One of the most important things a company can do when its employees are required to move is make sure it is as easy as possible on them. Why would a company want to do this? Well, just think about it. When an employee packs up their home and family, moves across the state or country, and sells their home for a position within that business, that shows some real commitment. It is important that the company shows that commitment right back.
Though that commitment may be real during the relocation, many companies experience a drastic reduction in employees right after the move. Usually, this happens when the relocation process is not as stress-free as it could be. So, how can business owners protect their employee investment and make the move as smooth as possible?
First of all, consider a generous relocation policy. Of course you’ll want to cover all moving related expenses such as movers, packing materials, and transportation. However, there are other things to include in a good relocation package. Perhaps your policy should include a loss-on-sale provision if the housing market isn’t as ideal as it could be. Another thing you may want to include is down payment assistance when it comes to buying a new home.
Other factors associated with great employee relocation policies also help protect the company as well. Here’s a list you should keep in mind:
- A repayment policy requiring the employee to reimburse the company for any relocation costs should they leave the company within a specified time frame.
- Careful employee screening to avoid losing said staff after the move.
- Trips to the destination city or state to see if the employee even wants to move there.