3 Reasons Why Small Businesses Should Offer Relocation Opportunities
Small businesses have a lot on their plate as they always have to juggle various expenses on a relatively tight budget. But money is not the only issue in today’s dynamic market. As a business owner, you also have to worry about finding the right people for your team and keeping them motivated to stay onboard until things improve.
Not to mention that the COVID-19 pandemic added to the overall stress of doing business and amped up the competition in the online market.
So, how come we’re here trying to tell you that offering relocation opportunities might be good for your business? We have three main reasons to believe that so make sure to keep reading!
#1: A Larger Pool for Candidates
The COVID-19 pandemic scared many employees into working from home (where it was possible) and closed down many small businesses. But it also made people want to move away from large cities and towards residential areas where there is more room to breathe and enjoy nature.
Therefore, if you manage to offer a basic relocation package (at least), the chances to get a positive reply are quite high. This is a win-win situation where you get to select from a larger pool of candidates and the candidates get a chance to relocate to a better area.
Now, you may be worried about relocation tax and how it may affect your offer, but there are ways to turn things around in your favor. For this, make sure to check out this ultimate guide to relocation tax and consult with a relocation specialist.
#2: Easier to Fill a Tough Position
There are times when a vacant position is difficult to fill because it requires very specific skills that may not be easy to find. So, by extending your search nation-wide, it should be easier to find the best fit.
In addition, people from different parts of the country (or the world) may have a different business vision, which may help improve productivity. Moreover, a new person from a new location will bring a bit of diversity to your office life. This can help boost everyone’s morale and keep them motivated.
#3: Increased Loyalty & Retention
Many companies struggle with employee retention and loyalty. According to statistics, employee retention rates hit a new low in March 2020 and it is expected to drop even more in the following years.
This happens because employees want more than just financial gain. They also want to feel respected and valued, a flexible schedule, and a chance to focus on both personal and professional lives (among others).
So, by offering a relocation package, your company shows from the start that it values and respects the skills a specific employee can offer. As a result, you start the collaboration on a note of trust, which later may turn into an increased retention rate.
In summary, a well-thought relocation plan can help bring better talent to the company. While it may be a bit of a strain on your budget, it is a worthy investment. Therefore, it helps to think about ways to cut expenses without affecting work quality.
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CEO and co-founder at Cloudsmallbusinessservice.com