Relocation a Key Consideration for Business Leaders

While many business leaders continue to grapple with a variety of challenges, new research reveals that a rise in remote work has employees on the move.

Oasis, a Paychex company offering HR solutions, surveyed 300 leaders of small- to medium-sized U.S. businesses for their Priorities for Business Leaders report released today. The survey explores the changes business leaders are facing because of the COVID-19 pandemic, such as stress, engagement, and productivity. While many business leaders continue to grapple with these challenges, the survey also found that a rise in remote work has employees on the move.

Remote Work and Relocation are Here to Stay

The survey found that sixteen percent of business leaders indicated at least one of their employees moved due to the pandemic, with 3% moving to a different state. Business leaders also moved, with 13% revealing they had moved due to the pandemic. The pandemic along with the rise in remote work has presented an immense opportunity for workers to consider relocation, with additional research from last autumn revealing that between 14-23 million households intend to move, citing the growing acceptance of remote work across the country. When combined with data from those who are moving regardless of remote work, that survey found that near-term migration rates may be three to four times what they normally are.

Additionally, the Oasis survey found that twenty-six percent of leaders said hiring remote workers has become a higher priority now for their business. With this rise in remote hiring and employee relocation, employers will need to be aware of remote work considerations, such as tax compliance for those working in new locations. Employers, HR, and mobility professionals will also likely need to incorporate virtual hiring solutions to keep recruitment running. Such remote work and hiring considerations will depend upon the knowledge and skills of HR and mobility professionals adept at navigating this new normal.

The Challenges Facing Business Leaders

Additionally, the survey found that the three main challenges facing business leaders today are attracting and retaining talent, offering strong compensation and benefits packages, and developing employees to be future leaders. Key findings included:

• Stress is on the rise: 61% of business leaders said their general stress level is higher than before the pandemic, with 21 percent feeling “much more stressed.”
• Productivity and engagement are top priorities: 47% of respondents said that keeping employees engaged and productive is a higher priority now than it was at the start of 2020, with 16 percent reporting it is a “much higher priority now.”
• Employee benefits gained heightened attention: Business leaders intend to focus more on employee benefits in the year ahead, with 36% reporting that “improving our employee benefits is now a higher priority” than it was before the pandemic.

Health and wellness as well as productivity and engagement continue to be top of mind for executive leaders and those in the mobility industry. If the past year has taught us anything, it is that mental health is of utmost importance, leading to a heightened awareness of the need for wellness programs and holistic approaches to health. Employee engagement also continues to be key for employers cultivating a positive employee experience. With business leaders looking to the future, tapping into the expertise and skills of mobility and HR professionals will be key to overcoming the challenges of the future of work. To learn more about the future of work and the new era of relocation, subscribe to Mobility magazine and read all about the A to Z of new relocation in our newest issue. Check it out!