In our most recent Mobility Outlook Survey for 2023, 30% of companies are expecting an increase in the use of Developmental, Graduate, and Intern policies. This is up from 2022, where only 28% of companies expected an increase in usage. With the need for more early talent policies, we’re seeing companies struggle with how to provide adequate benefits to this unique population.
Below are a couple of ways companies have achieved scalable solutions:
An international manufacturing company with dozens of global sites approached AIRINC to assist with their relocation program. Specifically, they needed assistance with determining rent and utility amounts for their new hire college graduate rotational program. The company wanted to find a cost-effective source that provided accurate, reasonable, and unbiased data. AIRINC worked with the company to create a housing data deliverable that included all essential elements within their budget. The company now has current and customized housing budgets which will aid in attracting and retaining employees.
An international pharmaceutical company with a robust internship program approached AIRINC for a solution on how to best provide housing for short durations. They wanted to provide lodging that was furnished, near city-centers, and met the needs of early talent. AIRINC was able to work with the company to provide budgets for corporate apartments. We found corporate apartments were the most applicable because they are fully furnished, include the essentials, and are generally near the city-center. These budgets are now reviewed with each intern cycle to ensure their population can stay within the city and close to the office.
Many companies provide early talent with lump sum allowances to help defray costs of temporarily relocating. A few companies have approached AIRINC to assist in adjusting flat value lump sums to reflect the cost of living in the host location. AIRINC partnered with each company to determine the intent of the lump sum and what the best solution would be. By using cost of living data, we can scale the lump sum values up or down to provide an accurate lump sum value. Companies are reviewing these cost-of-living adjustments annually for changes in inflation.
Are you experiencing recruiting and retention challenges with your early-career professionals? Contact us for more information on how to structure programs that support employees in developmental, graduate, and intern roles.