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- Corporate Relocation Survey
Corporate Relocation Survey 2024
CORPORATE RELOCATION SURVEY 2024
ATLAS® IS IN IT FOR THE LONG HAUL
Atlas® is pleased to bring you this 57th edition of our annual 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 575 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. Over 20 industries are represented, making regional, national, and international relocations.
Overview AND Insights
Relocation volumes and budgets continued to increase in 2023, with most companies anticipating further increases in 2024. 2023 saw several positive trends for the economy: Inflation decreased, job creation increased, and workforce participation surged from 2020 lows, likely encouraging relocation. Most companies anticipate that their financial performance and the state of the global economy overall will continue to improve in 2024. Companies also utilized knowledge/skills transfers, driving relocations. Companies were most likely to report being impacted by overall company performance, employee ability to relocate, increased production, economic conditions, lack of qualified people/the Great Resignation, and the overall political and regulatory environment.
Lack of qualified people/the Great Resignation significantly impacted relocations in 2023. Employees in 2023 and beyond have a new desire for flexibility and work-life balance. This is true for employees able to work remotely, as well as those who are not able to work remotely, with remote-capable workers desiring hybrid-flexible workplace models and on-premises-only employees desiring flexible paid-time-off policies. Where possible, employees can revisit flexible policies for both remote-capable and on-premises-only workers. Employers should ensure that the policies they are offering are in line with what employees are looking for.
64% of companies reported that an employee declined relocation in 2023, with 40% of companies reporting that the number of employees declining relocation increased in 2023 compared with 2022. Safety and family drove declined relocations in 2023, with 35% of companies reporting employees declined relocation due to safety concerns, 34% due to family issues/ties, and 30% due to a lack of spousal/partner assistance. Companies relocating employees internationally were more likely to report that safety concerns resulted in declined relocations, with 44% of companies performing international relocations citing safety issues compared with 18% of companies relocating employees domestically. Family ties and needs of the trailing spouse/partner indicate the complex familial relationships that drive employees’ ability or willingness to relocate, highlighting the importance of matching job offers, benefits, and assistance policies for employees. Although companies report improved financial performance and an improved state of the overall economy, such as with decreasing Overview + Insights inflation, these improvements may not yet be reflected in consumer price indices and overall cost of living. As such, companies should ensure that job offers match the needs of employees.
As more employees elect to move voluntarily, a trend is forming for medium and large companies to provide access to a relocation provider network for their employees' voluntary moves. As short-term assignments and alternative assignments become replacements for traditional relocations, companies will need to continue to adapt to this change and be prepared with policies that cover the complexity of these assignments. Hybrid work models and office renovations remain prominent overall. As leases expire, the trends in office space may change from what we have seen in the last few years.
Companies are recognizing and adapting to the trend in employee permanent voluntary moves and alternative assignments by increasing the creation of formal policies to meet these employee needs. When it comes to relocation, companies increased ownership of paying directly for carrier transportation expenses, and when lump-sum benefits were used, it was most commonly for executives to use for domestic relocations. Along with this, companies are embracing employee satisfaction and well-being with access to relocation provider networks for voluntary moves and adaptations to the workplace with hybrid models, office renovations, and incentives. Most companies offered nonstandard assistance policies and reported that additional, nonstandard incentives or benefits almost always encouraged relocation. 1 in 3 companies reported that a relocation was declined due to a lack of spousal/partner assistance. Employers should ensure that their assistance policies encompass employees’ unique needs.
Overall, knowledge of artificial intelligence (AI) and use of AI applications within human resources (HR) processes are high among respondents, with over 70% noting they are knowledgeable in AI and 65% saying they are already using AI in HR processes. Most respondents agree that AI will impact the workforce over the next five years and are somewhat divided on whether to worry about AI impacting their own positions. Companies have been incorporating AI into various processes within HR over the last year. The ability to find the balance between AI and the human element of HR will be key to companies for efficiency and comfort levels with the technology.