We are gearing up for a fantastic live webinar session with Jack Griffin, the Chairman and CEO of Atlas World Group Inc. It will be the second in our "Spotlights" series and will be held at 11am on Tuesday, June 6th. Our discussion with Jack will be focused on the trends, challenges, and opportunities for household goods shipments and will highlight many of the findings from their most recent trends survey. As the featured speaker, Jack will be bringing an executive perspective to the fast-changing landscape of relocation, and how mobility programs and household goods partners can make the stress of moving more manageable.
To prepare you for the conversation, let's highlight a few of the key findings from the Atlas's recent 56th Corporate Relocation Survey Report, which by the way is the longest running survey in the relocation/global mobility industry.
- Relocation volume improved in 2022 and expectations were higher for 2023. Around 2 in 3 companies (60%) anticipated an increase in the number of employees relocated overall in 2023. 50% anticipated an increase with international activity.
- Despite this increase, participants were reserved and concerned about many other things (both external and internal factors) they were seeing happening or that could happen shortly in the near future.
- While the impact of the pandemic is fading, global economic issues, politics, war, and ongoing overall volatility have increased risk for many programs. Despite improved financial results in 2022, many anticipated more problems in 2023.
- Relocation volume and budget increases have been driven in part by workplace policies mandating a return to onsite/in-office attendance. Even with hybrid work structures, employees expected to need to be near a physical office, including relocating to an area close enough to commute.
- There are a confluence of issues that have ultimately created an environment where employee reluctance to move is at an all-time high. High mortgage rates, inflation, possible recessions, fear of job security, and more remote work availability all have pushed employees to stay in place. 67% of relocations were declined in 2022, which was an increase from 38% in 2021.
- Increased policy and program flexibility was a theme 2022, and remained a priority for companies in 2023. Companies are looking for the right balance of employee choice and control in the process while offering the personalized support and guidance.
- The most critical ways that employees need support is partner/spousal assistance, childcare, and housing. Companies said they are considering building more robust spouse/partner, childcare, and elder care policies or resources to reflect the complex needs of relocating employees and help address pain points that may lead to declined relocations.
- Participants expected increased costs for moves, based on ongoing inflation, labor shortages, strikes, increased travel demand, and resetting housing market, and fuel cost increases.
- Hand-raisers are employees that request to move (self initiate) for personal reasons. Many are seeking a lower cost of living, access to hobbies/lifestyle, and/or to be closer to family. In 2023, 39% of companies expect an increase in permanent voluntary relocations, 46% are expecting the same volume, and 11% are expecting to see a decrease.
- Almost all types of standard/fixed relocation benefits increased in 2022, especially around real estate assistance. Companies increased certain non-standard incentives such as extended temporary and duplicate housing benefits, buyer value option for the origin home, and guaranteed employment contracts for specified lengths of time.
There is more in the survey that we'll be putting in the spotlight with Jack from Atlas. Read the rest and join the conversation with us on June 6th!
Atlas® is pleased to bring you our 56th Annual Corporate Relocation Survey, the industry's first and longest-running investigation into corporate relocation policies and practices. As we have done every year since 1968, we consider the demographic, geopolitical, and economic shifts affecting our industry. We analyze the findings and uncover the trends to understand the evolving challenges more clearly—and learn how we, as relocation professionals, can answer them. SURVEY HIGHLIGHTS Survey results come from responses by 584 decision-makers, with a responsibility for relocation, and employed by a company that has either relocated employees during the past two years or plans to relocate employees this year. Nineteen industries are represented, making regional, national, and international relocations.