The employment market continues to be strong as we head toward Q4 of 2018. The “War on Talent” continues as companies pursue innovative ways to attract and retain the best candidates, even if it includes a relocation. We see the importance of talent acquisition and onboarding talent from leading companies such as Twitter, Zappos, and LinkedIn to name a few. Employee Relocation is part of the onboard process too! Companies know that attracting and retaining the best talent takes a targeting focus and process to have a successful program to sustain talent.
Keep your eyes on 3 areas below when relocating talent!
Costs. Company budgets are important for every organization to achieve year end goals. Many times, it’s challenging for business unit leaders to try to balance the cost of a relocation when they need to attract the best talent. Tax reform has not helped since it has eliminated the moving deduction. Companies are now paying more for mobility due to this change in law. The only question now is to gross up or not to gross up. Moving companies are also trying to find ways to recruit and retain talented van operators. Look for costs of employee mobility to continue to rise when hiring talent needing relocation.
Experience. The “word” of the year. Everyone is talking about customer experience because of the importance it has on attracting and retaining employees and customers. When onboarding a new candidate, companies are also focused on a great experience. I recently heard a statistic that 1/3 of new employees are looking a new job within the first 90 days of taking a new job. So is your team doing to make sure your employee have a great experience during the process – which could include the employee relocating to the new city? A great experience starts with developing a partnership and communicating outcome expectations. So here is a question for your team, “What does a great experience look like?” Have you communicated this with your partner and employees moving? Now is a great time to start some dialogue!
Choice. Most companies understand the value of a good partnership and continue to invest in building strong relationships to help support the relocation process. However, there are still companies that have been providing “lump sum” moving benefits for the past 30 years to make it easy and give the employee a “choice” when relocating. Unfortunately, many companies are still “afraid to choose” the relocation / moving company because of a potential “bad experience” and just take the “path of least resistance” by giving the employee a check to help them relocate to the new city. There is GOOD NEWS to help employees with “choice” through innovative technology platforms. These technology platforms include a marketplace to give the employee choice of services during the employee transition. For example, a new hire just getting out of college may not need to move household goods, but may need assistance with an apartment search. Technology’s changing the game and now is a good time to review these programs to see if there might be a program that works for your team.
Call to Action: What areas of relocation are you focused on? Start some dialogue with your team to determine what great program looks like and communicate this with your partner. If you don’t have a partner, let’s have a conversation and talk about the area of FOCUS for your candidates relocating!
Quote of the Week… “If you always do, what you’ve always done, you always get what you’ve always gotten. (Albert Einstein)
This has been A Relocation Minute on “What’s your focus?” with Bruce Waller,
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