Relocation packages are a common part of the hiring process and can help persuade a candidate to sign on with your firm or transfer to another office. Some firms have a standard policy regarding relocation expenses, while others make their decisions on a case-by-case basis.

Here are some relocation expenses that you might consider paying for or subsidizing on behalf of a new hire:

• Travel and lodging costs for house-hunting trips
• Moving costs
• Temporary housing costs
• Assuming the mortgage for the current house
• An allowance for getting started
• A higher cost-of-living subsidy
• A higher mortgage cost allowance
• A bridge loan if the current house cannot be sold immediately
• Outplacement and other assistance for a spouse who has to quit a job

Information on a new area – including school districts, housing costs, crime statistics and the community's background – can be helpful to candidates. The more comfortable these prospects feel about a new location, the more likely they will be to accept your offer. Ensuring a smooth transition may also instill loyalty and aid in your retention efforts.