With more big-name companies embracing the idea of cross-country and international employee transfers, the relocation industry is on a clear path to exponential growth. However, relocation isn’t a cheap process and can often feature its fair share of headaches.
On average, companies spend $16,229,125 per year to move their employees to uproot their employees and plant these MVPs in opportunity-rich soil. Generally speaking, moving your employees could cost an employer anywhere from about $97,000 for current home-owning employees to about $19,000 for new hires that rent their living spaces.
As if the high price tag wasn’t off-putting enough, business owners will have to consider the possibility that team members may dig in their heels and refuse your relocation offer. Additionally, the adjustment period and mental stress for your newly-relocated employees can cause productivity-inhibiting emotional exhaustion as they adapt to their new homes and office spaces.
On the opposite side of the spectrum, relocating talent can also motivate your mentally-drained workers to succeed as they sprint towards promotion opportunities. As a bonus, relocations can excite current employees with the prospect of charting unfamiliar territory. For the cherry on top, these cross-country moves allow company owners to place top-talent in areas where it’s sorely needed, allowing employees to utilize their unique skill sets.
To avoid turning relocation into a messy process that spells disaster for your monthly budget and dissatisfies loyal employees, there are a few things you may need to keep in mind as you send your team members to their new home base.
Offer a generous relocation package
By not offering a generous relocation package, your employees will have to endure an unnecessarily inconvenient and financially-taxing moving process. In these cases, your key players may feel so unsatisfied that they’d prefer to leave your company altogether rather than relocate.
Rather than taking the risk of losing talented workers, you may want to consider offering a full relocation package. Consider contributing to cover the cost of house-hunting trips, temporary accommodations during the move, enclosed auto transport, and moving services. If coordinating the relocation process sounds too overwhelming and time-consuming for your company, consider outsourcing to a third-party relocation service.
Giving your employees access to relocation professionals that locate moving, transportation, and storage services, you can lift the relocation burden off your star students’ shoulders. Other relocation package options include offering your team members an ample lump-sum or reimbursement relocation package where your company covers the costs of moving while granting your employees the freedom to handpick the service providers they trust.
Outline clear relocation policies
Maintaining openness and transparency when discussing the relocation process details should be a business owner’s top priority. Consistent communication will allow you and your team members to come to a mutual understanding about what the process will look like, what expenses the company dime will cover, and what support leadership will provide. Setting guidelines for the relocation will keep everyone on the same page, setting your employees up for a successful move.
Consider cost-of-living expenses
The difference between living in a place like Springfield, Missouri and a metropolitan cityscape like Boston can be drastic. Ultimately, moving your employees also means that they face cost-of-living expenses that can add a heaping spoonful of stress to their plates.
For example, rent in San Francisco is about 2.5 times higher than the typical national rent. If you’re moving your employees from an affordable, pleasant Midwestern suburban area to a trendy, pocket-draining coastal city, keep in mind that your employees may need more assistance than you anticipate.
Provide resources and information
Before diving headfirst into a cross-country relocation, the desire to brush up on local customs, annual events, and highly-rated restaurants isn’t uncommon. Besides equipping your employees with insider information related to their new office space, provide them with an overview of nearby neighborhoods, public transportation systems, good schools, and the area’s general culture. That way, you can shorten your employees’ adjustment period and ease tensions.
Keep other family members in mind
When you’re relocating an employee, you may also be relocating an entire family. If your worker has a spouse, they’ll need to find a new job, and if there are children involved, finding new schools will be an inevitable part of the relocation process.
Consider providing job-hunting help, a guide to good schools, and also include some family expenses in your relocation package. Offering support to your employees and their immediate support systems can keep moving mayhem to a minimum.
Stay flexible on timing
The moving process can be unpredictable, and the time you’ve allotted for your employees’ relocation may not be sufficient. Remaining understanding of any delays throughout the relocation can ease stress for both you and your workers. As your employees orient themselves, think practically about what assignments and duties they can handle as they adjust, and remain lenient as they settle into their day-to-day.
Be honest and transparent
Before kickstarting the relocation process, clearly outline your new employees’ job expectations and duties. Don’t just focus on the responsibilities they’ll take on. Try to initiate open and honest conversations by reviewing possible negative aspects of the job and the potentially overwhelming time demands.
By doing this, your employee can weigh whether relocating for this new job position is worth it or not. That way, if your star employee does decide to move, it is more likely that the money spent on relocation won’t have been spent in vain.
The bottom line
Relocating your employees may be the wisest business move. However, it’s ultimately up to your workers whether or not they’re willing to move for the good of your company. By being involved in the moving process and showing your employees consistent support as they undergo relocation, you can guarantee a more efficient company and satisfied team members.
