In order to retain and attract top talent whilst meeting business development goals, more and more companies are offering relocation packages. In 2016, 25% of professionals were offered one compared to only 17% two years ago.
But what are the key features of relocation packages that make them all the more appealing? What are the perks that companies should be offering in order to retain their employees?
Provision of temporary accommodation
Transport costs covered
Increase in salary
Legal fees covered
However, it is no longer just about the financial gains and there are other factors that can seriously influence an employee’s decision:
The city on offer- it needs to be somewhere the employee would like to live
Distance & communication- it needs to be somewhere the employee can easily stay in touch with family and friends
If the location being offered was unattractive, then employees would more than likely want a higher remuneration if asked to relocate there.
Nonetheless in today’s economic conditions, the biggest challenge is controlling and managing assignment costs as identified in Cartus’ 2016 Survey Report into global relocation trends and global mobility policy and practices. Assignments are beginning to look very different. Many contain less assistance than they did just two years ago, notably in relocation support:
There is a need for a balance between financial incentives and what employees want- to ensure they and their families will ultimately be happy in their new location and settle in seamlessly, so that they can be a productive employee from the get go.
Nonetheless as we can see from the table above, these benefits are being cut from relocation packages. The balance between company budgets and assignee expectation is exceedingly difficult to manage.
This is when the need for flexibility comes into play. However by viewing relocation packages on a case-by-case basis and making exceptions based on individual circumstance, in turn drives up costs.
As part of your relocation package, TTA can offer you a wide range of flexible home search and support packages to suit individual requirements and budgets. We offer a full range of UK relocation, orientation and settling-in services, an open-book approach to pricing and a personalised, professional service. Please do not hesitate to contact us for more information.