Corporate relocations, on average, cost about $70,000 – $100,000 (U.S.) per employee. This depends upon whether home ownership is involved. How will that investment pay off? A strategy to maintain your employees’ wellbeing at work is critical to your success in managing mobility investments. Many employers measure the success of their corporate relocation programs in conjunction with specific business goals – such as expanding their services and products into new geographic markets.
Or, leaders measure success by how well they fill talent gaps. What are the risks if the corporate relocations fail? What if the employee quits prematurely? The stakes are high. Is your organization taking measures to mitigate those risks? Are you gauging your relocated employees’ wellbeing?
Corporate Relocation & Wellbeing at Work
According to a 2021 Future Workplace study, improving employee wellbeing is critical to developing workplace resilience and is growing in demand. The study reveals:
- 68% of senior HR leaders rate employee wellbeing and mental health as a top priority.1
- 71% of job seekers expect prospective employers to offer wellbeing and mental health benefits.1
- Many employees – especially singles – who relocate for work report feeling lonely and left out.
Employees who relocate expect a relocation package with benefits that addresses their overall wellbeing — including their practical, social, and professional needs. They are uprooting themselves and likely a family for a new location, after all. To ensure wellbeing at work during corporate relocations, employers must address the needs of whole person and the whole family. This extra care for everyone’s wellbeing doesn’t only benefit the employee – it also benefits your company.
New Location Integration Assistance during Corporate Relocations Helps Drive Performance
Positive wellbeing at work leads to consistent and productive performance. A person’s wellbeing is improved when they feel connected (both socially and professionally) and are involved in things that interest them. Integration assistance addresses these needs.
New Location Integration is comprised of coaching and resources to implement a strategy to positively transition employees and their households into a new community during corporate relocations. IMPACT Group’s research shows that this assistance has a direct tie to boosting performance and wellbeing at work. In fact, when employees receive New Location Integration assistance, they report:
- 75% are highly engaged after the move
- 73% are more productive at work2
Another benefit for you: Companies with high employee morale significantly out-perform their peers in both bear and bull markets, as reported in a Mercer Marsh study.
Prioritizing Wellbeing at Work Enhances Trust & Retention
Duty of care is a key factor in building trust. In fact, high levels of trust will go a long way for your company. A Harvard Business Review study3 reports business-changing stats on this. Employees at high-trust companies report:
- 106% more energy at work
- 76% more engagement
- 74% less stress
- 50% higher productivity
- 40% less burnout
- 29% more satisfaction with their lives
- 13% fewer sick days
In addition, creating a focus on wellbeing reinforces your commitment to your employees. It also improves staff retention. Companies are already combating higher turnover rates during corporate relocations. Fulfilling your duty of care by acknowledging wellbeing increases the employee and family’s ability to feel at home again quickly. Likewise, it empowers them to process through change. When they fell settled and satisfied, they are more likely to stay with you.
Expand Your View of Wellbeing during Corporate Relocations
Wellbeing is essential to your employee experience. Benefits must align will all aspects of an employee’s life – especially during corporate relocations. To reduce turnover and to maximize the potential of your relocated employees, be sure to prioritize the whole person during relocations. New Location Integration assistance enables you to do just that.
Employers who manage a high volume of successful corporate relocations offer employees the extra benefit of working with a relocation coach — an expert in relocations — to help them settle in. These services are modestly priced, but are well worth the investment because they help ensure a successful relocation. What does working with a relocation coach look like?