Did You Know?

Despite an economy that could best be described as "sagging" by the end of 2008, many corporations continued to relocate employees on company dimes. According to the Worldwide Employee Relocation Council (ERC), each year corporations spend $24 billion on corporate relocation. Of the 381,000 annual transfers from ERC member companies, one-third of them are new hires, perhaps indicating that those recently laid off or looking to move should consider sending their resumes to different cities or regions of the country after all. Those who rent as opposed to own might be especially lucky by extending their job search. The 2008 ERC survey found the average cost of U.S. domestic transfers for renters being transferred within the same company was $22,112, while the costs for similar employees who owned their hopes was more than $76,000. New hire renters cost an average of $18,355 to relocate, while new hire homeowners cost an average if nearly $62,000 to relocate. Those lucky enough to find work elsewhere in the current economy also needn't worry too much about timing, as the survey found the average transferee is afforded five weeks to move and report to their new job.