Many businesses create a policy to move members internally to new locations rather than hire and train new staff members. Another reason would be to attract new talent to the area. Ultimately, if a business wants an employee to make a significant move, offering incentives makes that transition more palatable to the employee.
Provide a Moving Budget
Whether you have an employee that needs to move across the country or overseas to accept a position with your company, providing a supplementary moving budget can go a long way in helping to facilitating the move. This could be a bonus in a fixed amount that will help supplement the cost of the move.
The best way to proceed is not on a case-by-case basis. Rather, it is important to design a policy that clearly explains the process so it will go smoothly and not cause additional stress for the administrative team or the employee.
Some of the processes that need to be clarified include the following.
- Advancement or Reimbursement
- Approved Expenses
- Expense Limitations
- Formal Agreement
- Repayment Provisions
As with any new procedure or process, the initial setup can be time consuming. However, once the process is in place it will be easily replicated and will ultimately become a powerful incentive for those employees who may be on the fence about accepting a position that requires a significant move.
Partner with Local Companies
There is true power when community businesses join forces. If you effectively partner with local companies you may find that you don’t need to offer any other monetary incentive to facilitate employee relocation. This does require a bit of out-of-the-box thinking, however.
First, if you aren’t already a member of the local Chamber of Commerce or another business group, you need to join and begin networking. This will give you a good idea of what other community businesses are interested in working together to help improve the city. Once you have identified these businesses, think of ways to partner with them to offer benefits to your employees.
For example, you may want to find a local furniture company and see if they would be willing to offer a special discount, free delivery, or some other incentive specifically for your employees. By choosing a business that caters specifically to your geographic area, you are supporting that business by sending them new business and your employees by finding great local prices.
This same principle could be used for local restaurants, entertainment venues, rental companies, retail locations, and more. Before you approach other business owners, consider what you can offer them or their employees in exchange. Maybe you could place advertising in your employee newsletter, offer a discount on your own services or products, or free consultations. The more partners you work with to offer incentives to employees, the better the plan will work for all the businesses who opt-in.
Offer Company Housing
Silicon Valley has been plagued with a housing crisis that left employees with some of the nation’s largest companies struggling to find an affordable place to live. Some of the companies are now investing millions in creating housing solutions for their employees.
While this is not a feasible solution for smaller companies, there is an important lesson to be learned. If employees can’t find affordable housing they will not remain long-term with a company. You don’t want to invest the time and money to train new people only to have them move on to another career because of the housing situation.
There are several possible ways to address the issue without building your own apartment complex. First, become active in local government and encourage government leaders to offer incentives for companies and individuals who are willing to develop new housing at reasonable prices. Another option is to contact the management of existing housing units and negotiate an agreement to subsidize a portion of the rent if they can guarantee a certain number of units for your employees.
Employees are the most valuable assets a business has. It is important to recruit and retain the best and the brightest to maintain stability and foster growth. Anything you can do to create a better experience for those employees, from helping them with their morning routine to facilitating an easier moving experience, is a worthy investment in them and the future of your business.