Executives on the March as Relocation Hits Three-Year High

When undertaking a job search, one of the first things you have to consider is relocation. Are you willing to make a move for the right career move? As we have

blogged about in the past, relocation can make an executive candidate an attractive commodity, especially if they have a unique skill set. With times as tough as they are, executive job seekers are hitting the road, even when it means uprooting the family.

 

According to new data released by Challenger, Gray & Christmas, the global outplacement firm, 18.2 percent of job seekers are finding new employment through relocation in the second quarter this year. This is up 14.3 percent from the first quarter of 2009 and up from 11.4 percent for the same quarter in 2008. The last time the job-seeker relocation rate was this high was in the second quarter of 2006. 

The speculation is that the desire to get back to work is outweighing the risks of the current risky job climate and the potential losses associated with selling your home.  The housing market also has an impact on areas where there is job growth. According to the data, 20 metropolitan areas had unemployment rates below the 5.0 percent in May (when the national average was 9.1 percent). These cities include Bismarck, North Dakota (3.5 percent); Iowa City (3.7 percent); Ames, Iowa (3.8 percent); Lincoln, Nebraska (4.2 percent); and Manhattan, Kansas (4.4 percent). These cities were not affected by the real estate boom, since their real estate prices were not inflated, and many are tied to major universities, which are great job generators.

But even with the rise in relocation to 18.2 percent, the rate is still low compared to the all-time high of the 1980s and 1990s. In 1986 the quarterly relocation rate hit 42 percent, and in 1993 it averaged 35 percent with an all-time high of 49.2 percent. What’s changed? Well urban economies have been diversifying, and growing, so you no longer had to relocate to find work in your field. And the advent of the Internet has not only made it easier to look for work out of town, but to actually work for remote companies without leaving town.

So if you haven’t been seriously considering relocation in your job search, it might be time. Expand the scope of your search and start looking at companies in other geographic areas. If you expand your search you will have more possibilities. And who knows, once you land the job you may be able to work remotely instead of relocating.