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.
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.