What to Consider When Developing a Relocation Policy
When relocating an employee, the success of the assignment isn’t solely dependent on how well he or she adapts to the new
When relocating an employee, the success of the assignment isn’t solely dependent on how well he or she adapts to the new position, but also how well they get acclimated to their new surroundings. This is why companies routinely offer relocation packages to assist employees with their move. The smoother the transition, the more likely the employee will succeed in the new position.
Over the next two posts, we’ll be examining the issues in two parts – what companies need to consider when developing relocation policies, and what are some of the “best practices” in the industry.
What if you don’t have a relocation policy?
Having a predefined relocation policy ensures consistency across each new assignment, and prevents repeated starting-from-scratch moments. For companies who are developing a relocation policy for the first time, SHRM (the Society of Human Resource Management) offers a detailed outline of the different policy components businesses should consider.
Establishing a framework that covers the basic aspects of a relocation policy should address who is eligible, what expenses are covered and additional incentives. But remember, it’s important to develop a customized plan that aligns with your company’s goals and capabilities.
Should you re-examine your existing policy?
Even if you already have a relocation policy, you should review it annually to determine if any parts need to be tweaked based on changes within your company or the industry. Hilldrup can work with you to assess your current relocation policies to ensure you are working with “best practices” that fit your business and employee needs. We can help you evaluate:
- Current industry needs
- Current economic environment
- Your company’s strategic intent and productivity goals
- Cost objectives
There’s a lot to consider when developing a relocation policy, which is necessary to make sure your company’s goals are being addressed, while also giving the employee the best chance at succeeding in his or her new position. Stay tuned because in our next blog we will discuss some “best practices” that should be considered when reviewing relocation policies.
