Housing Shortage Effect on Global Mobility
Global mobility may stall in 2017 as a housing shortage has reached record levels and the movement to return employment back to the U.S. takes hold.
Many of us are aware that those companies, who embrace global mobility as an integral part of talent attraction and employee retention, have more in their marketing and talent acquisition toolbox to offer.However, even those companies heavily invested in global mobility programs, may experience difficulties with implementation given the housing market and the availability and affordability of nearby real estate.
It’s problematic. Unfortunately, leaning on relocation services may not solve a supply problem and Talent Acquisition Managers may find themselves engaged in resolving accommodation challenges, more so than ever before.
Why Millennials value global mobility
The corporate commitment behind global mobility varies by industry market dynamics and demand, yet regardless of economics, employees weigh opportunities for personal growth and career development within their decisions. Young talent, long on education and short on experience, view international assignments as essential to building skills for future success.
In particular, Information Technology Talent Acquisition Managers, looking to attract highly skilled Millennials, known for their work to live, experience and explore and their quest for a luxury lifestyle, find themselves embroiled within a talent war.
Talent hot spots and housing supply
The busy corridor between Waterloo, Ontario and San Jose, California, travelled by fresh University of Waterloo technology undergraduates, is teaming with young recruits searching for bike-to-work affordable real estate on an intern salary.
Despite recruitment efforts and partnerships between universities and Talent Acquisition teams, promoting dazzling, energetic, and fun employment opportunities, the reality prevails – affordable housing is hard to find. Assisting employees’ relocation efforts assigning traditional agencies and relocation service providers, may have worked in the past, but with a supply shortage, realtors can only do so much.
Cost pressures to reduce international assignment costs
According to BGRS, 2016 Global Mobility Trends for the Information Technology Industry 75% of those surveyed, reported a mandate to reduce mobility program costs.
This expense control measure makes it even more challenging for Talent Acquisitions Managers to compete for high skilled employees within a small talent pool. Pressure to find creative means to support global mobility, particularly given our housing shortage, is high.
Simple supply solution to reduce mobility costs and increase relocation success
Rulisting.com is the only known platform that enables buyers or renters to connect with homeowners before listing on the open market. Further, it offers employees the opportunity to buy or rent from other employees internally, without involving realtors in the process.
With the National Association of Realtors reporting that 87% of home buyers used a real estate agent, yet only 33% of buyers stated the agent found the home they ultimately purchased, RuListing.com helps support buyers finding their own home independent of the traditional process.
Offering new recruits options to sourcing their own real estate is essential to relocation and recruitment success. Rulisting.com is innovative real estate technology that can enhance employee relocation efforts, effectively offering more housing options outside of what’s listed for sale, putting more housing within the supply chain. RuListing is a free supplement and, if your employees source accommodation independently, can replace realtor fees, thus reducing corporate relocation costs.
Future of housing and global mobility
A housing shortage and accommodation issues are at the forefront of Global Mobility and the success of employee relocation programs. Millennial’s face housing supply issues domestically and value the personal touch from those companies who offer progressive home search alternatives and solutions.