Blog by: Elysia Stobbe
Good talent is hard to find and challenging to attract.
Glassdoor recently reported that 76 percent of all hiring managers believe attracting high-quality candidates is one of their top challenges.
Moving numerous times in my professional career and having helped thousands of home buyers relocate, I can also attest that relocation packages are a vital advantage when deciding to uproot to another city on behalf of your career.
With retention being the biggest talent challenge of 2018, here are five unique and low-cost ways to attract new talent with relocation packages.
1) Cost of living
If the city you’re promoting has a lower cost of living, be sure to tout this to your potential employees. There are many indexes readily available — some ranked by city, some ranked by state. Where does your city rank?
There are even comparison indexes so your potential new team member can compare
Also consider where your company ranks in pay. If it’s above the average where you are trying to attract talent, then be sure to brag about it. Cost of living can contribute to a wonderful standard of living, additional ease of retirement and feelings of fulfillment for your employees.
For example, when I moved from Virginia to Florida, the change in the cost of living was so positively dramatic that using the combination of cost of living and state income tax savings, I was able to commute back and forth from Florida to Virginia on the savings alone. This brings me to my next point.
2) State and county income tax
If your state has little or no state income tax, this is a big plus for your employees and can add positively to their standard of living. Of course, this can increase take-home pay, so be sure to run the numbers for your new team member so they understand exactly how much more money will be going in their pocket.
When I was fresh out of college, I had been working in Florida and took a job offer in Maryland. I was so young and naïve about the ways of the world, I didn’t even realize that other states had different income tax brackets. My new state and county had income taxes! To my surprise, I went from zero county and state taxes to losing a fairly sizable part of my paycheck.
Are you able to use this information to your advantage to attract great team talent that wants a better income that costs you nothing extra?
3) Sustainability and growth
Sustainability and growth are attractive qualities. How long has your company been in business? Is it growing or staying status quo? Is your city growing?
If your city has a strong chamber of commerce and can show continuous sustainable growth, position your city as a long-term stable growing market. Your local chamber of commerce would be happy to share this information with you. They may also provide free relocation materials for you to share with your new employees.
It’s important to know where your school system ranks statewide. Obviously, one of the most important things in the world to a parent is his or her child, so remember to point out what’s important to their family. You can mention things such as schools, parks, playgrounds, and children’s activities that are unique and popular in your area.
5) Tips on their actual physical relocation
Offer free tips on relocation — everything from “How to pack” tutorials to “Timing your move.” You can offer this free education information in the form of easy-to-read white sheets, bullet-point one-sheets and quick videos. You also can ask your local real estate partners to help supply this information. They’ll be happy to do it for you.