Weichert Realtors Press Release
Weichert Relocation Resources Survey Finds Relocation Benefits Key to Attracting Critical New Hires
3/4/2008
MORRIS PLAINS, N.J. – Even as companies brace for the
possibility of cutbacks and layoffs in the face of a slowed U.S. economy, they’re
bolstering their new hire relocation policies to gain an edge in the competition
for critical talent.
That’s one
of the findings of a study by Weichert Relocation Resources Inc. (WRRI), one of
the world’s leading workforce mobility service providers. WRRI surveyed
corporate relocation and HR professionals from 85 companies across North America to discover the obstacles they face in relocating
qualified new hires.
Results
indicate that 78 percent of companies are finding it increasingly difficult to
recruit critical talent today, while the majority of respondents said convincing
first choice candidates to accept relocations represented their single greatest
challenge in recruiting new hires. When asked about the biggest challenges
facing their top recruits, 81 percent cited concern over losing money on the
sale of a house, underscoring the current real estate market’s impact on recruitment.
“Despite less-than-favorable
market conditions, the need to recruit and relocate critical talent is
unrelenting and essential to meeting vital leadership development and business
expansion goals,” said Jennifer Connell, WRRI’s Manager of Consulting Services.
“By adding more robust benefits to their new hire relocation policies,
companies are overcoming resistance to relocation among key new hires, and keeping
their talent management strategies moving fluidly.”
When asked
what benefits they planned to add to their new hire policies, 40 percent of responding
companies said home sale incentives, 30 percent said extended temporary living,
and more than a quarter of respondents said a guaranteed home sale program.
Other benefits cited included relocation bonuses, loss-on-sale protection,
miscellaneous allowances and new home purchase costs.
Confirming these
findings, Connell noted that based on the review of more than 200 policies
being implemented by U.S. multinationals today, companies are increasingly providing
incentives to encourage critical new hires to relocate and are refining
policies to help them get their homes sold for the best possible price. Beyond
boosting recruitment efforts, such a strategy translates into lower overall
costs for the company and an accelerated assimilation into the new corporate
culture for the new hire.
To receive
a complete copy of the survey report, Current Trends in Relocating New Hires,
e-mail solutions@wrri.com.
About Weichert Relocation Resources:
Weichert
Relocation Resources Inc. (WRRI) delivers turnkey global relocation and
assignment management solutions that help clients expand their business reach,
increase productivity, and more cost-effectively manage their mobile workforce.
WRRI is recognized as the growth-oriented industry leader, providing a unique combination
of stability, financial expertise and seasoned leadership that has made the
company a trusted, proactive partner to some of the world’s most respected
corporations. A progressive, independent company, WRRI is committed to
delivering Raving Fan® service; investing in new capabilities, technologies and
talent; and bringing unmatched innovations to market, such as the industry’s
only complete, end-to-end global workforce mobility solution. For more
information, visit www.wrri.com.
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