In years past, relocation assistance was offered almost exclusively to higher-level employees. Today, competition for talent is stronger than ever. Therefore, in order to be competitive in today's market companies are turning to formal relocation programs.
Studies show one of the main motivating factors for people relocating for a job is compensation. A key way to entice a hesitant individual to relocate, is to ensure there is extensive compensation over what they could find if not moving. Relocation package benefits offered by an employer can make a significant difference and are indicative of a higher degree of loyalty from the business to the employee.
In years past, some benefits and employee could expect to receive within their relocation policies were a house hunting trip, arrangements with a moving company to pack, load and deliver your household goods, temporary housing if necessary, and a one-time relocation allowance. However, in order to fill positions in the highly competitive job market of 2022, smarter companies are building formal relocation packages with greater benefits to lure new and relocating employees that include:
· Reimbursement for New Home Closing Costs on Purchase of a Home in New Location
· Selling Cost Reimbursement for Old Home
· Tax Protected Home Sale Programs such as Buyer Value Option (BVO)
Respectively, the employer benefits gaining trust showing willingness to invest in relocating employee and has now created a broader geographic candidate pool. Employers can then fill vacant positions more efficiently building relocation packages tailored to the needs of their talent.