2016 is here, and with it comes a new set of trends in corporate relocation. While some of these trends may not be new, it’s important to identify what the biggest influencers in relocation will be this year.
1) Corporate Relocation Will Continue To Slowly Rise
Relocation has generally increased since the end of the recession, but, unfortunately, budgets have not seen a positive correlation with that growth.
It’s important to make sure you have a solid relocation strategy before increasing employee relocations. This will reduce any problems that arise and entice the employees you move to stay with you long term.
Corporations will continue to look to each other now more than ever to see which strategies are the most successful, what approaches are right for their company, and what new trends they should be aware of as it relates to relocation, HR, and HR technology.
2) People Will Continue To Rent Vs. Buy
The trend of renting a home rather than buying one is nothing new, and while Millennials are beginning to consider the idea of settling down and becoming homeowners, they are still very much a generation that is very renter-heavy.
While there is no doubt that owning a home is generally cheaper than renting, the truth is that simply fewer people are in the market to buy homes right now than in years before due to student debt, the financial crisis in 2007-2008, and just a general disinterest in being tied down to one place.
3) Millennials Will Make Up A Majority Of The Workforce
Relocating Millennials will become more common as they continue to grow and form the largest section of the workforce and because they typically have fewer complications with relocation.
While relocating Millennials is easier due to their lack of families, Millennials are difficult to initially recruit and even harder to retain as employees. A poorly executed relocation for any employee can drive them away from your company, and a Millennial is, even more, likely to leave and join someone else. That being said, try to steer away from offering the “check and a handshake” mentality and offer them as robust of a relocation package as your other employees.
4) Millennials Are Having Smaller Families, Much Later In Life
The fact is, fewer Millennials are getting married, and those that do are marrying much later in life than their parents. Additionally, the Millennials who do choose have children are having them later than ever. This is a great trend for corporate relocation.
Moving an employee with a family is not only an additional cost to the company, but it also increases the risk of the relocation being unsuccessful. When you add families into the equation, companies have to take into consideration the happiness of not only their employee but also the spouse and children. This can mean spousal support, finding employment for the spouse, more home finding trips, finding the right schools for children, and more.