In order to find the best candidates for your company, you may have to look outside of your zip code. Unfortunately, not all candidates are open to relocation for a few reasons. It doesn’t help that there are many nightmare stories of relocations going poorly. The moving truck breaks down, high school children threaten emancipation, or the family cat is accidentally packed in a moving box. Now, some of these situations can’t be avoided, but if you can help address the following three pain points for relocation, you will be well on your way to ensuring your next out-of-town applicant will join your team!
Pain Point #1: Housing
If your candidate owns a home and will be selling that home, this is one of the first things they will be thinking about. Here’s a step-by-step guide to helping your candidate:
- Contact a realtor to conduct a Comparative Market Analysis, which will provide a more accurate picture of how the property will show and sell compared to others in the neighborhood
- Request that the realtor gather Multiple Listing Service (MLS) data to help ensure the listing price is competitive and will be sold in a reasonable amount of time
- Compile info such as the monthly mortgage rate of the current home, how much equity/negative equity exists, any closing costs or realtor fees associated with the sale
- Know the square footage of the home and any storage areas in order to calculate the approximate cost of packing, shipping, and moving
- If the monthly mortgage rate will increase with the purchase of a new home, consider including a mortgage rate differentiator in the offer to the candidate
Pain Point #2: Reimbursable Expenses
So what expenses in relocation are actually reimbursable? The easiest solution of course is to offer a fixed fee based on if the candidate rents or owns, and the square footage of the living space. More specific things you should consider are:
- Will you reimburse for interim housing if needed? What about home-hunting trips prior to the move?
- What is acceptable for incurred expense reimbursement (paying a deposit for a new cable bill, a maid service to clean the old house prior to selling, the cost of a rental car)
- Will financial assistance be provided for double mortgage or double rent payments, or reimbursement for trips back home if the candidate is relocating prior to the spouse and children?
- Will your organization cover the tax liabilities associated with those benefits of relocation?
Pain Point #3: The Family
If the person isn’t moving a spouse or kids, things will be more straightforward. In the event that family is involved, you need to take extra measures! A candidate’s inner circle is going to have a big impact on the emotional decision of making a job change, so ensuring that they are taking care of is key.
If there’s a spouse, get to know that spouse. It always helps to have a “why your city” packet that can be given to every prospective hire that will ease the spouse and children’s concerns. In this packet include information on what makes your town or city great. Expand on things like schools, city-wide annual events, fun attractions to see, must-visit restaurants, or cultural exhibits. This packet brings a practical element to showcase the positive side of relocation. If you help ease these three pain points mentioned, you can ensure that your next rock star candidate will not only make the move but have a seamless transition and positive experience!
With over 90 years of Logistics experience, Top Talent is a recognized leader in Talent Acquisition for Logistics, Transportation, and Supply Chain., Let us put our team to work for you. To learn more about successful strategies for getting those impact players and game-changers on your team, reach out to us today.
– Michael Monson
President and CEO