RELOCATION VOLUME + BUDGETS
Highlights:
- 68% of companies reported an increase in overall number of employees relocated in 2022, a 7 point increase increase from 2021. This is a larger increase than most companies predicted would take place from 2021-2022 with only 59% of companies anticipating growing relocation volumes in 2022.
- 64% of companies reported an increase in 2022 relocation budget allocation, a 6 point increase from 2021.
- 51% of companies reported an increase in international relocations, the lowest increase at only 2 points from 2021.
- The most common volume of relocations relocated was 100-199 employees relocated (19% of companies).
- Despite around 1 in 3 companies reporting declined relocation increases compared to 2021, these declined relocations also occurred at the same general rate as past years (around 67% of companies reported declinations in 2022, compared to 68% in 2021).
- Despite year-over-year increases, companies can expect 2023 to bring familiar challenges due to The Great Resignation, economic conditions, and labor shortages.
- Around 2 in 3 companies (60%) anticipate an increase in the number of employees relocated overall in 2023. This is demonstrably more optimism than was demonstrated last year, with only 52% of companies expecting an increase in 2022.
- 58% of companies anticipate budget increases in 2023.
- 1 in 2 companies (50%) anticipate an increase in relocations internationally in 2023.
Overall, 2022 and expectations for 2023 look positive. However, it is critical to keep in mind that the world is not the same as before the pandemic, and many changes (such as telework/remote work) are here to stay, changing the norms of corporate relocation.