Whether recruiting and hiring top talent or motivating and retaining a workforce, a highly competitive job market is a challenge that corporate mobility and HR pros must navigate on a daily basis. Corporate Mobility and Talent Recruitment Trends: A Study of the Role Corporate Relocation Plays in Talent Recruitment and Retention is based on research conducted by the team at Futurum Research, examining trends in corporate mobility, relocation services, and the impact of these on the talent recruitment process with input from corporate mobility, accounting, procurement, and human resource executives at companies of all sizes.
What we found was interesting, sometimes surprising, and in other cases, not surprising at all. Here are some insights that might be of special interest.
Trends in Corporate Mobility—Leveraging a Competitive Advantage
Of importance for talent acquisition and recruiting pros, only 67.8 percent of the responding companies reported providing any type of relocation service. This presents an opportunity to exploit the tight job market by offering relocation services as part of a job offer and leveraging that as a competitive advantage. With recent tax reform removing the deduction for household goods moving expenses, this could be an attractive part of your compensation offer to a prospective new hire and a key point of differentiation.
How are your peers in companies all over the U.S. handling corporate relocation? Great question! Over half of qualifying companies in the study reported they provide full-service relocation services to new hires, while others provide lump sum or reimbursement compensation for relocation, leaving the employee to handle their own relocation arrangements. Most significantly, and to the competitive advantage point mentioned above, nearly 95 percent of respondents reported that an insufficient relocation package was a factor in losing a potential recruit to a competing company. Yikes. That’s kind of a big deal.
What Industries, Company Sizes, and Locations Were Represented in the Study?
The industries represented in the study were across diverse business sectors. Respondents included those in the business services industry, healthcare, computer, real estate, engineering, financial services, technology, retail, and others. While there were businesses with fewer than 50 employees to over 10,000 participating in the study, the bulk of respondents were from companies with between 50 and 5,000 employees, with almost 50 percent having between two and ten locations. Some 70 percent of survey respondents were either at the Director or Manager level, so the insights gleaned were especially applicable for today’s HR and Corporate Mobility pros.
Talent Acquisition and Corporate Relocation
Is talent acquisition more difficult today? Survey respondents told us what they thought on that front, and what they consider to be the factors that most influence and impact their talent acquisition efforts. They also shared their current policies on corporate relocation, how their offerings vary based on job level, and what services are most often included in corporate relocation offerings. Corporate mobility and HR pros shared that in some cases, corporate relocation offerings can be the difference between attracting and keeping the right candidates.
The survey also revealed the top five industries most likely to offer corporate relocation and moving services and how different industries handle relocation offerings.
There’s a ton of information in this industry-wide research study that you’ll find beneficial as you examine your corporate mobility policies and corporate relocation offerings versus what your peers report on that front.
Download the study quickly and easily with no forms to fill: Corporate Mobility and Talent Recruitment Trends: A Study of the Role Corporate Relocation Plays in Talent Recruitment and Retention and see where your organization falls with regard to these industry trends.
This article was originally published on northAmerican.