Mobility in the working world is a fact of life for Millennials.
The idea that you would spend most of your adult life working for the same company isn’t in the cards for many of them - they have seen that theory fail their parents or older Generation X siblings in the recent economic downturn.
It also doesn’t suit the flexibility and work-life balance they value for themselves. But relocating can come with challenges that Millennial employers and their employees need to be aware of.
Here are three things to keep in mind as you set up your company’s process for relocating millennials:
1. Tailoring packages improves your marketability.
This is a trend seen among newer startup companies as they work to attract talent from larger companies. In positioning a company to be attractive to potential investors, having the talent you deem mission-critical is crucial.
That means looking at talent and saying, "they are a critical hire, so we can give that person everything they want." Someone who isn’t categorized as mission-critical can see a relocation package negotiated at a lower rate. Implementing a Core/Flex policy may prove to be a good option for companies relocating at different levels for this group.
Having the flexibility to tailor what you offer employees to suit them — and you — can be a way to differentiate your company from the pack and lure in top-tier talent.
2. Not everything can be fair.
While customization is key for millennials and their companies to creating a happy, productive work relationship, there is a word of caution.
Millennials often don’t think in terms of title, and when you tailor benefits to a person’s talent rather than seniority, it opens the door wider for additional scrutiny.
When everything is tailored and negotiated individually, inequity is inevitable. But when companies grow quickly, especially companies that have creative, artistic or technology-based roots, the issue of formal job descriptions and pay grades may not have been dealt with.
While this issue is not widespread, it is looming on the horizon and can be a challenge that Millennial business owners need to be prepared for.
3. Put it in writing.
While having the freedom to tailor a package to a specific employee’s needs is important, some guidelines about what is covered in a relocation should be in place and is an important place to start.
Especially for Millennials, these policies offer a ground zero for what is covered and isn’t covered in a relocation. The employee can make a decision if he or she knows that the costs for a house-hunting trip are covered one time and that temporary living is paid for the first six months.
Lexicon has assisted hundreds of customers in developing and customizing relocation policies that fit their culture and needs. If you have a hard balance to strike between Millennial preferences and company needs, your best route may be involving professional consultants.
One more thing: a word of caution to Millennials who may be reading this post -
Read the fine print when it comes to repayment agreements.
Another issue that is common for the highly mobile Millennial workforce is repayment agreements. If a company moves you and you decide within a certain period of time to leave that job for another one, companies can require you to pay back all or a portion of those relocation expenses.
It is not unusual for that figure to be as much as $30,000 or more! If it's a global move, $100,000 or more is a possibility.
Some companies will cover the expense of repayment agreements from a previous employer, but some won’t. Make sure you understand the rules of repayment as an employee. Employers: make sure you clearly explain them to your new hires.
Still have questions? We can help. Schedule some time with one of our experienced consultants.