Companies Are Reviving Relocation Benefits To Bring Workers Back To The Office

Several major corporations, such as Chevron and Walmart, are now requiring some of their new employees to physically report to the office.

What’s going on:

With relocation benefits making a resurgence, many employers are now footing the bill for employees to move both domestically and internationally – a clear indication of how eagerly organizations are welcoming staff back to the physical workplace, according to WSJ.

Why it matters:

The new trend can be found on Job posting websites within the U.S. Indeed.com reports that job postings that list relocation benefits have risen by 75% from February over the previous year. Additionally, ZipRecruiter reports that job ads with relocation money as a perk have doubled to 3.8 million after dipping below two million in 2020.

Advertisements

ARC Relocation, a service that helps businesses transfer workers, told WSJ that the cost of a new hire’s relocation could range from $19,000 for a renter to $72,000 for a homeowner. The expense can become even greater for companies that have existing staff that they wish to relocate. Those costs can range from $24,000 for a renter to a whopping $97,000 for a homeowner.

How it’ll impact the future:

The increase in relocation spending presents a shift in how major employers move forward from the remote work environment caused in-part by the COVID-19 Pandemic. Relocations to the U.S. from other countries have recovered to pre-pandemic levels and the amount of worker relocations is also expected to increase in 2023, according to a survey by Atlas Van Lines Inc.