The last few years have seen a staggering amount of change. As we continue to settle into our new normal, we can start to forecast what the next year will bring and how relocation will be impacted.
Here are three corporate moving trends we anticipate seeing in 2024.
2023 has seen a significant increase in the popularity and usage of generative AI – we even shared a blog highlighting how it can be used to enhance businesses’ corporate relocation programs. Looking forward to 2024, all signs point to AI’s continued rise as more organizations and industries embrace the emerging technology.AI can be strategically used to streamline the corporate relocation process and make it easier for both your HR team and the moving employees. Some ways your organization can incorporate AI into your 2024 corporate relocation strategy include:
AI isn’t a substitute for employees, but should, instead, complement and boost their work. AI is not without its flaws and the coming years will likely see an increase in usage guidelines and legislation. However, businesses can still find ways to use the technology without sacrificing human expertise. Your corporate relocation program is one place where using AI tools can make a major difference in productivity, time utilization and simple communications.
Mortgage interest rates are at the highest they’ve been in over 20 years – with experts estimating it will return to 6.1% by the end of 2024. This, paired with increasing rent prices, means we can expect to see fewer moves in 2024. Though the number of moves may decrease, corporate relocations will remain.
Since the cost of moving has increased, organizations can respond by strengthening their relocation program and offering additional support. This can help address and alleviate concerns from employees who are deciding to take that leap in 2024. To do this, employers can:
A recent Resume Builder survey found that 90% of companies will return to office (RTO) by the end of 2024. Many organizations are moving away from the pandemic-fueled exodus from the office and returning to either fully in-person or hybrid work arrangements. Increasing RTO policies may precede a bump in employee relocations as some remote employees may move close to the office.
Businesses may also consider moving their office locations to be closer to employees. Office relocations from larger cities to more affordable suburbs could have benefits for both businesses and employees alike, as the former can benefit from lower tax rates and reduced employee turnover rates and the latter can enjoy a shorter commute. 2024 will see some push and pull as organizations and employees navigate RTO policies to find the best solution for their needs.
Allied Van Lines has been a leader in corporate relocation since 1928. We’ve stood strong through 95 years of change and walked with our clients through it all. As we face another year of big changes, you need a stable partner who can offer expert support and quality service. In our constantly changing world, one thing’s certain: Allied knows relocation. Learn more.