Why Millennials Want You to Change Your Corporate Relocation Policies
The new generation has high expectations for employee relocation. Is your company's relocation program changing to meet them? If not, it's time to consider enhancing your policies to attract the millennial talent that might otherwise go to your competition.
Millennials, also known as Generation Y, will soon make up a majority of American workers. According to research by millennial workplace expert and New York Times bestselling author Lindsey Pollak, millennials are currently the largest labor demographic in the United States, making up around 34 percent of the U.S. workforce. By 2025, that figure will rise to 75 percent.
Millennials differ a lot from their predecessors, especially when it comes to the world of work. If your company wants to appeal to Generation Y — and reap the rewards of attracting their considerable talents — it's important to understand some fundamentals about them. This is especially true if you're responsible for corporate relocation.
Millennials Want to Be Involved in Their Relocation
If your business wants to attract millennial talent, you'll need to pack up old relocation methods and roll out new options that offer millennials more control over their moving and storage experience.
Younger employees are often eager to relocate, a factor prompting companies to rethink their approach to corporate relocation programs, according to a relocation policy and practices survey of U.S. relocation managers. In other words, corporate relocation policies that swayed Gen Y's parents to take jobs with your company aren't likely to excite millennials themselves when it comes to moving long distance for a career.
That's why more companies are taking a closer look at storage and moving relocation policies and modeling them to appeal to a generation that grew up with constantly changing technologies and a societal focus on individuality. Two traits consistently stand out when it comes to Gen Y employees: Their need for flexibility and their desire to make autonomous decisions.
A survey conducted by Wakefield Research found that while 84% of millennials are willing to relocate for a job and 64% expect an employer to pay for moving and storage costs, most value the freedom to make housing, moving and storage arrangements independently.
Around 78 percent prefer to make all decisions themselves, using a company stipend. Only 22 percent want the employer to make all housing, moving and storage decisions. So, how can your corporate relocation program meet those needs? That's where PODS can help.
Why mobile storage appeals to millennials
Flexibility. Millennials grew up with technology, and they're used to having lots of easy options with mobile apps and other conveniences making their lives more manageable and flexible. A millennial worker is more likely to want to set their own moving date and still have a bit of flexibility if that date needs to change at a moment's notice.
Storage options. Not everyone is ready to move everything into a new home all at once. That's why off-site storage, which allows extra time to unpack or find the perfect apartment, can alleviate the pressure of a new job while giving a new millennial employee time to settle in at both work and home.
Autonomy. Millennial employees are part of a generation that's more likely to prefer making their own decisions when it comes to moving and storage, so they may want to set up those details on their own, using a lump sum stipend. With the new tax law on employee benefits and compensation, this may be an option that is more appealing to your organization as well.
How PODS streamlines corporate relocation
The average cost of U.S. domestic employee transfers for homeowners is around $85,000 for a current employee and $71,000 for a new hire, according to Worldwide ERC, a relocation services trade association. The average relocation cost for renters ranges from approximately $23,000 for new hires to $27,000 for current employees.
With that kind of investment, you want to create an experience that will have the relocating employee stay with your company long-term. Offering a relocation package that gives millennials more of a hand in moving and storage decisions can get your relationship with a Gen Y employee off to a positive start.
However, you still need a cost-effective and streamlined process for your company and staff. Here's how PODS can help with that:
No pricing surprises. PODS works with your company's budgets and offers easy access to your billing account and invoices. Your company can also reduce moving and storage costs by 25 percent if you choose direct billing, a saving that can lower tax-related gross-ups related to employee relocation reimbursement.
One point of contact. You'll work directly with an assigned, single and direct point of contact who will provide price quotes, schedule container deliveries, pick-ups and access to the container while it's in a PODS secure storage center. Your dedicated relocation specialist will help your company navigate local regulations and manage schedule changes. This contact will ensure your new hire feels like they're in total control of their move, with all the support they need along the way.
Help with loading and unloading. If your employee needs extra hands for packing, loading, unloading and taking apart or assembling furniture, PODS can refer vendors and then include their fees in a single PODS invoice for your convenience, at corporate rates that are more affordable than standard residential rates.
A person in his or her twenties or early thirties is just starting to figure out where their career is headed. A corporate relocation program that keeps millennials in mind can be the positive beginning that excites your new employee to grow and evolve with your company. Learn how PODS solutions can help you create the perfect corporate relocation program for millennials.
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