Has Technology Eliminated the Need for Relocation?

Five years ago, when we received a search for a C-level Executive, it was a given that the role would be based from the lender’s corporate office…. the only question surrounding relocation was how much the company would pony up towards the Relocation Package.  (And while we’re on that subject, boy have those packages changed over the years!)  There was never any discussion surrounding the candidate stepping in to the position from (gasp!) his or her current location.

Thanks to technology, we are now seeing a shift in this protocol.  To be sure, there are some roles that must be based from Corporate and it’s my feeling that not only is this sometimes better for the company but it’s in the Candidate’s best interest as well. An office down the hall from the CEO has its advantages, both professionally and personally.  You are perceived as being more “plugged in” and accessible when you actually have a seat at the table vs just having that seat on paper, even if you are only a few clicks away from “virtually” being present.

Having said that, more lenders are extending flexibility to its Executive Team when it comes to location, thanks to technology such as Video Conferencing tools like Skype, GoToMeeting and WebEx.  Social networks such as Yammer and Social Cast, designed to foster workplace sharing and encouraging internal communication are becoming more popular as well.

There are virtual solutions for just about every type of business situation out there, including presentations that can be conducted from the company website, providing a deeper branding experience for your clients or new team members.

Lenders employing remote Operations teams are now the norm, this practice is now seeping into the C-suite, making those candidates unable to relocate a viable option, instead of automatically delegating those resumes to the “no” pile.