Whether your new hire is coming from overseas, across the US, or simply across town, moving can be a daunting, time-sucking undertaking…Not to mention if they have a family! For this very reason, it is not shocking that when faced with the possibility of being transferred or starting a new job in a new city, people generally show a bit of relocation reluctance.
If their transition is not handled well, this “relocation reluctance” can lead to “relocation remorse”. Once remorse sets in, it’s only a matter of time before you’re looking for their replacement.
A recent CAP study found that the costs to replace a highly-educated executive can be up to 213% of their annual salary. Luckily, Relocity is here to help you avoid that unpleasant scenario.
What can I do to put you in this house today?
Buying a home in Los Angeles is a big commitment. The average home price in Los Angeles is $570,000 which is over 3 times more expensive than the National average. The average in Santa Monica is over $1,000,000!
When new hires are handed off to relocation providers, they often wind up working with a real estate agent who has a finder’s fee agreement with that provider. Once an agent is involved, the focus is primarily about making a sale versus determining if this is the perfect house for the employee. Strike 1.
Wouldn’t it be useful to provide the family with an objective opinion? Someone who understands their core values?
Are you Whole Foods Adjacent?
What happens when the spouse finds out he or she is miles away from a good yoga studio or a quality grocery store? What if the restaurant scene isn’t what they had in mind? Strike 2.
What if you could provide this couple access to a local LA expert whose sole focus is to maximize their happiness in the City, consulting with them about neighborhoods based on their specific interests. Do you think that might impact their chances of wanting to stay?
Think of the Children
For a kid, moving means leaving everything they’ve ever known behind. It can be a traumatic experience. What happens when you find out you’re in the wrong school district?
The website GreatSchools.Org rates the LA Unified School System (over 1,000 schools) a 5 out of 10. While there are some excellent public schools in Los Angeles, they are scattered and have random district lines. Of course, if public school doesn’t work out, there are always private schools, right?
Do you think your new employee may get sticker shock when they find out that most private school tuition in LA is around $30,000 per year? That’s just tuition! Strike 3.
Having someone as a resource who is knowledgeable in Los Angeles schools, both public and private, can be a vital element in reducing the risk of relocation remorse.
Updating an Outdated Relocation Policy
In conclusion, relocating can be an overwhelming, time-consuming ordeal. Providing your employees with a little extra help can help alleviate relocation reluctance. Providing continuing concierge services after they arrive can prevent relocation remorse.
Relocity can help. Our Personal Hosts provide a fully customizable, comprehensive relocation for your employees and their families. It is the type of service Fortune 500 CEOs would insist on, all for a mere $99/hour.
Let us take care of your new hires so they not only ARRIVE, but also ORGANIZE and THRIVE.
By Jeremy Kopp
Jeremy Kopp is Director of Strategic Accounts at Relocity