I have to admit, I was pretty shocked when I saw this stat from a recent study by Porch1.
“…1 in 4 people who move for work ultimately regret the decision.”
Said another way, 25% of job relocations don’t work out. Yikes!
Corporate relocation is an estimated $25 billion a year industry. At a 25% failure rate that’s $6.25 Billion a year companies waste on failed moves. And that doesn’t include employee turnover costs.
Reducing the relocation failure rate by just one percent would save corporations $250 million a year. That’s enough money to stock the break room to the brim with organic snacks to keep those flakey millennials from job-hopping every 2 years.
All jokes aside, this is an expensive problem without any easy answers.
So, as natural problem solvers, we looked at all the relocation survey data we’ve collected over the years to see if we could come up with any ideas to address this problem.
We found some interesting insights.
People regret their moving decisions for a lot of the same reasons
Over 75% of respondents to our post-move survey said they regretted their relocation for one of these 5 major reasons.
- Partner disputes: 32%
- Loneliness: 17%
- Job satisfaction: 14%
- Too far from family: 8%
- Cost of living: 6%
*data collected via a 1 year post-move survey on 521 participants
So that got us thinking, what if we created a tool to help people think through these aspects of their relocation prior to making a decision.
And from these conversations, today we’re launching our Should I Move For Work? online tool.
For people considering relocating for work, this tool will help them think through all aspects of their relocation and make sure they’re making an informed decision.
The tool even gives a confidence score at the end so people can spot aspects of the relocation decision that they need to think more about.
Sources Porch Study