Corporate relocations, on average, cost $70,000 – $100,000 (U.S.) per employee. And the cost varies considerably whether or not home ownership is involved. How will your company’s investment in relocation pay off? Experts say much depends on your attention to the wellbeing of your relocating employees and their families.
But first, what does success look like in relocation? Or in other words, how do you measure a positive ROI? Many employers measure their relocation success in conjunction with specific business goals – such as expanding their services and products into new geographic markets. Others measure success by how quickly they fill open positions with quality talent.
Another key metric is retention. Does the employee complete the two- or three-year assignment?
Given the high cost of relocation, the stakes are high. What are the risks if corporate relocations fail?
Providing a relocation coach is one of the most successful measures employers can take to mitigate the risk of relocation failure. That’s because relocation coaches address both the wellbeing of relocating employees and their families. Studies show that when the spouse partner is unhappy and/or out of work in the new location, the relocation is often doomed. Relocation coaches — among other benefits — provide job search support to the non-employee family members. And the good news is that relocation coaching costs very little relative to the overall cost of a move.
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. 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. A relocation coach that provides integration assistance addresses these needs.
New Location Integration is comprised of coaching as well as other resources to positively transition employees and their households into a new community. 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
A Harvard Business Review study3 reports that 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
Wellbeing and trust go hand-in-hand. An employer’s demonstrated focus on wellbeing builds trust. Such a commitment to wellbeing signals the employer’s devotion to their duty of care.
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?