It’s no secret that more people are moving to Oregon every year, and, as we’ve covered on The Water Cooler, relocating top candidates to Portland can be a challenge. But is there a seasonality to candidate relocation? And, if so, how does it impact the relocation package you deliver your candidate?
Today we offer a few key points to keep in mind when relocating candidates in order to set you up for success in 2017.
Many hiring managers choose to offer candidates a larger signing bonus to compensate for the relocation, but directly reimbursing them for their moving costs may be a better incentive. The IRS will treat a signing bonus like wages, which carries tax implications for both the candidate and the employer. By providing the candidate an allowance to cover moving costs, your organization can give the candidate “more” dollars and avoid the tax expense.
Organizations often have relationships with vendors who assist with candidate relocation. These connections allow your organization to negotiate rates on behalf of your candidate as well as take some of the work of arranging relocation off your candidate’s shoulders. If something goes wrong with the move, though, your organization is ultimately pulled in to solve the issue. Instead of making the arrangements, allow your candidates to make their own vendor decisions to make the relocation process go more smoothly and quickly.
As a wintry mix settles in across Portland, you may be tempted to think that only warm months are the smart times to relocate candidates to your organization. However, if you balance timing correctly, successful relocation can take place year-round.
For example, candidates with families may hesitate to relocate before the summer because they worry about disrupting their kids’ school year, but kids may actually have trouble adjusting to a new town without the structure and activity of school. Relocating in the middle of the school year may seem difficult at first but the long-term benefit may ultimately be better for the candidates and their families. If your candidates will be moving during the summer, connect them with schools and coaches early on so they can get involved with the community as soon as possible. Including the entire family in the relocation process early will help facilitate an easy transition.
With more people looking to move to Portland every day, thinking about candidate relocation now will set your organization apart and better enable you to attract the best out-of-town candidates. How will you position your relocation package to bring top talent to your organization in 2017? Share your comments with us on LinkedIn!
Image: Redefyne Moving