Competitive Relocation Package: How Can NYC Employers Attract Top Talent?

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Competitive Relocation Package: How Can NYC Employers Attract Top Talent?

So you’ve found a unicorn. The needle in the haystack. The perfect person for the job. Now, it’s time to negotiate. It doesn’t always come down to a salary figure when a candidate is deciding where to make their next move. For employers, it’s important to design benefits and offer services that will not only attract top talent to the application process but help make the decision to relocate a little easier. While not all of these items below will be doable for your budget, here are a few ideas for a competitive and unique relocation package that will secure top talent for your organization that are located outside state lines.

Making the Decision Easy

There’s a lot to think about when receiving a job offer, especially one that’s out of town. First, always try to start the offer with a relocation package if budget allows. Even if the salary is short of what the candidate had asked, a relocation package shows goodwill that the company is looking out for their best interests and that they are motivated to have them to join the organization.

A strong cultural fit can often mean more than money for both the employee and the employer. For many, they’re looking to change jobs due to an uncomfortable or downright toxic work environment. Offering even a small relocation package can make a candidate feel important and valued. The gesture can hold a lot of weight in the decision and be an impetus to leave the current situation.

Anticipate Employee’s Needs

When you’re designing a relocation package for an employee, be sure to do your research. Look for quotes on how much it would cost to move from their current location via several methods, like renting a moving truck, POD storage system, or hiring movers. Even if the organization can’t cover the full cost, you’ll get a good idea of what they will be paying out of pocket and whether you can make up this figure in other benefits.

By anticipating the employee’s needs, it’s easier to offer a competitive offer that’s customized to your candidate. And this isn’t just limited to moving costs. For those employees with children, there’s also a concern of school zones. Be sure to give information on schools in the area and connect your candidate with a team member who can help answer questions about schools, if appropriate. Giving these resources up front can help sell your company as genuine, supportive, and a great place to work.

Unique Services

It’s a reality that many employees will be downsizing their living space when moving to a more expensive city like NYC. A competitive employer can partner with a service to give a discounted or complimentary storage package as part of their offer. This helps employees to adjust to the new city slowly and eliminate the need to seriously downsize their possessions before they move.

In addition, some relocating employees may take some time to find their perfect home and will require storage services. Especially for those buying a home, they may store the majority of their possessions off site before making the full move into a permanent living situation.

Simplify Valet Storage makes it easy to get your items to and from a storage facility. Our team drops off our signature bins at your home or office. When you’ve packed them, our team returns to pick up and take to a climate-controlled, secure facility. And that’s it! Just contact us when you’re ready to have your items back and the team will drop off the bins at a time that’s convenient for you.

The best part? We partner with businesses often and can design storage solutions that are right for the organization. Get a quote today that fits your business needs.

Connect With Other Relocated Employees

Especially for young, single employees, having a network from the start is a great way to make your new team member feel comfortable. Connect them with people who’ve also relocated recently to help them get their bearings on their new city. Especially if there are people with something in common, like the same hometown, it can make a huge difference in the moving process. See if there are members of the current team that are interested in getting lunch during their first week.

New friends bonding

Apartment Hunting

Many apartments offer partnerships and programs with employers that will waive application fees, deposits, or discount rent for current employees. Make relationships with apartment and leasing agencies and offer these to your employees who are relocating. This type of partnership might be free to you because the leasing team wants the referral business from a well-paying and stable company. If you cannot cover the full relocation cost, these waivers make help them make ends meet on the moving process.

In addition, if the candidate hasn’t yet seen the office or city in person, a company-sponsored trip to the city can give them a little time to be acclimated and to find an apartment. These are sometimes called location scouting trips. It is much easier to feel ready to move to a new place if the city is not sight unseen. It will also help them get to know their coworkers face-to-face before they start.

Lease Breaking and Closing Costs

Unless the candidate is running up on the end of their lease, there may be some additional costs in their current living situation. One or two months of a cushion can help the employee feel comfortable making a leap to a new city. This can come in the form of paying out a candidate’s current lease or offering a stipend for temporary housing. Employers can offer these for these fees, rent, mortgage, or taxes paid while they’re in the process of relocating.

Person stressed about moving

Contract and Repayment

After the candidate is wowed with an industry-leading relocation package, it’s easy to lock them in for a year or two. When you offer this type of assistance, it’s possible to negotiate for a guarantee of time served or the employee will pay back some or all of the relocation package. This helps to protect your company from lost funds and employee turnover.

Recruiting shouldn’t stop on the day that the candidate signs on the dotted line. It’s also important to ensure the interviews and welcome wagon wasn’t just lip service. Be actively involved in the company’s culture and always be thinking about ways to improve it. Even if you can’t negotiate a contract, a supportive culture will help keep out-of-town recruits around for the long haul and make the relocation package worth the money and logistics.

 

 

 

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