What’s going on:
New survey data published by Challenger, Gray & Christmas, Inc. reveals that just 1.6% of job seekers relocated for a new position in the first quarter of 2023. This was down from 3.7% in the final quarter of 2022 and 4.6% in the first quarter of 2022. The data reveals that this is the lowest level on record.
Challenger, Gray & Christmas conducts a quarterly survey, and it utilized data from over 3,000 job seekers across the U.S.
Why it matters:
The data reflects a change in the way people are approaching their careers and how more are valuing work-life balance. As an increasing number of companies adopt hybrid and remote work environments, employees are feeling less inclined to uproot their lives for a new potential job opportunity.
This trend is apparent in the data, despite the fact that out of the 170 companies surveyed nationwide, the number of those that offer fully remote work options has decreased from its peak in Fall of 2022. At that time, 73% of companies offered remote work, but in Spring 2023, that number has decreased to 39%.
How it’ll impact the future:
An increasing number of businesses are embracing remote and hybrid work environments. The increase in employees not willing to relocate for work is a reflection of this trend. Other factors that are influencing this trend are economic – such as rising interest rates and housing costs. The survey data shows the growing importance of post-pandemic economic factors how they influence job seekers’ decisions in 2023.
While some businesses are continuing to offer remote opportunities, many more are attempting to revert fully to in-office work. Given this higher-than-ever reluctance to relocate for a job, those employers set on only having employees in-person will be limited in their pool of potential applicants and may find it more difficult to recruit top talent.