Willingness to relocate: People are not as mobile as they used to be so getting them to move for experiences is more difficult than ever before...how big of an issue is this nationally (survey data?) and how are successful companies dealing with this lack of mobility (beyond remote work) to entice a relocation?
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Yes this surely a challenge, post Covid mainly, although in some form or shape this has been always a challenge. As an organisation, we have adopted a model which primarily focuses on growth opportunities for those who are willing to relocate and take additional role and responsibilities. This gives individuals who are more career oriented and ambitious, to take such assignments.
The issue of reduced willingness to relocate for work has become significant nationally, with many employees increasingly reluctant to move due to family ties, safety concerns, and a desire for stability and work-life balance. Surveys indicate that 64% of companies reported employees declining relocation offers in 2023, with safety and family being the primary reasons. Successful companies are addressing this by enhancing relocation packages to include spousal job assistance and childcare support, offering short-term or project-based relocations, partnering with relocation service providers for tailored support, providing unique incentives such as signing bonuses and cost of living adjustments, and ensuring regular communication and support throughout the relocation process to alleviate concerns and ensure a smooth transition for employees and their families.
There are multiple factors at play here, including family, compensation, and a highly inflated housing market with limited inventory. For a move to be appealing, it must be advantageous for both companies involved. I don't know many colleagues who would be willing to relocate if it meant a decline in their living standards or quality of life. Ultimately, the decision to move hinges on two primary considerations: family and financial well-being.