How offering relocation packages helps you attract top talent

Attracting skilled and talented workers is crucial for any small business wanting to compete and succeed. However, the reality is that the best candidates for open roles may not always live right around the corner.

Given today's diverse and dispersed workforce, small companies need to look beyond their immediate geographical area when recruiting.

Offering competitive relocation packages is becoming increasingly important for attracting top talent from other parts of the country. Workers today expect increased support when considering relocating for a new job opportunity.

A strong relocation and onboarding programme demonstrates an investment in new employees and can give your small business a distinctive competitive edge when recruiting.

The benefits of offering relocation packages

Offering comprehensive relocation packages can provide several advantages for small businesses looking to recruit top talent:

• Allows you to recruit outside your immediate geographical area and compete for the best candidates nationally. With relocation assistance, your business can access a much wider talent pool instead of just your local labour market

• Shows employees you are invested in their success from day one. Supporting employees' moves demonstrates your commitment to setting them up for success in their new role

• Smoothens employees' transitions, allowing them to be productive faster. Relocation helps reduce the logistical headaches of moving, allowing new hires to settle in quickly and focus on their job

• Can give your business a competitive edge when recruiting. With fewer small firms offering relocation packages, it can set you apart and make candidates take notice

• Improves employee retention. Employees who receive ample relocation support tend to feel more loyalty to the organisation and remain in roles longer

Offering relocation assistance sends the signal that you are willing to invest in talent and care about your people. For skilled workers considering a move, generous relocation support can be instrumental in their decision to join your organisation.

Key components of a relocation package

Successful relocation packages generally include a mix of the following elements tailored to the employee's specific needs:

• Temporary housing assistance: This may involve providing fully furnished short-term rentals or corporate apartments for the employee and family. Help your staff by finding out what they require in a property so they can find the right home for their needs

• Moving logistics support: Your business can offer professional packing services, transportation of belongings, storage options and more

• Destination services: You can provide area orientation tours, information on desirable neighbourhoods and schools for families, and assistance getting settled

• Travel and meals: Covering the costs of house-hunting trips and temporary living expenses like hotels, meals and flights

• Family support: For workers relocating with families, you can offer job search assistance for spouses/partners and help finding childcare

• Cultural training: If relocating overseas, providing cultural orientation and language lessons shows your investment

• Visa/immigration assistance: For international relocations, you can provide visa sponsorship and handle governmental registration processes

Crafting a relocation package means assessing what types of support will be most helpful for each employee based on their circumstances. Being transparent about the full scope of offerings available sets clear expectations.

Tailoring your programme

When creating a relocation package, it is important to avoid taking a one-size-fits-all approach. Instead, you'll want to tailor your offerings to suit the specific needs of individual employees. To start, determine what positions and salary levels in your company will be eligible for relocation support. For example, you may decide to only provide relocation packages to hard-to-fill senior or executive roles. Establishing clear guidelines upfront is key.

Next, make customised relocation offerings based on each employee's unique situation. Consider factors, such as whether the employee is single or relocating with a family; discuss options directly with the employee in a collaborative way rather than just presenting them with a standard pre-made package. This allows you to understand their priorities and tailor your support accordingly.

For example, if your business is supporting a family relocation, consider providing assistance with securing larger home sizes, assisting with the job search for their partner, school placements for children, and other family-related needs. For international relocations, look at providing visa sponsorship, cultural training, language education and handling governmental registration processes.

Businesses need to be transparent about the scope of available relocation policies and benefits from the start, so candidates know what to expect. After an employee has relocated, be sure to get feedback on how the process went and see if any adjustments need to be made to your programme going forward. A personalised approach shows you’re focused on meeting individual employee needs, further strengthening their loyalty and engagement as they onboard into their new roles.

Measuring ROI on relocation packages

It's important to measure the return on investment (ROI) from offering relocation packages to gauge their effectiveness and value to your small business. There are a few key ways you can track and quantify the ROI of your relocation support programme.

First, look at retention rates for employees who have received relocation assistance versus those who have not. High retention among relocated employees suggests your investment in their move paid off in terms of their loyalty and tenure. Consider conducting periodic surveys asking relocated staff if the relocation package was a factor in their decision to stay.

You can also calculate cost savings in the recruiting process. Does providing relocation packages give you access to candidates whom you would not be able to recruit otherwise without substantial investment in sourcing and recruiting costs? What expenses has your business avoided by being able to tap into a wider talent pool?

Additionally, examine the productivity of relocated workers once they are settled into their new roles. Did they achieve full productivity faster than average because they had fewer distractions related to moving? The business value of getting a key hire productive quickly can be quantified.

Offering competitive relocation packages has become essential for small businesses striving to recruit top talent and achieve a competitive edge. By providing comprehensive support, including logistics and other transition-related assistance, you demonstrate a significant investment in your new hires, making it a compelling factor for skilled workers contemplating relocation.

Relevant resources

• How to attract and retain the right talent

• Lunch and Learn: HR essentials for your growing business

• Lunch and Learn: How SMEs can hire US employees affordably and compliantly