As Work From Home (WFH) has even more fully taken root with the end to COVID-19 nowhere in sight, we are seeing and hearing about a number of remote workers relocating in sizable numbers. There are a variety of reasons, from getting outside of highly populated big cities, to being closer to family, to finding more affordable housing, etc. But the trend is undeniable in Life Sciences given the typical convergence of big city and high costs in traditional markets such as Boston and San Francisco.
In a recent report by Upwork on the topic of remote relocation, there were some interesting takeaways:
- Some 14-23 million people will relocate due to WFH, 3-4 times more than usual.
- Almost 21% of what they call “out-migrations” will occur from big city residents.
- Nearly 53% are moving to find more affordable housing.
- 55% of people migrating are going 2 hours or more away from current offices.
- About 42% are moving 4 hours or more away from their former locations.
We’ve already started to see the remote work option become more of requirement for candidates, but this represents a new, challenging wrinkle. For example, when an individual or family is uprooting without changing companies, it’s not a high priority to immediately update their LinkedIn geo location.
As a result, Life Science companies looking to hire into their newly expanded geographies may not have a handle on where remote talent exists, as many of their target candidates may already have scattered to the wind. The only reliable way to confirm location is with a combination of research and outreach, which is time-consuming and takes away focus from in-process recruiting cycles. I’ve seen similar trends within my own network here in the Greater Boston area and I’m typically learning about their new existence only when I’ve had the opportunity to personally connect.
We have also noticed that most third parties don’t offer an effective solution either in that they often rely on pre-existing databases that are updated on an as-needed basis or as static public information. We are seeing more clients turn to Beaker’s Talent & Marketing Intelligence services and Talent Pipelines to provide real-time, custom snapshots of their target talent with confirmed current locations.
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