For many years, Hong Kong has been ranked as one of the safest cities in the world. However, the recent protests in Hong Kong and unrest have raised some security concerns for corporations with employees and families deployed there as part of its international relocation program. On November 14, the U.S. State Department raised its travel advisory for Hong Kong from Level 1: Exercise Normal Precautions to Level 2: Exercise Increased Caution. The U.S. State Department website advises the following: Read More
Help! I Need to Put Together a Domestic Relocation Package, and I Don’t Know Where to Begin! Getting Started with Employee Relocation
We see it all the time: a company (often a smaller or start-up organization) reaches out to TRC because they have found the perfect employee candidate. The only problem is that the candidate lives on the other side of the country and there is no existing employee relocation program.
Fortunately, this candidate is willing to relocate, but she knows that it is expensive, and she has asked what kind of employee relocation package the company will provide. The company has never been involved with a domestic relocation before and is not quite sure what to do. She is a must-have candidate and she knows it, so she has considerable bargaining power. Read More
According to an article from Bloomberg, Canada took in 425,000 people in 2018, boosting population growth to a three-decade high of 1.4%. Canada boasts a strong economy and a progressive immigration system, and as a result, the Canadian government predicts that by 2031, over half of all working-age people in the country will have been born overseas. The article notes that this growth is a result of Canada’s desire for skilled talent. Large companies such as Amazon have benefited from the influx of talented foreigners and has created 10,000 jobs in Canada. Read More
TRC’s Melissa SeitzMedford, CRP, GMS, Director, Consulting Services and Jerry Funaro, SCRP, SGMS-T, Vice President, Global Marketing were part of a Worldwide ERC® delegation on Capitol Hill on October 2. During Worldwide ERC Hill Day, delegates met with senior House and Senate staff, particularly those from their home states or the states where their companies are headquartered. They discussed several pending pieces of legislation that are of particular interest to companies that relocate employees. These include: Read More
TRC Global Mobility, Inc. (TRC) is pleased to announce that Hrvoje Crnecki, CRP, has joined the company as Director, Global Business Development. Hrvoje (pronounced “Hervoy”) has been in the industry for more than 12 years, holding a variety of roles at Paragon Global Resources, Cartus, Crown World Mobility, Mercer, Mondelez International and Kimberly-Clark.
Hrvoje has an especially personal knowledge of the relocation process. He has already experienced six interstate relocations within the U.S., receiving support ranging from a lump sum to a full relocation package.
More dramatically, Hrvoje experienced his first big move at the age of ten, after his native Yugoslavia erupted into war. As Hrvoje says, this was not a traditional corporate relocation but rather a compelled move with “limited” benefits! Hrvoje, along with his brother and mother, arrived in the U.S. with only a few Yugoslavian coins in their pockets and experienced all the challenges associated with moving to a foreign land, from culture to language to geography. When he was in college, Hrvoje attended a relocation job fair and that sparked his interest in the mobility industry. Read More
The following article was written by Aidan Camas and originally published on September 27, 2019 by Worldwide ERC. View the original article.
The U.S. Department of the Treasury has proposed to move Fannie Mae and Freddie Mac toward privatization, but with a federal loan guaranty.
The U.S. Department of the Treasury has released its new Housing Reform Plan, which aims to re-privatize mortgage giants Fannie Mae and Freddie Mac. Earlier this year, President Donald Trump instructed the Treasury Department to draft a plan that would end the federal government’s conservatorship over Fannie and Freddie, which began as part of a federal government bailout in response to the 2008 financial crisis. In the years following the financial crisis, the federal government has struggled to agree upon a plan that addresses the future of these institutions. As part of the federal government’s conservatorship, all profit made by the mortgage giants is being “swept” into the Treasury Department’s account. It is estimated that Fannie and Freddie have now paid the federal government billions of dollars more than they were given as a bailout. The profitability of Fannie and Freddie for the government is another reason Congress has had little incentive to make changes to the current relationship. Treasury’s new 50-point plan outlines how the Trump Administration would like to see Fannie and Freddie recapitalized but getting this accomplished will require the help of both Congress and the Federal Housing Finance Agency (FHFA), something that will be a major undertaking. Read More
TRC Global Mobility, Inc. (TRC) is pleased to announce that Steve Townsend, CRP, GMS-T, has been promoted to the role of Senior Vice President, Client Services. As a member of TRC’s executive team, Steve will lead TRC’s Operations and Client Relations functions and report to TRC’s President.
Steve has been an integral part of TRC’s business development effort since 2011, representing TRC in the Southwestern and Southern U.S.
He had a long and successful career in operations management before joining TRC. In his 17-year career at Prudential Relocation, Steve served as Vice President, Relationship Management. As one of Prudential’s senior operations leaders, Steve directed multiple teams in client relations and service delivery, achieving an overall client retention rate of 98 percent. Earlier at Prudential, he served as Vice President, Client Services. Steve began his career at a mid-sized energy company, where he directed an in-house mobility team, redesigned and enhanced the employee domestic relocation policies, and managed the sales of corporate owned real estate. Read More
The core relocation benefit ensures there is some level of parity and predictability among relocating employees and that all employees receive the basic benefits needed to get the transfer done. For domestic relocations, such a core flex program benefit might include: relocation counseling, home marketing assistance, rental or home finding assistance, final trip to the destination, and shipment of household goods.
Additional flexible elements that could be matched to the employee’s requirements could include: Read More
Core-flex relocation programs build in flexibility and minimize costly exceptions, and ultimately this model can increase employee satisfaction and acceptance rates for both international relocations and domestic relocations. In addition, a carefully considered core-flex program can help companies to:
– Gain a recruiting edge
– Tailor relocation benefits more closely to employee or candidate needs
– Make employees feel more valued and invested in the process
– Empower hiring managers, business units, regional locations, etc.
– Eliminate or at least dramatically reduce exceptions
The core-flex model has become one of today’s most talked-about employee relocation programs. As the name suggests, core-flex incorporates a defined, core relocation benefit and a flexible selection of optional benefits to supplement this core. Along with lump sum packages, core-flex programs are an increasingly popular way to add flexibility and align mobility benefits with employee needs.
Two major factors are driving the need for more agile mobility programs: the keen battle for talent in a full-employment labor market and the growing population of millennial transferees. Recruiters and hiring managers who are eager to sign the best talent need every tool at their disposal, including mobility benefits that make relocation more attractive. For their part, millennials are accustomed to an array of choices in almost every aspect of their lives. They value personal control and dislike corporate mandates.