As a new decade brings a new set of corporate priorities, companies that embrace the relocation trend will be able to meet the longstanding ambitions of previous years, says Paul Bennett
For many, the world of work can be neatly defined by generational traits. The early 2000s were all about working harder; meeting the demands of a hyper competitive, 24/7 jobs market. The next decade – powered by an influx of technology – was about working smarter; boosting productivity and helping employers to do more with less. And, although we’re only just into the 2020s, it’s fast becoming defined by the desire to improve wellbeing, or simply put, to ‘work happy’.
‘Work happy’ isn’t entirely new. Some of the most trailblazing companies, like Google and Amazon, have already hired Chief Happiness Officers, tasked with increasing employee satisfaction. And for many, it’s becoming a pressing boardroom priority, particularly given the wholly unexpected workplace changes brought on by the COVID-19 pandemic and the resultant impact on employee wellbeing at all levels.
Indeed, while turning our kitchen tables into workstations and establishing a working from home routine has undoubtedly been challenging, it has also improved work/life balance and allowed us to spend more time with our families. It’s understandable, then, that employees want to retain these benefits going forward.
According to research from Bupa Global, for example, more than half of global executives don’t plan to return to the same fast pace of life following the pandemic – instead choosing to spend more time with their families, as well as ditching lengthy commutes wherever possible.
Instead of the ‘work from home’ mindset necessitated by the pandemic, a ‘work from anywhere’ strategy could pay dividends for employers in the years ahead and offer a permanent boost to that all-important employee happiness. A litany of companies – from Facebook to Reddit to Twitter – think so too, and have already committed to a remote-first future. Organisations will give their employees the opportunity to work remotely if they want, but also have access to office space if required. But how can businesses best support their employees as they make this transition, and how can they ensure the move is one that works out over the long term?
Work from anywhere as a long-term investment
Companies have recognised that employees can be productive and focused when not in the
office, and in many instances, even more so. A pre-pandemic survey found that 65 per cent of US professionals felt they would be more productive working remotely than in a traditional office. Viewed in this context, it’s no surprise that productivity has remained stable or increased during the pandemic.
It’s equally unsurprising to see employee relocation emerge as a growing trend – whether that’s staff wanting to be closer to family, or taking the opportunity to explore new cultures further afield.
Demand for relocation is high among employees, particularly since the pandemic, but is increasingly being encouraged by employers who can see the underlying business benefits enabled by allowing employees to work where they feel most comfortable. And while COVID-19 has been a catalyst for change, the savviest employers aren’t looking at this as a short-term exercise, but as a longer-term strategy to support recruitment, staff retention and ultimately, stronger performance. Indeed, as well as keeping existing staff happy, embracing a work from anywhere (WFA) model means that employers have the chance to access candidates from a more geographically diverse talent pool.
The pervasive nature of the relocation trend is reflected in market forecasts too: the global employee relocation management market — valued at $29 billion in 2017 — is set to grow by 3.3% by 2024.
Providing a full package
Because it’s a long-term strategy not a short-term tactic, many employers are looking beyond the basics when offering assistance for employees who want to relocate. For example, some companies have recruited to meet this need, employing a ‘head of remote’ to ensure that remote working and broader relocation is supported and fruitful for both employers and employees.
The priorities for employers include ensuring that staff are tax compliant, that they aren’t at risk of establishing a Permanent Entity and that their employees have a right to work where they’re newly based. Once those requirements are taken care of, and immigration and tax is sorted, they can take care of the more pastoral aspects: making sure that employees are settled, have a good space to work and that their move involves minimal stress. Where once it might have been enough to help with accommodation costs or to provide an open relocation fund, employers are now thinking more holistically about what is involved in relocation – examining and providing support for things like finding accommodation or helping them to find suitable schools for employees’ children: all the additional things that can help when it comes to moving away from home and settling somewhere new.
This longer-term oversight of employee relocation is where digital tools can really pay off. Fully digital relocation solutions give corporate clients’ HR teams real-time insights into how each employee is progressing with their relocation along with accurate data on the cost of living in different areas. They also get insight into the number of days spent in each tax jurisdiction; insight into where their employees are living; and insight into the total cost of their move.
Over the next five years, we expect to see companies offering far more flexibility in terms of where and how they ask employees to work. For the first time, millions of employees will have the opportunity to think about where they’d most like to live. And our bet is that, as employees focus on what it really means to ‘work happy’, we will see a mass migration of service-based workers as the barriers to relocation are eroded away.
Alongside this, we’re going to see more companies investing in consultants, technology and strategies to make relocation possible as a strategic business imperative, not just a ‘nice to have’ for certain favoured employees.
As a new decade brings a new set of corporate priorities, companies that embrace the relocation trend will be able to meet the longstanding ambitions of previous years too. Businesses who operate in many regions can ultimately work harder for their customers (remember that ambition of the 2000s). And staff who are afforded the ability to work away from the office feel more productive (‘working smarter’, as we called it back in the 2010s).
But above all, embracing relocation brings us up-to-date and sets a platform for future growth and prosperity, allowing employees to choose where they work and delivering to that all important ability to ’work happy.’
Paul Bennett is co-founder of Perchpeek, the AI-powered relocation agent. Perchpeek provides an end-to-end relocation service for a new generation of relocators – those who can work from anywhere – as well as helping some of the world’s top companies attract and retain top talent.
