As an employer, you might strive to offer the most competitive benefits packages for your employees that you can. One type of benefit that you may want to consider for both current employees who are asked to relocate to another location and new employees who will have to move to become a part of your team is the relocation benefit. Basically, this involves working with a corporate moving company to provide moving services and/or potentially offering a cash incentive for employees or potential employees to relocate so that they can work for your business. These are a few reasons why you should offer corporate relocation benefits.
Attract the Best of the Best
The best employees—those who are most qualified due to education, experience or a combination of the two—typically know their worth, and they look for employers that also understand what they are worth. In order to attract the best of the best, you have to offer them incentives that not every other business is offering. In some cases, depending on the situation, the relocation benefit alone could be enough to encourage a good potential candidate to become a part of your company.
Help Employees Settle In
The truth is that moving can be stressful for anyone, whether it's a single person, a couple or a family with children. It can be expensive and time-consuming, and it can get people out of their regular routine. You don't want your employees to be stressed out, financially strapped or otherwise preoccupied with other things; otherwise, they might not be able to perform their best work.
Making employees' moves as easy on them as possible—such as hiring a corporate moving company to handle all of the major packing and heavy lifting for them—and offering them compensation to help cover the financial stress of a move, however, can help you ensure that your employees are ready to do their best work. This can result in better productivity and better performance out of employees who have recently relocated, which can have a huge impact on your business. It can have a big impact on morale and employee loyalty to the company as well.
As you can see, if you do not currently offer corporate relocation benefits, now is the time to consider doing so. Even though these benefits can be costly for your business, they can still be highly beneficial for both employees and for your business.