Offering the right relocation benefits can ensure that you are able to draw in the best talent to you company, but what is fair for candidates to expect?
Relocation benefits are a fairly new phenomena, as people are more and more willing to moving for the right job. However, with professionals potentially moving to the other side of the country for a role you're offering them, what is fair for them to expect as compensation?
Of course, a single person moving to the next city for a role isn't the same as someone with a family having to move hundreds of miles. It's important to treat each instance differently and look at the most pressing issues that taking up a job with you would pose to them.
One of the main issues that will arise when talking about relocation is financial support for the difference in rent/mortgage repayments. If you live in a high-cost area, such as London or other major cities, then candidates will want to see at least some of this extra cost reimbursed.
You can work this out as either a higher salary or an one-off package to help deal with the extra financial burden. It's also good to bear in mind that people may have to go a considerable amount of time until they get their first paycheck from you, so any support will be appreciated.
Practical moving assistance
You can also discuss what practical help you can give candidates to help them move. This may be advising of where are reasonable places to live that won't cost too much, childcare assistance, or details on moving companies. All of this can make the process much easier for your new employees and take away some of the stress that can be experienced with starting out fresh.
Listen to the candidate
The most important thing to remember when talking about relocation packages, is what is a priority to your potential employee. It may be that they need a salary that will allow them to move their family half-way across the country or it may just be that they want enough to cover the upfront moving costs.
Don't assume from the start that they are just after as much as they can get, talk to them and see what will make the most difference to them. Once you have a clear picture of their priorities, you can discuss what you can potentially do as a company to make their move as simple and easy as possible.
Find out what makes both sides happy
No matter what the standard is, most companies should be willing to negotiate when it comes to relocation packages, especially if they are making a big life adjustment. What's crucial is that you listen to your potential employee and try and make concessions to help with their move.
Even if you are a small company that is only able to offer minimal support, this will be a good gesture and will ensure your candidate starts off on the right foot.
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