Employee Relocation Benefits and the Job Skills Gap
A recent CNN Money article reports that in the United States, there are currently 5.8 million job openings, a new record. This is good news for job seekers, college graduates, and the U.S. economy in general. But what about employers? Is this good news for them? After all, it’s a clear sign that companies are hiring.
The article goes on to clarify that the record number of job openings may have a cloud behind the silver lining. This number of openings could in part be a function of a growing issue here in the U.S., where employers are finding it increasingly challenging to locate the right talent to align with specific skill sets needed to fill their jobs. This disparity has been labelled the ‘job skills gap’, and it presents a significant challenge for some employers, perhaps in some industries more than others. As a result, today we are witnessing an explosion of companies, websites, and technologies focusing on job search, recruiting, and talent management.
How Companies are Responding
Certainly, the ability for a company to cast a wide geographic net to find the needed talent with the right skill sets is a key approach to closing this ‘job skills gap’. Once the talent is located, however, the employer must be able to provide benefits to help convince those prospective employees to make the commitment to move, in some cases great distances at the cost of a significant life change for themselves and their families.
Forty-one percent of respondents to Cartus’ Global Mobility Policy and Practices survey reported that they were implementing a global posting process for all international assignments. Many companies are also seeing that flexible policy approaches can be an effective tool in attracting the right talent. In fact, the need for flexible policies to respond to changing employee and generational needs (Gen X, Gen Y, Millennials) is up 13 percentage points from 2014 to 2016 in our latest Global Mobility Policy and Practices survey.
The advantage of having a customized, well-defined employee relocation program in place can make all the difference when recruiting hard-to-find talent. Whether the company is attracting employees from across the U.S., or from around the world, having a program in place that fits that company’s culture and cost goals is a smart strategy to overcome this increasingly complex and potentially costly issue.
Plan Ahead: Have a Relocation Benefits Plan in Place
Cartus can help you evaluate ways to adapt your policies and programs to address any recruitment or talent gaps you may be seeing. We would be delighted to speak with you about ways to meet your company’s unique talent and mobility needs.