Relocating your company is a huge endeavor. Between the costs of relocation and deciding whether or not you should hire a relocation specialist, there are factors to keep in mind.
Corporate relocation is about more than just the move. Developing a relocation policy is paramount to maintaining stability and efficiency throughout the transition process. Regardless of where you’re looking to move, it’s important to keep these five things in mind.
Wondering what it will take for your company to transfer its headquarters? According to industry-wide annual expenditure statistics, over $20 billion is spent by businesses during local and long-distance moves. This includes both the price of moving heavy equipment and the cost of relocating staff. While the cost will vary based on the size of your company, knowing the expenses related to relocating your company should be at the top of your list.
For employees that are homeowners, the average cost of relocation in 2017 was over $97,000 per person. The cost for relocating employees who rent homes was over $24,000. These costs add up quickly.
Take care of your employees by ensuring their costs are covered and considering their experience prior to the official relocation announcement. Potential employee turnover becomes less likely when employees are adequately informed and feel in the loop.
Employees often feel overwhelmed by the idea of relocating to a new city, which is understandable. Though companies traditionally grant two weeks to their employees to accept a relocation offer, this may not be enough time for employees to make a decision.
If your employees have children, are involved in their local communities, or have extended family in the area, it might take more than a promotion to keep them on the team. Hiring a corporate relocation specialist can help take the burden off of upper management, as they could end up having to serve as both counselors and business leaders.
The presence of a neutral third party will allow your employees to feel like they have someone reliable to connect with throughout the relocation process. In fact, about 60 percent of companies utilize relocation specialists.
If your company is moving from Seattle to Portland, for example, it’s critical to know the difference in general expenses and the overall cost of living. A good relocation policy should provide your employees with a clear roadmap that breaks down average costs in the new state or city.
Other important things to note include differences in the average cost of living, information about local schools, transportation options, and more. Providing detailed information prior to your relocation will help alleviate employee moving stressors and increase trust. This shows that your company is cognizant of their personal needs. Roughly 61 percent of employees say trusting senior management is paramount for job satisfaction.
Hiring a full-service moving company is one of the most cost-effective choices a company can make in regards to their corporate relocation. All Service Moving has a nuanced understanding of the relocation process, and can help with more than just the heavy lifting.
You can also reduce downtime. Knowing your movers are on the way, you can spend time contacting utility providers, setting up your phone system, and coordinating IT professionals. Did you know that IT downtime costs businesses roughly $1 million per year?
Any commercial move, be it local or long-distance, should be managed by specialists with experience. The corporate relocation pros at All Service Moving will work directly with your HR department to create a strategic plan that addresses the needs of your company and its employees.
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