Mobility

June 2016

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92 Mobility | June 2016 Tips and advice from the many professions and perspectives within the global talent mobility community INDUSTRY INSIGHTS Whether you live with, work with, or are a millennial yourself, you know the 18- to 35- year-old cohort is a distinct bunch. As many HR and hiring managers are aware, this group holds their employers to a new set of expectations in regard to everything from office technology to professional development. It should be no surprise, then, that when it comes to corporate reloca - tion, millennials' preferences don't fit the mold. Runzheimer International recently surveyed a sample of U.S. job seekers of all ages, along with HR leaders at midsized and large organizations, to understand how current relocation programs align with what employees really want. As the data illustrates, enticing millennials to move for work can be a hard sell. Today, only around one-third of millennial job seekers believe it's important to move for a job at least once in their career. This sentiment may con - tribute to the reality that 56 percent of HR leaders feel it's more challenging to lure millennials to move than other generations. As millennials continue to comprise a larger slice of the talent pool, employers will have to familiarize themselves with this generation's workplace needs and adjust their recruitment efforts. Here are five relocation-specific factors HR leaders should keep in mind when trying to attract millennial candidates: Financial cushion. Runzheimer's study found that the most powerful incentive for motivating millenni - als to relocate—even to a city they aren't eager to live in—is a relocation bonus. As opposed to providing stipends strictly for mover's fees or home scouting trips, these bonuses can offer more flexibility for new hires to allocate the funds as they please. Schedule autonomy. Eighty-four percent of millennial job seekers say that workday flexibility is a key consideration when deciding to relocate for work. This should be a wake-up call for hiring managers: While traditional relocation details such as salary and benefits are important, younger employees often flock to organizations that respect individual work styles. Job security. Guaranteed employment—for a set period of time—came in as the second-most influen - tial perk for attracting younger employees to markets they may not be keen on moving to. Today, however, this specific incentive is least likely to appear in HR managers' relocation packages—something employ - ers may want to rethink. Family assistance. Millennial respondents in Runzheimer's study were three times more inclined to want spousal or family assistance included in their relocation packages than baby boomers. Unlike boomers and Gen Xers, many of whom tend to be empty nesters, millennials are just beginning to settle down and start families of their own—a lifestyle trend that employers should take into account when structuring these incentives. Support systems. Concerns over leaving friends and family are among the top factors that prevent millennials from relocating for work. Moving miles or coasts away from the people you're closest to is never easy. Rethinking perks around paid time off, or even promoting ways your organization can help candi - dates acclimate to their new communities, may go a long way in assuaging those fears. From the outside looking in, the key to attracting millennials to relocate seems elusive. To create relo- cation packages that successfully win over young job seekers, however, the best thing employers can do is go straight to the source. M Donna Koppensteiner is senior vice president of business development at Runzheimer International. She can be reached at +1 262 492 1140 or dkr@runzheimer.com. e Relocation Benefits Millennials Really Want By Donna Koppensteiner

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