How to Use a New Hire Relocation Package as a Recruiting Advantage
Should your company offer a new hire relocation package? Corporate relocation is a strategic tool to attract top talent. New hire relocation packages are also a strategy to facilitate a smooth onboarding process and expedite recruits’ productivity. In fact, 70% of employers offer some form of relocation assistance to new hires.
In this article, we’ll explore the factors employers should consider when deciding whether to offer relocation benefits to new hires and what to include in a comprehensive new hire relocation package.
Why Should Employers Offer Corporate Relocation Services For New Hires?
Expand the Talent Pool
Companies should offer a new hire relocation package when facing difficulty hiring local talent for vacant positions.
There may be insufficient candidates to meet staffing needs. Employers can expand their talent pool and attract skilled professionals from other regions or countries by offering relocation packages. These new candidates will enhance the diversity and expertise within the organization.
Add Value to the Offer
Including a new hire relocation package adds value to the job offer. A relocation benefit can incentivize candidates to choose one job over others. Corporate relocation often makes or breaks the candidate’s decision to relocate their family for a new job opportunity.
Demonstrate Employee Care
Demonstrating a culture of employee care is a powerful way to attract top talent.
Candidates are more likely to choose an employer who values their well-being and provides support for their personal and professional growth. By offering a new hire relocation package upfront, companies showcase that they prioritize their employees’ needs and differentiate themselves from competitors.
Corporate Relocation Services and New Hire Productivity
A new hire relocation package significantly increases productivity by enabling employees to start their new positions faster and with fewer distractions.
Corporate relocation services can help new employees navigate the logistics of moving, such as finding housing and arranging transportation. These new hire relocation packages also help employees and their families quickly adjust to their new environment. Corporate relocation resources may include cultural orientation, language support, and access to local amenities.
By providing comprehensive support for the relocation process, employers can ensure that new hires can focus on their new roles from day one rather than being bogged down by the stress of moving and settling in.
When Should Employers Offer Candidates a Corporate Relocation Package?
Positions That Require Relocation Packages
Employers should consider including relocation benefits in compensation packages when crafting certain positions. This decision’s key influencers are the company’s culture and the nature of the role.
Generally, companies offer a new hire relocation package for difficult-to-recruit positions. The specialized nature of the job makes some roles challenging to fill with local talent or internal candidates.
Additionally, recruiters commonly provide relocation benefits for roles that require top talent, such as executive positions. The new hire relocation packages ensure the company can attract and retain the best candidates for these critical roles.
Candidate Need For Relocation
Typically, companies typically offer a new hire relocation package when the new work location is at least 50 miles further from the employee’s former home address.
This policy is the same for new hires and ensures that employees required to move a significant distance for their jobs receive the necessary support to make the transition as smooth as possible.
What Should Employers Include in a New Hire Relocation Package?
Corporate relocation services and packages for new hires are generally the same as those for current employee relocations or transfers. However, some companies may offer different budgets or caps for new hire packages versus employee transfer packages.
Employers may base a new hire relocation package on factors such as the position level, whether the new recruit is a renter or buyer, the composition of the new hire’s family, and the specific relocation needs of the employee.
Companies should carefully weigh the home sale benefits, as they can be the most costly part of a relocation package. Ultimately, the employee’s needs are the top determinant of the relocation benefits and budget provided by the employer. Typical benefits for new hires relocating for a job can include the following.
Home Finding Trip
Temporary Housing
Real Estate Assistance
Real estate assistance can include professional help with home sales, rentals, or home-finding services. However, not all companies offer new hires home sale programs or reimbursement for closing costs.
Household Goods Relocation
Transportation
Transportation benefits include airfare, train tickets, or mileage reimbursement for driving to the new location.
Miscellaneous Relocation Allowance
This relocation allowance can cover other expenses associated with the new hire relocation process, such as storage fees or pet relocation costs.
The Employee Relocation Process For New Hires
The job start date determines which services are needed. For instance, a sooner start date may require temporary housing if the employee is moving ahead of their family.
New hires may also require more education about the company’s relocation resources than current employees, as they may need to become more familiar with the available benefits and services.
Using a Corporate Relocation Company to Manage New Hire Relocation
Using a corporate relocation company to manage new hire relocations has many advantages for employers and employees. These relocation companies can handle all aspects of the employee move, from policy guidance on when to include a new hire relocation package to facilitating the move itself.
Employers can ensure that every detail is handled by turning new hires over to a dedicated relocation consultant. Remove the burden from HR departments and seamlessly get new employees to their first day.
Corporate relocation services streamline the relocation logistics and give the new hire a great first impression of their employer. Knowing that they are being taken care of by experts alleviates stress or uncertainty, allowing new hires to start their employment with confidence and enthusiasm.
Improve Your Hiring Process With Corporate Relocation Services
Corporate relocation services offer a strategic advantage in attracting and retaining top talent. By providing a comprehensive new hire relocation package, companies can expand their talent pool, attract skilled professionals from other regions or countries, and enjoy an efficient and productive onboarding process.
Utilizing a corporate relocation company like NRI Relocation to manage new hire relocations streamlines the relocation process, reduces administrative burden, and increases employee satisfaction.
Are you ready to enhance your hiring process and attract top talent with new hire relocation packages? Contact NRI to learn how our relocation solutions can make your company’s recruiting stand out.