No matter how great of a manager you may be, you likely rely on the skills and talents of great employees. Hiring solid employees frequently remains a prerequisite for the success of any business. Retaining employees may be more important. Things become highly-complicated when you must move the business to a new location. Maybe the move involves relocating hundreds of miles away. Can you do this while convincing your top employees to move with you?
Discussing matters related to relocating can be a bit delicate. The employee must make a huge commitment. He/she has to think about everything from travel planning to the impact on family members to buying a new home insurance policy. Managers do need to make a great pitch to employees when revealing relocation plans. While no one can guarantee what a current employees decision turns out to be, taking certain steps may increase the chances they come on board.
Present the Opportunity to Earn More
Paying employees more money might not calm all concerns, but an increase in salary always appears like a good deal. Employees work to earn money. The chance to earn more money can be appealing. Perhaps a pay raise and a new work location could mean a completely new lease on life. The new location might come with a lower cost of living. The combination of a lower cost of living along with better pay should make on-the-fence employees seriously think about relocating.
A lateral move that comes without any pay benefits won't exactly make someone thrilled about relocating. Something has to sweeten the proverbial pot to sway someone to move. Maybe paying for all or part of the moving expenses can work. Ultimately, a strong monetary pitch must be made to sway someone towards saying "yes" to relocating.
The Equity Option
Certain employees may be so vital to a particular business that moving without them may be problematic. Unfortunately, a simple pay raise won't budge their decision to stay where they are. Upping things a notch by offering an equity stake could change a "no" to a "yes" answer. The equity offer may be too great a deal to turn down. Business owners shouldn't be too quick to present this type of offer without seriously thinking things through.
Awarding equity or stock in a company refers the transferring of partial ownership. Once an employee receives 3% ownership, he/she becomes entitled to 3% of the profits. Other complexities arise when an employee becomes a partial owner. Does this person now speak for the company? If necessary, can he/she be terminated in any capacity and forced to sell back shares? Think things such as these through before making an equity ownership offer. Generally, this offer should be reserved for the very best employees.
Hire People Willing to Relocate
Some employees won't move. So, you may be in a position where the job must be filled right away and relocation looms in the near future. When conducting job interviews, address matters related to relocation. Interviewing prospective employees allows a manager to screen people interested in the job. The process doesn't always turn out to be a cut-and-dry one. Maybe the most appealing job candidate may have strong roots in his/her current location. Now, you must pitch a job offer to someone required to relocate.
Ask probing questions about attitudes towards relocation. Figure out who would be willing to move. Don't waste time trying to pitch a job offer to someone totally disinterested in relocating.
Make Contingency Plans
Not every employee or prospective employee will go choose to move. Business owners must accept this. To minimize the impact of losing long-time employees, devise a contingency plan for hiring new employees at the new location. Set up a training program to bring those new hires up to speed. Whatever you do, do not allow the loss of even valuable employees drag down your business.