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RELOCATION

The impact of relocating your business and what’s in it for you

The war for talent is in full swing. Candidates today have more possibilities than ever when it comes to selecting their employer of choice, in both a candidate-centric market and a growing economy. Technological progress is only compounding the situation.

It’s no wonder then that many businesses are reassessing their talent strategies. Attracting and retaining the right profiles has become top priority, especially in high-demand industries and in regards to employees with highly desirable skill sets.

LOCATION: A CRUCIAL ASSET TO APPEAL TO TALENT

A talent strategy, however, can only go so far. A key factor for tapping into the talent pool is an organization’s location. Talent availability is a vital consideration for making intelligent business decisions and a key argument when deciding which location to select.

Companies are forced to develop creative incentives to reach and retain their talent, including relocating their business to areas with a larger talent pool or less competition between employers.

ANALYSING THE PROS AND CONS

That is exactly why so many news stories on relocations revolve around talent acquisition. Obtaining the necessary skilled labour in a favourable business environment is crucial for the growth and survival of any company. A smart real estate and location strategy has the power to do just that.

So how should you go about determining whether relocating your business is a wise move in the long term? Well, you’ll need to ask yourself a number of questions about any new location:

  • What’s the available talent pool?
  • What’s the cost of living and doing business?
  • Is it favourable for long-term occupancy?
  • What are the real estate opportunities and related costs?
  • What risks do we have to consider and what’s the quality of life like?

If you’re considering a relocation, make sure to carry out a healthy analysis of the talent landscape in your destination area, along with economic factors, profitability, and competitive positioning. This will allow you to determine whether your relocation will be profitable – or not.

FOLLOW UP ON THE STORY

In this series of blogposts, Cushman & Wakefield will look into the benefits and risks of relocating your business to reach the right talent for your company. Stay tuned for in-depth insights and strategic perspectives: sign up to our blog to stay informed!

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