Relocation News and Trends
NuCompass keeps you up to date with the latest relocation trends and mobility news.
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Spotlight: 5 Key Questions about Policy Consulting
Many organizations consider their employee relocation program to be an essential part of their overall talent management plan. Since having the right relocation policies in place can help attract and retain key employees, we talked with Laura Heinlein, Senior Director of Client Relations at NuCompass, to get her views on policy consulting.
Assistance for the Relocating Family
Companies focus their relocation policies on employee needs, of course, but it is no surprise that the needs of spouses, partners, children, and pets should also be considered during the moving process. By offering the right set of destination and ancillary services, you can ensure a successful arrival and acclimation to the new community for the employee and their accompanying family members. NuCompass Vice President of Global Operations, Lorrie Kaiser, suggests that in addition to standard Destination and Settling-In Services, Spouse/Partner Assistance, Cross-Cultural Training, and Language Training are important areas to consider when transferring an employee to a new area.
When evaluating relocation management companies (RMCs), it can be challenging to determine if they have the capabilities to create a high-value partnership with your organization. A traditional RFP scorecard evaluates an RMC's baseline capabilities to manage services. However, using a “High-Value Partnership Scorecard” can help you identify extraordinarily well-managed RMCs, leading to the selection of a provider that possesses the capacity and vision to provide increasing levels of value to your company year over year.
Hybrid Work and Global Mobility
Right now, flexibility is key in recruitment and talent retention, leading many companies to move towards a hybrid work schedule to accommodate this shift in the workforce. A recent study anticipates that 39% of knowledge workers will be hybrid by the end of 2023 (Gartner). Another study found that 74% of U.S. companies are using, or plan to use, a hybrid work model to offer their employees flexibility and reduce office space (Zippia). The shift to a hybrid model is expected to lead to changes in the global mobility sector as well.
Celebrating 58 Years!
When a company reaches a milestone like its 58th Anniversary, there is good reason to celebrate. After all, many companies established in the 1960s no longer exist! As we celebrate, we’ve taken a moment to reflect on our ability to grow and evolve over these six decades – we’ve definitely seen it all!
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.
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.