Corporate Relocation Research Study on the Energy Industry
In a groundbreaking relocation research study tailored for the energy industry, insights have been gleaned from an impressive cohort of 140 business executives who are at the forefront of their companies' relocation and mobility initiatives. This comprehensive study, conducted in partnership with Corporate Relocation Today (CRT) and northAmerican® Van Lines, delves into the intricate dynamics of corporate relocation within the energy sector, offering a deep dive into the policies, practices, and challenges faced by companies as they navigate the complexities of global workforce mobility.
Impact of COVID-19 on Employment: The study begins by highlighting the significant impact of the COVID-19 pandemic on the energy industry, revealing that 40% of energy workers lost their jobs due to the pandemic. This has exacerbated the labor shortage, affecting employee retention and job satisfaction rates.
Mobility and Relocation Challenges: The energy industry faces growing demands for corporate mobility, driven by a global shift towards greener technologies and the need for sustainable solutions amidst market volatility. The study emphasizes the complexities surrounding employee mobility and corporate relocation in this context.
Comprehensive Data Collection: The research collected responses from 140 business executives who play a pivotal role in their companies' relocation initiatives, providing valuable insights into relocation programs, policies, and challenges.
Company Firmographics: The study provides a breakdown of company sizes and locations, revealing that the majority of companies have between 1,000 to 10,000 employees and a significant number of locations, which influences their relocation strategies and challenges.
Decision-Making and Management Practices: Insights into the roles of executives in the buying process, the departments most involved in relocation decisions, and the management of relocation programs are discussed. It highlights the significant involvement of HR and Operations departments in these processes.
Types of Relocations and Policies: The research identifies the prevalence of domestic relocations within the energy sector and outlines the types of relocation policies in place, including full relocation, lump-sum, and reimbursement policies. It also discusses the management of relocation programs, whether internally, through a relocation management company (RMC), or a combination thereof.
Relocation Program Goals: The study uncovers that employee satisfaction and ease of use are top priorities for companies in their relocation goals, alongside improving the quality and production of the company’s product or service, and cost containment.
Challenges and Trends: The research identifies the primary challenges faced by relocation managers, including employee or family reluctance to move, temporary housing issues, and budgetary constraints. It also explores the factors driving companies towards an active buying process when choosing a relocation partner or vendor.
Policy Reviews and Future Outlook: The study concludes with insights into the frequency of policy reviews by companies and anticipates the relocation volume for 2023, noting a trend towards stability or increase in relocation activities.
Overall, the study provides a detailed examination of the current state and future outlook of corporate relocation within the energy industry, offering industry-specific data and best practices to guide companies in enhancing their relocation strategies and addressing the unique challenges they face.