Northwest Arkansas Moving Incentive Aims to Attract Talent
The Northwest Arkansas moving incentive is in place to attract top talent to the region. The Northwest Arkansas Council is investing over $1 million during a six month timeframe through their Life Works Here initiative. This initiative shows the types of desirable lifestyles and career opportunities available to residents of this region.
What is the Life Works Here Initiative?
The Life Works Here initiative is the Northwest Arkansas Council’s program to leverage the COVID-19 pandemic to benefit the region. Many companies with work from anywhere policies allow workers to relocate and work remotely. As more employees consider relocating away from high cost cities to lower cost cities, the Council believes the region has much to offer.
The initiative is funded by philanthropic support from the Walton Family Foundation. Remote workers will receive up to $10,000 to relocate to the region, along with some additional perks. The goal is to attract remote worker talent who have jobs in Science, Technology, Engineering, and Mathematics (STEM). However, that is a not a formal requirement for the Northwest Arkansas moving incentive.
What are the Eligibility Requirements for the Life Works Here Initiative?
Eligibility requirements for the Life Works Here initiative include:
- Ability to relocate to Northwest Arkansas within 6 months of acceptance
- Full-time remote employment or self-employed outside of Northwest Arkansas
- Currently live outside of Northwest Arkansas
- At least 24 years old
- Eligible to work and live in the US
Career Opportunities Supported by the Northwest Arkansas Moving Incentive
Northwest Arkansas is home to the headquarters of three Fortune 500 companies:
J.B. Hunt: Lowell, Arkansas
- Transportation and Logistics Industry
- One of the largest road transport companies in North America
- Revenue: Over $9.165B
Tyson Foods: Springdale, Arkansas
- Food and Food Processing Industry
- The world’s second largest processor and marketer of chicken, beef, and pork after JBS S.A.
- Revenue: Over $42.405B
Walmart: Bentonville, Arkansas
- Retail Industry
- The world’s largest company by revenue, and the world’s largest employer
- Revenue: Over $523.964B
In addition to these three major companies, there are thousands of smaller companies in the region that serve as suppliers.
Northwest Arkansas Moving Incentive Promotes Region’s Low Cost of Living
The cost of living in Northwest Arkansas is one of the lowest in the nation. By comparison, the cost of living in a major west coast city such as San Francisco is 169.3% higher than the US average.
For cities in Northwest Arkansas, the cost of living is much lower than San Francisco.
|City||Cost of Living|
|Lowell, Aransas||12.1% lower than US average|
|Springdale, Arkansas||14.0% lower than US average|
|Bentonville, Arkansas||4.8% lower than US average|
Source: Sperling’s Best Places: bestplace.net
With the cost of living lower than the US average, the region also has personal income per capita at 14% higher than the national average. The region also has over seven times the number of employees who work in management positions or at a corporate headquarters compared to the rest of the nation.
Smaller Regions Have More to Offer beyond the Incentives
The Northwest Arkansas moving incentive is one of many programs throughout the US designed to attract talent to regions far from major metropolitan centers. With more companies offering work from anywhere policies and more employees making the move, smaller regions stand to benefit. Many smaller regions in the US have burgeoning cultural centers and highly desirable outdoor lifestyles similar to Northwest Arkansas.
What Should Companies do about the Northwest Arkansas Moving Incentive?
Companies should work with a Relocation Management Company (RMC) that has knowledge and experience in managing relocation. Qualified RMCs will help companies understand the issues relating to work from anywhere policies. They will also provide useful resources to guide policy decisions and understand industry best practices relating to remote workers.
Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to design a relocation policy that follows industry best practices that also promotes talent acquisition and retention. Our team can help your company determine how to address the Northwest Arkansas moving incentive as it impacts corporate initiatives.
GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. As a result, GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.
Powered by GMS’ 2020 Mobility Benchmark, the innovative GMS Program/Policy Evaluation (PPE) Tool provides instant relocation policy reviews. It also helps users gain insight into how their company’s relocation program compares to their industry peers.
Contact our experts online to learn more about how the Northwest Arkansas moving incentive might impact your company and its workers, or give us a call at 800.617.1904 or 480.922.0700 today.