Dive Brief:
- Fewer workers are willing to box up their homes and move for a new job, according to a survey of 1,000 job seekers in "Historical Analysis: Fewer Job Seekers Relocating for New Positions," by Challenger, Gray & Christmas, Inc. In the first six months of 2018, only 10% of job seekers relocated for work, a rate that has remained the same since the first two quarters of 2017, the survey showed.
- The rate of relocation in the third quarter of 2017 was 16.5%, which Challenger said was the highest relocation rate since the second quarter of 2009, when 18.2% of job seekers relocated. The relocation rate dropped to 7.5% by fourth quarter 2017.
- Challenger said it attributes some of the decrease in relocations to changes in the economy caused by the recession. It also said the job market, which features more jobs than workers, allows job seekers to find a position in their current location. Technology has also affected this trend, since it allows people to work online almost anywhere, Challenger said.
Dive Insight:
As employees stop moving for jobs, a new trend seems to be emerging: jobs are moving to them. For instance, the NRP Group relocated its suburban Ohio headquarters to downtown Cleveland to appeal to young employees, specifically millennials, who reportedly prefer the social and cultural amenities and chic eateries large metropolitan areas typically offer.
But many midsize and small businesses lack the resources to relocate their headquarters or build and operate satellite offices in cities to attract and retain talent and engage employees. They might have to beef up efforts to compete in the battle for talent in other ways: offering benefits, flexible work schedules, and development and training options that workers have said they value highly. For some, building a solid remote work policy — increasingly possible thanks to new tech — could be the key differentiator between one employer and its competition.
As Challenger noted, job seekers may feel less enthused about leaving home for a faraway job because the tight job market has provided plenty of opportunities where they currently reside. For businesses that hurt for talent, they may want to assess how they are playing the field so they can snatch up the talent that's right outside their doors.
