The paradigm of relocation for Early Talent (in internships, new college hires and recent hires) has dramatically changed in the past several years due to a combination of nationwide trends and business relocations.
The following are key Impacting Factors that will continue to shape the relocation needs of Early Talent for the coming year 2015.
Impacting Factor 1: Early Talent continues to need more help than the general public. Due simply to early talent having no or limited previous experience with relocating and basic setup procedures for housing, they continue to need more help in exploring new areas, setting up housing and other lifestyle setup items related to their new area. By “More help” this is meant to mean in relation to the general professional workforce, which has previous experience in “setting up house”, etc.
Impacting Factor 2: Talent continues to move to the Southern US for new positions. As more companies continue to relocate their headquarters to Southern states, relocation services are still needed for these areas more than any other.
Impacting Factor 3: Relocation to less urban areas continues. Due to the impact of industries such as energy, the need for relocating to less urban areas continues steadily.
Impacting Factor 4: Continued growth of Internet/Cloud Resources to provide information about new areas for relocation. The amount of information available to Early Talent about relocating to new areas is increasing, due to the proliferation of new sites and services. The need for expert information filter for these various sites also continues.
Impacting Factor 5: Lump Sums as Primary Relocation Benefit Grows Stronger. Leading university recruiting teams are increasingly providing a lump sum as the primary, if not only, benefit for Early Talent to relocate. For interns, this might take the form of a monthly or one time housing allowance. For new college/recent college grads, this takes the form of a single sum. Early Talent has incentive to save this lump sum and will therefore use funds perhaps more sparingly than normal.