Attracting and retaining top talent in the tech industry is crucial for excelling in today’s global marketplace economy. A big part of building a strong team is onboarding. The first 90 days of a new hire can greatly influence your company’s ability to secure a top candidate. The 2018 Job Seeker Nation Study revealed that almost 30% of job seekers have left a job within the first 90 days of starting and of those that left, 32% cited company culture as a reason for leaving within the first three months. Consequently, designing a competitive relocation package is an indication of a supportive company culture and  a vital part of engaging potential candidates. Its content allows you to connect with a potential hire and develop a relationship based on mutual understanding. That’s why we’re here to help.

What Is a Relocation Package?

A relocation package should compensate the future employee for the major life disruptions associated with the move to join your organization. There is no one-size-fits-all option when creating it. The compensation package may look different based on the employee’s location (interstate or international), the position being offered (entry-level or management) and the future hire’s family status (single or married, with or without children). The most important aspect when designing a relocation package is that it should assist with the specific needs attached to the move of the future employee.

Relocation Package Types

There is no standard for relocation support and so as an employer, you have leeway in determining what will be offered. Whether you are a young and scrappy startup or a large, well-seasoned company, there are industry practices that are considered basic for relocation assistance. In addition, some companies offer special concessions that a potential employee will be on the look-out for when reviewing a more specific relo package.

The Basics

A basic relocation package should include:

Specific or Advanced Packages

Additional relocation perks that may be offered to complement a relo package and make your company more competitive to top-quality hires are:

As the world becomes more global, the trend in hiring international candidates will continue to grow. For the new hire, relocation can be an uncertain and stressful venture filled with frustrations and for companies, importing talent can come with various challenges. Having a relocation package that addresses the concerns of the potential employee can make the move more efficient and mitigate setbacks for the employer. Finding the right balance for both parties will ensure that your company’s next hire will be a lasting investment.

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