According to a report by Challenger, Grey and Christmas released in August, relocating for work related purposes has significantly declined over the past decade. In 1980 a third of job seekers were willing to move their life for the right opportunity, but now only 11 percent of job seekers actually relocated for work.
This year, only 10 percent of people relocated for work purposes, which is very in line with the first 2 quarters for 2017. The relocation rates for jobs was up 16.5 percent in Q3 of 2017, which was the highest percentage since Q2 of 2009. The relocation rate then dropped to 7.5 percent in Q4, which brough the annual relocation rate to 11.2 percent.
Challenger, Grey and Christmas Vice President, Andrew Challenger comments on the reason for this possible trend.
“The dot-com bubble that left companies flush with cash in the second half of the 1990s, allowing them the potential to offer generous relocation packages to attract talent, burst in 2000. That burst led to an increase in job cuts nationwide, and this period seems to delineate the end of the relocation trend. As companies found themselves in cost-cutting mode, it seems many chose to find local candidates and spare the expense of relocation reimbursement in the years following.”
In 2000, the relocation rate was as high as 22.9 percent annually. Since 200, the average relocation rate has hovered around 12.7 percent.
The relocation rate of 10 percent is 72 percent lower than in the mid-to-late 80s, when the annual relocation rate from 1886 to 1990 was at 35.2 percent.
As your preferred mover, we understand and respect how this shift changes the way we service our customers and want to continue to understand what motivates our customers to move or stay put. If you are considering a move for family, lifestyle or job-related reasons – our team at Red’s is always ready to help you make the next step in your life a reality.
Visit our website for a free, no-obligation moving quote and let us help you make your next transition an easy and smooth one.
To read the full report, visit The Challenger Gray website.