Workers are less interested in moving for work opportunities thanks to the rise of hybrid work, according to a May 16 report from Challenger, Gray & Christmas, Inc.
The number of job seekers relocating for new jobs fell to the lowest level ever recorded by the firm in the first quarter of 2023. In Q1 2023, only 1.6% of job seekers moved for a new job, down from 4.6% in the same quarter last year. The previous high for relocations was in Q4 2018, at 7.7%.
The drop is likely due to a combination of remote work options making job seekers unwilling to move for work and rising interest rates making buying homes far less attractive, the firm said.
“In the 1980s and ‘90s, nearly a third of job seekers would move for new positions. That has fallen steadily since, as housing costs have risen and companies have moved to where talent pools are located. Now, remote and hybrid positions are keeping workers at home,” Andrew Challenger, SVP of Challenger, Gray & Christmas, said in a statement.
However, the lack of relocation doesn’t necessarily mean employers are offering more remote work options, the firm said. According to a separate survey by the firm, 39% of U.S. companies surveyed offer full remote work options, down from 73% who offered as much in Fall 2022.
Other reports show hybrid arrangements are sticking around for the foreseeable future, indicating that some in-office time may be required regardless of position.
“Many employers are recalling workers to the office, at least for part of the time,” Challenger said. “Hybrid work is becoming much more common, and job seekers who are holding out for fully remote may have to concede some time to the office.”
