We recently revealed the results of our relocation program survey findings in the annual benchmark report. The survey responses were gathered earlier this year, but Runzheimer’s expertise in the relocation industry extends much farther than that. Our history in the relocation space goes back to 1966 when we developed the idea to use our data to compare the costs associated with living in different areas across the country - known today as Cost of Living. Since then, we have developed best-in-class products and corporate relocation services to help organizations make moves smarter and more effective.
With the release of the 10th edition of the Runzheimer Workforce Mobility Benchmark Report, there are some important findings for both relocation management companies and relocation managers within organizations. Here are 4 of the biggest takeaways:
1) 61% of relocations are renters compared to 39% homeowners – Renter relocations became more common after the economic and housing market crash of 2008. Since that time, many experts believed that this trend would return back to levels before that major event, however, our data suggests that the trend is in a holding pattern for now.
2) Most Cost-Of-Living Allowances (COLA) are paid over 3 years – While there are a variety of different COLA payment methods, the traditional 3 year declining payout of 100% in the first year, 67% in the second, and 33% in the final year remains the most common.
3) Homeowners are more likely to receive COLA than renters – Not only do more companies provide COLA benefits to homeowner policies, but also the ratio of positive cost-of-living reports is higher for homeowners than renters.
4) 29% of organizations have a full-time employee whose sole responsibility is overseeing their relocation program – in comparison, 69% of those who own the relocation program, also have other HR functions as a part of their job. Two percent have additional finance responsibilities.
This year’s data mainly focused on the difference between homeowners and renters, and how Cost-of-Living Allowances are paid. Runzheimer continues to be the gold standard when it comes to Cost-of-Living and Lump Sum Allowances, and our data, along with our expertise, makes us the leader in the marketplace.
Want to see the full report? Request a copy here, and see how your own company stacks up.