2016 is showing itself as an interesting year when it comes to corporate relocation
trends. While we are seeing some of last year’s relocation patterns re-emerge, it’s important to focus on the year we are living in. Here are three trends you should keep in mind as you are considering your corporate relocation plan for the rest of the year.
The majority of the workforce are now Millennials:
Relocating Millennials will become more common as they continue to grow as the largest segment of your staffing. We need to continue to study this age group as we move them throughout their careers and our companies. As it translates to relocation, Millennials can be difficult to acquire and even harder to retain as employees depending on your process. A weakly thought-out relocation plan for your company can drive Millennials away from your business faster than you can sing Taylor Swift’s Shake It Off.
Relocations are the new norm:
Relocation has generally increased over the past few years but most company resources have not seen a direct connection with the boost. People will be looking to others now to see which strategies are successful when it comes to relocation. It's critical to create a wise strategy as you prepare to launch your relocation plans so that your employees are content with your procedures.
People are still thinking rent-first:
Renting homes is an important example of a trend we need to continue to stay aware of. While Millennials are starting to entertain the idea of settling down and becoming first-time homeowners, we are still seeing an age group with a rent-first mindset.
With this reality, it's important not to have an assumption that relocation always has to be a huge obstacle to overcome. Relocation programs don’t always include huge numbers of employees each year that will cost you millions. Some relocation programs can be just a few employees each year and can happen more on a case-by-case basis. At the same time, each business needs to have a well thought-out plan in place before the employee relocates.
This being said, everyone regardless of age group deserves guidance and assistance throughout their relocation. This year is another opportunity for you to make sure that happens for each person you move in your organization. We hope that by us investigating these developing employment trends for your business, you will be better equipped to handle your employment relocation program.