If your company offers to pay the relocation expenses for out-of-town hires, you probably have a recruiting edge on the competition.
Consider the statistics from a Society of Human Resource Management survey on relocation expenses:
- 17% of respondees said they had eliminated corporate-relocation programs entirely.
- 25% froze their corporate-relocation programs.
- 58% reduced their corporate-relocation programs.
Another trend: A lot of companies are paying a flat amount for relocation — often capped at $10,000. Another changing trend. Many companies used to have mortgage-reimbursement programs for relocating new hires who had to take a financial hit on the sale of a home. That one’s going away or under strict caps. The few companies still doing it are limiting mortgage help to $10,000 to $20,000, and that’s usually only for high corporate jobs or hard-to-fill positions.