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The Role of Technology
Sometimes it seems as if there are more problems than solutions facing the relocation industry in these tough economic times. That's where the role of technology comes into play.
Cloud and web-based technology is altering the way everyone does business, and the relocation industry is no exception. The movement towards tech-based relocation practices is a natural one, and companies that take it head-on are giving themselves an advantage.
Relocation technology helps to streamline policy creation, relocation benefits administration, and even expense reimbursement. It also helps companies stand out against the competition as a tech-forward, modern and innovative employer.
Some Thoughts on Demographics
New hires are in the majority in terms of relocation. Companies are finding it's necessary to look outside their geographic area when hiring, in order to find and recruit top talent. According to a survey by Neighbor, 24% of people in 2021 moved for new job opportunities, while 6% were relocated for an existing job.
Additionally, dual-career couples are most hesitant to move due to fear of a partner losing career momentum. As a result, 90% of companies report offering additional, non-standard incentives or policy exceptions in order to convince key employees to relocate. Partner benefits are a key example.
The Impact of Covid-19
It makes sense that the numbers of relocating employees declined in 2020, however 2021 has seen a sharp increase as businesses work to get back to normal and are tired of delaying planned moves. This sharp increase has caused a backlog (and significant delays) as relocation-related service providers like household goods moving companies and short-term housing providers struggle to keep up.
As a huge portion of the workforce migrates to remote work or hybrid options, there has also been an increase in job vacancies which has recruiters working harder than ever to search for and secure key talent. The candidate experience has become a huge focus as talent acquisition becomes more competitive than ever.
Modern relocation management providers are adapting in response, shifting to more virtual solutions where possible (like in-home move estimates and destination services), and using alternative suppliers for housing and household goods moves in order to meet the needs of relocating employees. Incorporating digital tools and self-service options is also necessary to ensure a positive candidate and relocation experience.
To learn more about the current state of employee relocation post-Covid, download:
The relocation industry is in an exciting period of innovation, and the changes that it's currently undergoing are playing a huge role in shaping the industry's future. Keeping an eye on relocation industry trends can help your business stay on the cutting edge, and can save you time, stress, and money.