In today’s economy, the idea of offering a relocation package may be unbelievable to quite a few hiring managers. But, what do you do when the best person for the job lives over 100 miles from the office? With or without a relocation package, many people will move to accept a good job.
It is a myth that job candidates won’t pay relocation expenses for a new job. Because this myth is so prevalent among hiring managers and recruiters alike, many candidates aren’t even considered. Employers should not believe that relocation is too expensive or unpractical for the business.
As an employer, you may find that your ideal candidate, though far away, may be happy to pay for all or some of the relocation. When hiring, you should set a salary and expense range first. So, if your candidate isn’t local, the salary might help cover the cost of moving. There are options for employers who don’t want to (or can’t) pay for an employee’s moving expenses.
No Relocation Allowance; Salary Only
This is the most common salary option for employers to offer today. This type of compensation package may discourage strong candidates that live more than 100 miles away. Remember, for the right salary, some employees are willing to pay for their own move.
Salary + Small Relocation Allowance
If you offer this package, you can simply reduce the salary amount by a few thousand dollars and offer a small relocation package with the difference. In essence, you are spending the same amount of money for the employee.
Salary + Delayed Relocation Bonus
What is a delayed relocation bonus? Basically, after about six months, if the employee is performing exceptionally well, you can issue a bonus to them for relocating. At that point, a bonus might not seem like a problem since you’ve gained an essential member of the team.
Salary + Full Relocation
This is the more traditional way of funding a move, and it might be needed if you want a person to quit their current job and come and work for you. This package will be the most expensive and may include travel expenses, movers, storage, and other costs associated with the move.
Tips for Dealing with Candidates
As an employer, it is a good idea to be candid and offer options to potential employees. Every person looks at his or her financial situation from a different perspective. Even if you are not prepared or willing to offer full relocation, you may want to keep the conversation open – this is especially true if the candidate seems particularly ideal. A good way to go is to offer two different options, which will cost you the same amount, and let the candidate choose which is better if you do offer the job.
Another good tip to remember is not to limit your resume database searches to 100 miles. Many people will accept a commute up to 150 miles, so if your perfect candidate lives 105 miles away, you don’t want to miss out. You could start with a small radius and increase that breadth as you continue your search.