EVANSVILLE, Ind.--(BUSINESS WIRE)--Leading national mover Atlas® Van Lines launched its 57th annual Corporate Relocation Survey today, illustrating that relocation volumes and budgets continued to increase in 2023 and that most companies anticipate further increases in 2024. With several positive economic trends in 2023 (decreased inflation, increased job creation and workforce participation), companies anticipate their financial performance and the state of the global economy will continue to improve in 2024.
Atlas’ Corporate Relocation Survey is the industry’s first and longest-running deep dive into corporate relocation policies and practices. For the analysis, 575 firms participated and are categorized by size:
- Small: Fewer than 500 employees (31%)
- Midsize: 500-4,999 employees (55%)
- Large: 5,000+ employees (14%)
Key findings include:
- 70% of all companies reported an increase in the overall number of employees relocated in 2023, a 2-point increase from 2022.
- 64% of companies reported an employee declined the opportunity to relocate in 2023. Safety and family drove these declined relocations.
- 1 in 3 companies reported company growth as a factor in relocation, an increase of 5 points from 2022.
Employee Needs and Preferences
Overall, the volume of relocations did not change significantly in 2023 compared to 2022, suggesting that relocation trends have begun to stabilize from historic lows due to the COVID-19 pandemic in 2020. Relocations appear to be becoming more common, increasing overall from 2022-2023, a trend we have seen year over year since 2020.
Safety and family drove declined relocations in 2023, with 35% of companies reporting employees declined relocation due to safety concerns, 34% due to family issues/ties, and 30% due to a lack of spousal/partner assistance. Companies relocating employees internationally were more likely to report that safety concerns resulted in declined relocations at 44%.
Domestically, family ties and the needs of the trailing spouse/partner reflect the financial pressures of U.S. households due to the state of the economy and inflation—despite general improvement overall, Consumer Price Indexes and the cost of living reflect that employees have not yet felt the impact of decreasing inflation. This corroborates findings from the Pew Research Center where dual incomes are likely inflexible for many households, especially with 61% of the workforce unable to work using hybrid or remote models, making them unable to relocate without finding a new job.
These needs set the stage for companies to consider nonstandard relocation assistance policies. Most companies (36%) offering nonstandard assistance incentives or benefits “almost always” encouraged relocation. The three most offered nonstandard benefits were relocation/sign-on bonuses, guaranteed employment contracts for a specified length of time, and cost of living adjustments.
Company, Economic, and Technology Growth
Company growth was the number one internal factor impacting relocation in 2023, a likely side effect of overall economic improvements during the year. One in three companies cited economic conditions as the leading external factor impacting relocation, spurred by a decrease in inflation and an increase in job creation in 2023.
The U.S. labor force saw a significant increase in workers last year, with the number of men in the workplace normalizing to pre-pandemic levels and the number of women surging from lows in female workforce participation in 2020. At the same time, a need for more qualified people ranks as the second most impactful external factor on relocation for all companies (27%). Although the percentage of companies that reported difficulty finding qualified people is at its lowest since the 1990s, quit rates, skill shortages and job openings remained challenges for employers.
With the rapid growth of artificial intelligence (AI) over the past year, Atlas added “emergence of artificial intelligence technology” as an option for internal factors impacting relocation for the 2023 survey. The survey found that 70% of respondents noted they are knowledgeable of AI applications within human resources and 65% already use AI in human resources processes. Most respondents (85%) agree that AI will have a major impact on the workforce over the next five years, though they are split when asked whether they worry AI could take their jobs over the same period.
For this year’s complete survey results, visit the Atlas Van Lines Corporate Relocation Survey results online at https://www.atlasvanlines.com/resources/corporate-relocation-survey/2024. A complete report booklet of critical findings, charts, and the comprehensive survey is also available for download here.
About Atlas® Van Lines
Atlas Van Lines, Inc., a national moving company, is the largest subsidiary of Atlas World Group, Inc., an Evansville, Indiana-based company. Atlas World Group companies employ nearly 800 people throughout North America. Nearly 350 Atlas interstate moving Agents in the United States and Canada specialize in corporate relocation, household moving services, and in the specialized transportation of high-value items such as electronics, fine art, store fixtures, and furniture. For more information, visit www.atlasvanlines.com.
