Hiring the best of the best? In many situations and for many roles, a commitment to employing the best candidates possible can sometimes involve relocation. Whether this is a commonplace occurrence or one that is only approved under the most unique circumstances, there are copious and essential components of a successful relocation that can be refined to create a seamless process for the candidate, the family, and the organization.
For any hiring manager who has been involved with handling relocations, the nightmare stories are plentiful. The moving truck breaks down, high school children threaten emancipation, or the family cat is accidentally packed in a moving box (but survived) are all true stories of relocation fiascos. Assuredly, unexpected situations cannot always be avoided, but are there steps that can methodically be taken to minimize those unexpected situations?
If your candidate owns a home and will be selling that home, this relocation just increased in complexity. Add the following to your checklist of must-do’s throughout the interviewing process:
- Contact a realtor to conduct a Comparative Market Analysis for the home, which will provide a more accurate picture of how the property will show and sell compared to others in the neighborhood
- Request that the realtor gather Multiple Listing Service (MLS) data to help ensure the listing price is competitive and will be sold in a reasonable amount of time
- Compile information such as the monthly mortgage rate of the current home, how much equity/negative equity exists, any closing costs or realtor fees associated with the sale
- Know the square footage of the home and any storage areas in order to accurately calculate the approximate cost of a pack, ship, and move
- If the monthly mortgage rate will increase with the purchase of a new home, consider including a mortgage rate differentiator in the offer to the candidate
One of the most ambiguous components of relocation comes down to reimbursable expenses. If there is not simply a set reimbursement based on the level of the hire, what (in addition to the expenses from the moving company) will be reimbursed? The easiest solution of course is to offer a fixed fee based on if the candidate rents or owns, and then varies by the square footage of the home. If there is a desire to be more specific, consider things such as:
- Will you reimburse for interim housing if needed? What about home-hunting trips prior to the move?
- What is acceptable for incurred expense reimbursement (paying a deposit for a new cable bill, a maid service to clean the old house prior to selling, the cost of a rental car while theirs is being shipped)
- Will financial assistance be provided for double mortgage or double rent payments, or reimbursement for trips back home if the candidate is relocating prior to the spouse and children?
- The candidate will receive an economic benefit from many of the relocation costs; will your organization cover the tax liabilities associated with those benefits, or is it the candidate’s own responsibility?
Are you looking for top talent in the Specialty Chemical, Plastics, or Animal Health industry?
Contact us to discuss how we can bring top leadership talent to your team. Boaz Partners is a premier executive search firm focused on the direct recruitment of executives and professionals for the specialty chemicals and plastics space. We are your partner, and our focus is on custom recruiting solutions.