How To Attract New Hires From Distant Locations

Weichart Relocation Resources Inc. (WRRI), a workforce mobility service provider, has determined in a recent study that despite the oncoming recession, companies are still changing their relocation policies in order to attract the most talented prospects. However, getting new hires to relocate is proving much more difficult than anticipated for many companies.

Challenges For Hiring Talent From Distant Locations

WRRI surveyed corporate relocation and human resources professionals from 85 companies who all stated they are struggling to draw in new hires. Out of those surveyed, 78 percent felt that it is more difficult now to find qualified hires. The largest problem was persuading their first choice of candidates to relocate, while 81 percent said that the biggest challenge for their top recruits was losing money on the sale of a house.

Why New Hires Are Not Moving From Other Locations

Part of the problem lies with what companies are offering new hires. In order to keep candidates interested, benefits and salary packages need to be competitive. The other part is that hires know the company needs them more than they need the company. Although the real estate market is down, it is more crucial than before to hire the best. According to WWRI’s consulting services manager Jennifer Connell, “The need to recruit and relocate critical talent is unrelenting and essential to meeting vital leadership development.”

Attracting New Hires To Relocate

In order to appeal to first-choice candidates, companies are revising their relocation policies to include new incentives, with 40 percent adding home sale incentives and 30 percent extending temporary living costs.

Relocation bonuses, allowances, new home purchase costs and loss-on-sale protection are other new benefits companies are offering new hires. “By adding more robust benefits to their new hire relocation policies,” said Connell, “companies are overcoming resistance to relocation among key new hires, and keeping their talent management strategies moving fluidly.” This increase in incentives is a strategy designed to boost recruitments that more companies will surely adopt to entice and retain new hires.