The massive impact coronavirus has had on how we do business and live our lives is undeniable. Millions of former in-office employees suddenly became remote workers, dealing with challenges and adjustments required of them and their companies to keep things afloat. For many, this remote work became normal, so much so that companies now must consider its impact on recruiting, retention, and employee relocation in the post-COVID-19 era. As the demand for remote work increases, we can assume that the job market will become even flatter since more employees will be available to fill roles at companies located elsewhere.
As we entered the second year of the pandemic, we could see that more and more employees are opting to relocate out of densely populated and expensive cities and relocate to more rural and peaceful locations, all because they can work remotely. We could also see many companies doing the same. With many of their workers now performing their duties from home, pricey office leases in large cities became unnecessary. As a result, many businesses have relocated to more affordable locations within the US, with some even downsizing their office spaces.
Another mobility trend has also emerged amid the COVID-19 pandemic, named de-location, where an employee is allowed to move from their current location to another one and work remotely while keeping their position. Many companies have recognized de-location as valuable talent retention and cost reduction strategy, although some businesses are implementing pay cuts for employees choosing to de-locate. To learn more about de-location, we recommend reading this study done by northAmerican®.
Through all of this, one thing has stayed the same for all companies – the need for finding and retaining top talent. However, the recruitment process in the post-COVID-19 era has changed. This article will discuss talent recruitment and corporate relocation trends in the upcoming new age of business.
Recruiting From Anywhere
Probably the most notable change in recruiting over the past two years is the expansion of the talent pool. Many companies today can hire new employees from anywhere in the world. Companies that can emphasize remote work have bigger chances of attracting the talent they need. This is a rare opportunity for talent acquisition as the need for remote workers aligns with candidates’ desires to work remotely. According to research by Motus, 40% of Gen Z and Millennial professionals want more flexibility in choosing where they work. Many of these candidates are interested in relocating from expensive metropolitan areas to more affordable suburban locations. This leads to the conclusion that those companies that are able to decentralize their offices or adopt remote work policies can benefit from the current talent surplus by drawing from top candidates, regardless of location.
The pandemic has also changed the way businesses connect with new candidates. For example, last year, Taco Bell hosted safety-conscious hiring events. Interviews were done outside, and drive-up hiring parties allowed candidates to stay in their cars. Nowadays, these and similar hiring events, as well as virtual career fairs, are becoming commonplace. In some cases, a potential candidate doesn’t even need to interact with people when being interviewed. Instead, they can record their answers to a uniform set of questions at any time (including off-hours and weekends), which lowers the pressure on hiring managers and HR teams.
A lot of companies use Zoom to connect and interview their candidates, as well as Loom, a video-messaging tool where candidates can send a two-minute video that serves as an elevator pitch of sorts. Virtual hiring also saves time and money, as candidates don’t need to come to the office for an interview, which is an all-day affair both for them and the HR department. Now companies can schedule numerous interviews in a day without anyone having to leave their house.
Relocation Trends
Even during the pandemic and worldwide travel bans, people were willing to relocate for work. In fact, according to the survey done by Wakefield Research, 80% of workers were willing to relocate during the pandemic, including 31% who would relocate internationally. Therefore, it is safe to expect that employee interest in corporate relocations will continue to grow as more people are ready to explore new opportunities. Additionally, 84% of workers have stated they would relocate for work when COVID-19 is no longer prevalent in the world, and 46% would be willing to relocate internationally. This is proof that the global mobility industry shows no signs of slowing down anytime soon. Workers are determined and willing to relocate to advance their careers, and businesses should be prepared to support these workers.
But, to attract and retain skilled talent, companies must create strong talent mobility offerings and programs that create unique experiences for mobile workers. 55% of workers stated that they would want their employer to handle all the logistics, while 92% said they would need a financial incentive (a pay raise or a promotion, housing allowance, or reimbursement for moving expenses) to accept the relocation.
This survey has provided valuable insight for businesses into how employees are considering family relocations, particularly after the time they’ve spent together during the pandemic:
- 81% of married employees or those in a relationship are more willing to relocate, compared to 64% of single employees;
- 89% of employees with children would be willing to relocate for work;
- 46% of employees would be willing to relocate for less than six months without their families or partners;
- 36% of employees said they would relocate without their family or partner for more than three years, mostly due to concerns about how their families will adapt to the relocation.
These are all signs of a bright future ahead for the global mobility industry. Now companies must adjust talent mobility strategies and policies to match their employees’ wants, needs, and concerns. A lot of things may have changed due to COVID-19, but some things stay the same, namely, the need for top talent and the willingness of people to relocate to advance their careers and lives.
At Corporate Relocation Today, we are always happy to help you with your relocation needs, and we understand the complexities of employee relocation inside and out. Please feel free to contact Shawn Elledge, Executive Director of Corporate Relocation Today for help with your employee relocation efforts at Shawn@CorporateRelocationToday.com
