In the first couple months of 2023, over 400 tech companies laid off employees, including Meta, Google and Twitter, who collectively laid off over 26,000 employees in the U.S. alone. As tech companies continue these layoffs, a significant number of highly skilled talent are re-entering the job market. Companies looking to hire in any industry can respond to this influx of people looking for work with a solid employee mobility program that offers stability and the ability to more effectively hire employees from across the country – and the world.
Considering high inflation, a potential recession on the horizon and the economy still feeling the effects of the pandemic, people are understandably worried about the future and how their jobs could be affected. According to the 2023 Randstad Workmonitor report, 52% of employees are worried about the impact of economic uncertainty on their job security. Younger workers seem to be bearing the brunt of these anxieties, with Forbes noting that the percentage of Gen Z employees reporting anxiety about potentially losing their job due to the economy had increased by 10% between 2022 and 2023.
Businesses that are less impacted by market fluctuations have the opportunity to lean on their trusted corporate moving partner to help reduce concerns and provide stability to current employees, as well as respond to the wave of talent “open to work.”
With a portion of the labor force already impacted by these layoffs, there are a lot of highly skilled talent looking for employment and many may be willing to relocate for the right opportunity. Additionally, as economic instability leads to a rising cost of living, particularly in cities that have been disproportionately impacted by tech layoffs like San Francisco. Working with a corporate moving partner gives businesses the ability to help these employees relocate for a new opportunity and create a positive first impression.
Having a great corporate moving partner allows companies to expand their hiring radius, giving them access to a larger pool of skilled candidates. It also gives a boost to the recruiting team as relocation benefits can be very attractive to prospective talent. Relocating can be a stressful experience, particularly for employees who are managing the needs of multiple people in their household during a move. Offering relocation support to your new hire and their family can set them up for success and help them focus on their new role.
Employee retention is a top concern for businesses looking to create stability amidst economic uncertainty. Working with a corporate moving partner can help your company boost morale and engagement by providing support and opportunities to your existing employee roster.
Keep employees engaged with temporary relocation opportunities, support their career advancement by giving them the ability to easily move for promotions or support them through stressful times that may require them to move for personal reasons. Reducing the stress and guesswork that comes with moving and providing relocation opportunities for those seeking a new adventure can help your organization improve employee retention and continue to attract quality talent.
Allied Van Lines has 95 years of experience helping our customers navigate uncertain times. Since 1928, our national network of agents have supported companies and individuals through life’s biggest changes by providing safe, simple and stress-free moving services. Whether you’re relocating one employee or 300, we’re your source for all things corporate relocation. Learn more.