Before the pandemic, relocation assistance was on the decline. That trend is flipping; relocation benefits were up 75 percent as of February, and ZipRecruiter recently saw job ads offering relocation assistance double to 3.8 million.
Work relocation benefits exceeded companies’ expectations, according to 584 organizations recently surveyed by Atlas Van Lines. More than 50 percent expect their relocation budgets to increase in 2023 as they did in 2022, according to the Journal.
It can be expensive to relocate an employee, according to ARC Relocation, which works with companies to do so. The average cost of relocation is $19,000 for a renter and $72,000 for a homeowner. For existing workers who move to take new internal roles, the price tag can climb higher depending on seniority: around $24,000 for a renter and $97,000 for a homeowner, the Journal reported.
However, many organizations are willing to pay the price for in-office culture and collaboration — even paying remote hires made during COVID-19 to drop anchor near their headquarters. Walmart, Colgate-Palmolive and Chevron are among the big names expanding relocation benefits.
