies to conduct a successful interview proceess. Be creative and have phone interviews and listen to tone of voice and responsiveness. Consider having a video conference call or web call to see the candidate visually if this is an option. Perhaps have several phone screenings and interviews prior to a final in person.
Some of the best candidates for your position may not be local. Consider your relocation options. Evaluate your overall compensation package and determine whether offering a relocation package is needed. Most employees are willing to take lower pay and no relocation assistance to achieve a balanced work/life experience and to work at a company that is challenging. Flexibility is the key to compensation packages and providing work/life balance may pay for itself.
Learn more about the author, Hailey Chamberlain.
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