09 May Relocation Packages in the Tech Sector: Key Insights
The momentum of growth in the technology sector shows no signs of slowing down. It is no surprise that in a high growth sector like this, the appetite for skilled labour is insatiable. Technology businesses are reliant on ready talent acquisition for their expansion. They tend to be served by a younger, cosmopolitan workforce who are globally minded. This is a great combination for ready relocation. As businesses grow and change, tech employees are willing to move if given incentives. A poll by Indeed.com showed that nearly 80% of tech employees would consider moving for a job. Relocation is therefore a key strategy for attracting the very best talent.
Are there typical components of relocation packages?
Relocation packages in the technology sector are to an extent subject to a variety of myths. We have all heard of the lavish benefits tech companies are use to attract and retain talent, including free food, swag, events and remote working. Relocation however is more staid.
There are in fact no standardised relocation packages and much of what is available is subject to the discretion of hiring managers and negotiation on a case by case basis. That being said, typical relocation packages include:
*Assistance with visa applications
*Assistance with travel and moving costs
*Storage costs if necessary
*Help with finding a new home and leaving or selling current property
*Costs of temporary accommodation
*Schooling assistance if needed
*Support with settling in to your new location
Costs borne by the employer vary according to the circumstances of the employee. They may be given in the form of a lump sum, direct billing, reimbursement or full outsourcing to a relocation company who handle all aspects of the move.
Tech sector applicants are increasingly aware of interested in relocation benefits
Tech employees who international in outlook are becoming increasingly selective in the positions they apply for. Where they are competitive and keen to move or migrate, even more junior personnel are seeking the relocation benefits
Companies are commonly responding with flight tickets, immigration advice and even costs for a visit back home.
It is important to note that on receipt of relocation benefits the employee often becomes liable for the costs if they leave their position within a year.
Relocation needs vary across the workforce
As in other areas of business and industry the requirements of employees vary with age and experience in the role. HR managers in tech companies are increasingly looking at the impact of demographics on the ability of employees to undertake a ready move. Child and family commitments, older relatives and property ownership are particular areas will affect potential for relocation over time.