Why should a company that doesn't normally handle relocation consider including relocation benefits as part of its talent acquisition strategy?

If you find your team needs to hire outside of the local market to find the right talent for a hard-to-fill position, your company should strongly consider offering relocation assistance in order to be competitive and to help ensure a smooth transition and onboarding process.

Important considerations:

• Many companies that do not have a relocation benefits package in place offer candidates a signing bonus intended to help offset relocation expenses. Bonuses of this nature are taxable income to your new employees. For example, if you give an employee a $10,000 signing bonus, the bonus will immediately be reduced 25 to 39.5% due to taxes, and your new employee has not even started to move! On the flip side, traditional relocation benefits are not always taxable. It is far more beneficial for your company to use its corporate funds as they were intended---to help their relocating employees---instead of a large percentage of its funds going to income taxes.
• Nothing says "Welcome" as poorly as a having your new hire pay for their relocation and have to wait for reimbursement. One of the easiest ways your company can show its new employees how valued they are, without additional costs mounting up, is to set up a direct bill account with a Relocation company.

If you suddenly find yourself in a situation where your company is looking to hire talent outside of your market, please give us a call. Interstate's Relocation Team can develop a strong relocation plan that matches your corporate culture and budget requirements, helping you to put your best foot forward when recruiting your next top talent.

How to provide powerful relocation benefits at zero cost to your organization.

Attract and retain top talent, and have happier employees!