2024 Corporate Relocation Research Study
The 2024 Corporate Relocation Study, conducted by Corporate Relocation Today (CRT) in partnership with northAmerican® Van Lines, provides a comprehensive analysis of relocation policies, moving attitudes, and trends for 2024, based on responses from 1,028 executives involved in their company’s talent acquisition, relocation, and mobility efforts.
Here are some of the key findings from the study:
- Strategic Use of Relocation Packages: Companies are leveraging relocation packages more strategically than ever to attract and retain skilled professionals. The return on investment (ROI) of relocation is considered crucial for enhancing attraction, retention rates, employee satisfaction, productivity, and overall brand perception.
- Challenges in Talent Acquisition and Retention: HR executives face significant challenges in attracting top candidates due to a shortage of qualified candidates and the need for more sophisticated recruitment techniques. Leveraging data driven results and incorporating advanced technology are emerging as key trends to enhance the precision of hiring decisions.
- Diverse Industry Participation: The study covers a wide range of industries including banking, finance, insurance, energy, utilities, gas, green, manufacturing, engineering, and technology (hardware and software), providing insights into the complexities surrounding relocation policies and trends across these sectors.
- Impact of Company Size and Locations: The size of a company and the number of locations broadly impact recruiting and mobility strategies. Larger companies and those with more locations are more likely to use Relocation Management Companies (RMCs).
- Types of Relocations Managed: Companies manage various types of relocations including Domestic, International, Short Term, Cross Border, Rotational, and some manage All Types of Relocations. A significant majority provide comprehensive relocation programs.
- Relocation Program Management: Most companies manage relocations internally, some use RMCs parttime, and a smaller percentage outsource all relocations to RMCs. Companies with over 10,000 employees are more likely to use an RMC to handle all relocations.
- Challenges Faced by Relocation Managers: The top challenges include Employee or Family Reluctance to Relocate, Home Sale or Purchase, Budgetary Constraints, Insufficient Coverage by Lump Sum Benefits, and Vendor Service Quality.
- Anticipated Relocation Volumes for 2024: Most executives estimate their relocation volume will remain the same, with some anticipating an increase. This aligns with the trend of companies adopting remote workforces in response to the pandemic.
- Relocation Policy Reviews: A significant percentage of companies conduct an annual or more frequent review of their relocation policies, indicating a proactive approach to adapting relocation strategies in response to changing workforce dynamics.
- Key Events Triggering New Relocation Partners: Company Consolidation, Changes in Industry Regulations, and Company Merger or Acquisition are top events leading to an active buying process for new partners.
These findings underscore the importance of strategic relocation policies, the role of RMCs, and the impact of relocation programs on talent acquisition and retention, providing valuable insights for HR executives and decisionmakers in refining their talent acquisition and relocation strategies for 2024.
Please feel free to contact Bobbi Maniglia with any questions regarding this study.