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February 4, 2010

Relocating for a job in today's market

Trying to sell a home is stressful. Going out of state to take a new job is stressful. Add the two together in this market, and yikes -- not for the faint of heart.

It will probably come as no surprise, then, that a survey shows a record low percentage of job seekers relocating for new positions. Just over 7 percent of people taking jobs in the fourth quarter were changing towns to do so, according to outplacement consulting firm Challenger, Gray & Christmas.

The survey of about 3,000 workers dates back to 1986.

Even without tough times, the share has been dropping. In the late '80s, more than 30 percent of new hires were relocating, the survey suggests.

John A. Challenger, the firm's CEO, attributed this to baby boomers no longer interested in moving up the corporate ladder by actually moving, and younger workers who are less likely to crisscross the country for jobs than the boomers used to be.

"This could present some challenges for recruiters as the economy improves," he said in a statement. "Companies will have to depend more on their local talent pool."

I'm sure the local talent pool -- especially the parts of it without steady work at the moment -- wouldn't mind. 

Have you relocated or are you relocating? How did you figure out where to live?

Posted by Jamie Smith Hopkins at 7:00 AM | | Comments (7)
Categories: The economy
        

Comments

I plan on relocating in 2011 after I finish my masters degree. I'll probably rent my house out for 1 year here and rent a place where I'm moving to. That way if it doesn't work out I can move back no harm done

My relocation a few months ago from Florida to Maryland was work-related. The IT industry is very tight down there, so I always knew I'd have to leave the state. The move went smoother than I thought, I guess mostly because I expected it to be a lot worse than it actually was. It also helped that I didn't have a house to sell. But you gotta go where the jobs are these days if you want to survive. But all this snow is definitely presenting a challenge! :-)

I wonder why younger workers are less interested/willing/able to relocate for work. I moved for my job here in Baltimore three years ago, and I'd be willing to move again if a job offer was compelling enough (and it wasn't somewhere like Nebraska).

I relocated back in '97. I wanted to go south to get away from the snow. Silly me.

One of the factors for younger workers (especially fresh out of college) could be that in this economy they still live with their parents or share with a roommate and trying to pay off the student loans. Or maybe they're just lazy, ha-ha! :)

I relocated myself from MN to MD for a job just a few years ago. Did everything on the phone/Internet - we had an apartment ready for us when we arrived. Only stayed in a hotel for 1 night. We didn't have a house to sell though.

Also let's not forget that trends like telecommuting have been increasing steadily in this century. I actually have a colleague who moved elsewhere but kept the job in MD.

I think you are missing the obvious reasons people are not relocating - Companies either are not hiring, or prefer to hire locals so they don't have to pay relocation money to the employee.

I think the number of relocated people would be much higher if the companies were willing to pay the money. In this economy they don't want to and often don't need to.

I know in my case about 7 yrs ago it probably cost my company $50K to relocate me. Not exactly small potatoes.

I declined a promotion at work that would have taken me from MD to CA. I am really upset I had to decline the offer, but they were not paying all relocation costs, I have a ball and chain of a house to deal with, and my wife would have to find a new job in CA as well. I would have gotten a raise, but I figured after relocation costs, having to deal with my current home, and cost of living increases it would not have been worth it. At the end of the day, if I could have sold my house I would have been GONE!

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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