Cost of Living is Your Talent's Biggest Concern

A month ago, we shared some updated stats on interns and how relocation plays into their decisions on being your next employee! In “A data-driven look at intern programs”, we found that more than half of responding employers provide relocation assistance to interns (54.7%), and that most companies who don't offer assistance only recruit locally! 

We are a bit surprised at that number. Only 55% of companies support interns with relocation? One would think that number would be higher, given that 80% of employers see their internship programs as the best return on investment for finding talent. 

A new article from NACE shares that “Students Considering Job Offers Look at Cost of Living as Top Factor to Relocate”. So providing relocation assistance to students when they join your internship programs helps them to understand the value you place in them. It also helps them commit to your organization, and interns who feel committed to their company because they were treated well are 7.14 times more likely to accept a job offer than those who don’t feel that sense of commitment. 

But once you have won them over and attracted your new talent, what are the things that “seal the deal” for hires? 

According to the latest data, more than 84% of graduates responding to NACE’s 2024 Student Survey identified cost of living as the top factor in determining their willingness to relocate for a job. Unsurprisingly, this aligns with students’ quest for economic security. They recognize that, because of cost-of-living disparities between locations, starting salaries are not equal and have an impact on their economic well-being. The combo of salary versus cost of living has a huge impact as they explore their work offers.

The survey results clearly illustrate the weight graduating students place on cost of living, as it outpaces other considerations, such as a diverse and tolerant community, available green spaces, social issues, and public transportation. (See Figure 1.)

Checkout the below to explore the additional elements that matter most to those newly graduated potential “new hires”:

If you are hiring newly graduated employees, even if they were not part of your intern program, the above information is helpful to consider.