Understanding the factors influencing employee mobility in 2024
As we’ve been deeply involved in managing and facilitating employee relocations, we’ve seen significant changes in the landscape. Here are some key insights I’ve gleaned from recent studies:
Understanding the factors influencing employee mobility in 2024
As we head into 2024, employee mobility is facing unprecedented challenges. Findings from Atlas World Group’s Corporate Relocation Survey and Worldwide ERC® U.S. Domestic Permanent Transfers: Volume & Cost Report reveal the key factors influencing relocations.
Economic and personal dynamics
The changing economic climate, characterised by inflation and fluctuating real estate prices, is having a significant impact on relocation decisions. Employees, particularly Generation X and Millennials, are juggling career changes, family obligations, work-life balance and financial commitments. Balancing childcare, elder care and domestic responsibilities is paramount when considering job opportunities.
Geopolitical influences
International conflicts, such as the current situation between Russiaand Ukraine, have far-reaching effects on global relocations. Security concerns and economic sanctions are contributing to a cautious attitude towards international relocations.
Rising costs
Relocation costs have skyrocketed, reaching record levels in 2022 and are expected to rise further. Home sale assistance remains the most expensive component, and shipping household goods also contributes significantly to the overall cost.
Strategic approaches
Faced with these challenges, companies need to take a strategic approach to relocating employees. Rising costs necessitate selective relocations that focus on essential or particularly important moves. Limited support may become the norm as companies try to balance costs and operational requirements.
These insights can help us better understand and manage the complexity of employee mobility in today’s dynamic environment.