Relocation News and Trends
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Industry Trends: Rental Forecast
In corporate relocation, the focus is typically on homeowners while the renter population is considered easier and faster to move. Often, renters have more flexibility to relocate due to smaller family sizes and fewer possessions on average. While relocating renters may be a more simplistic process than homeowners, it comes with its own set of complications, such as rental costs being up 25% over the past two years (WERC).
BAMM 2023: Generational Challenges in Mobility
Members of our NuCompass team recently attended the 2023 Bay Area Mobility Management (BAMM) Conference in San Francisco, CA, where NuCompass was a Keynote Sponsor. In addition to discussions on subjects like DEI and sustainability, a key area of focus was on generational changes in the workforce and how that affects the relocation industry. The top three highlights were generations, benefits, and flexibility.
Industry Trends: Mortgage Forecast
As inflation has grown, mortgage interest rates have been steadily increasing. The mortgage payment for the same price house (median $428,000) is almost $1,000 more this year compared to last year. This rise in interest rates can impact an employee’s decision to accept a job transfer to a new city. As a result, corporations with a focus on recruiting and retaining talent are now considering mortgage assistance options for relocating employees.
Immigration Today
As society continues to embrace globalization, immigration has become a complex issue that is faced by many companies when relocating employees. Delays in visa applications and immigration compliance continue to shift as technology changes and better tracking systems become available. Relocation Management Companies (RMCs) work closely with their immigration partners to stay abreast of complicated global changes.
TRENDS: Auto Shipping Forecast
In addition to shipping household goods, many relocating employees need to ship a vehicle to their new location. In the US contiguous states, autos are typically shipped via transit trucks, which makes the industry susceptible to economic shifts, such as higher gas prices. Relocation Management Companies, like NuCompass, work directly with vetted auto shippers at contracted rates and are able to protect corporate clients and their transferees from many of these rate increases.
Data Security and RMCs
In 2023, it is clear that data security and privacy are a crucial part of any business landscape. While there are many choices when selecting software or security options, there are core concepts that are needed across all companies and their vendors. When choosing a Relocation Management Company (RMC), there are four tips to consider in data protection:
Industry Trends: Household Goods
As we launch into 2023, it is important to review key relocation data from the prior year in order to make informed decisions. Earlier this month, we reviewed the top trends for housing, which had been largely affected by the economy. Now, let’s take a look at the top three trends in household goods, which appear to hold a better outlook for the new year:
Customer Service in Today's Environment
Throughout our 50 years in business, NuCompass has learned that communication with transferring employees is the most crucial aspect of our customer service process. This begins in the first conversations with transferees by outlining all policy components, setting expectations, providing realistic timeframes. Invariably, challenges occur during the course of a move, and the high-touch customer service provided by our Consultants can improve the transferee’s overall satisfaction.
Industry Trends: Housing
As we look at the latest trends in housing and temporary living, we find that many companies are planning for continued improvements in their relocation programs and are optimistic for the new year. Here are some of the key findings in 2022: