Relocation Remains an Integral Part of Business StrategyLynn Shotwell, GMS - Nov 16 2022
2022 U.S. Domestic Permanent Transfers: Volume & Cost Survey shows transfers stable despite rising costs.
Rising interest rates, high demand for limited housing inventory, and persistent labor shortages dominate the headlines. Despite this “perfect storm” of challenges confronting the global mobility industry today, our 2022 U.S. Domestic Permanent Transfers: Volume & Cost Survey found that employer demand for domestic relocations has been strikingly consistent. The steady volume of transfers despite these difficult conditions reinforces the importance of mobility as a vital part of companies’ business strategy.
Reaching out to our corporate members earlier this year, the survey asked participants to detail the number of, and average costs associated with, their U.S. domestic permanent transfers in 2022. Their responses provided a snapshot of employee relocations throughout the United States, as well as information on the shifting costs of the specific transfer benefits that employers are currently offering.
The results found that, though the average total costs of domestic transfers have hit an all-time high, the actual volume of such transfers has remained stable, and companies are even projected to increase employee transfers by 5% in 2023.
For a more in-depth look into our results, as well as a breakdown of the average costs for specific benefits that respondents are providing for their employee transfers, you can find the full report on our survey.
Bottom line, in the face of headwinds, talent mobility remains—and will continue to be—integral to business strategy.