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Worldwide ERC® Requests Financial Assistance for Mobility Industry

| March 23, 2020

This article was originally published by Worldwide ERC on March 20, 2020. Click here to review the original article.

Worldwide ERC® has sent letters to congressional leaders requesting the inclusion in the latest economic stimulus package of four provisions to help Worldwide ERC® members address the impact of the coronavirus (COVID-19).

Earlier today, Worldwide ERC® sent letters to U.S. congressional leaders requesting financial assistance for our members to help mitigate losses due to global travel restrictions that are necessary to contain the coronavirus. The U.S. Congress is currently developing a third legislative package to stimulate the U.S. economy and provide financial relief to employees and employers.

In the letter, Worldwide ERC® makes four specific requests of lawmakers as our members face an enormous reduction in the number of relocations.
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U.S. Suspends Travel from 26 European Countries

| March 16, 2020

This article was originally published by Worldwide ERC on March 13, 2020. Click here to review the original article.

U.S. President Trump has announced a 30-day suspension of travel by foreign nationals residing or visiting Schengen Zone countries to the U.S. due to concerns over coronavirus (COVID-19).

U.S. Suspends Travel from 26 European CountriesIn a televised speech on 11 March, U.S. President Donald Trump announced the suspension for 30 days of travel to the U.S. by foreign nationals who have been in a country part of the Schengen Zone of Europe in the last 14 days. The entry suspension takes effect today, Friday, 13 March at 11:59 pm (eastern).

U.S. citizens and permanent residents currently in a Schengen Zone country with plans to arrive in the U.S. after the suspension takes effect will be subject to medical screenings. The suspension does not apply to foreign nationals whose plane takes off prior to the effective date and time but lands in the U.S. on 14 March. Several other categories of individuals including certain family members of U.S. residents, diplomats and flight crews are not subject to the restriction.
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The Importance of a Global Mobility Strategy for Growth Driven Companies

| February 14, 2020

Today’s talent shortages are likely to continue unabated for years to come, and to be successful, a growth-driven company needs a global talent strategy. Mobility can be an important component of such a strategy.

In the U.S., nearly 6,000 Boomers leave the workforce every day, according to the Pew Research Center, and for companies looking to fill senior management roles, the succeeding Generation X is a markedly smaller group. At the younger end of the workforce, the Millennial generation is even larger than the Boomers, but there are still too few to meet the demand for specialized talent.

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Relocation Policy Examples: What Typical Domestic Relocation Packages Include

| January 22, 2020

Discussing employee relocationWhen originally conceived, the typical domestic relocation package was a generous suite of benefits. Companies tailored these relocation packages for senior level managers who owned an often-expensive home, planned to buy a new one at the destination and had considerable personal effects to move. They frequently centered on a Guaranteed Buyout Program, where the company would buy the employee’s home if s(he) could not sell it in a timely manner. Because these were executives, the objective of getting them in place at the destination as quickly as possible trumped cost considerations. Read More

Which Employee Relocation Benefits are Most Popular, which are Not

| January 8, 2020

popular relocation benefitsSHRM’s 2018 Employee Benefits Study assessed the prevalence of more than 300 employee relocation benefits and found that lump sum payments are the single most popular relocation benefit offered by the surveyed companies, offered by 28% of responding companies. Other relocation benefits most offered in 2018 included temporary relocation benefits (16% of companies), location visit assistance (16%), reimbursement of shipping fees (12%), and cost-of-living differentials (11%).

However, just as important as understanding the most popular benefits to relocating employees is understanding which benefits are less popular. Because companies periodically reassess their relocation policies to ensure they are remaining competitive in the marketplace and offering benefits employees currently want and use, it’s important to know which benefits have become less necessary and desirable. Read More

What Types of Companies and Industries Benefit Most from Outsourcing Global Mobility Services?

| January 3, 2020

To put it succinctly, virtually any company or industry can benefit from outsourcing global mobility services. As a relocation management company (RMC), we will let you in on a secret: mobility is probably one of the most cumbersome of all benefits to attempt to administer in house.

A typical domestic relocation might include counseling, expense administration, tax gross-up, home selling assistance, household goods transportation, temporary housing and home finding assistance. Many third parties are part of this process, bringing further complexity, as a company must source, vet and manage each of their services.

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2020 Relocation Home Sale Assistance and Finding Trends Impacting Mobility Policy

| December 23, 2019

relocation home sale assistanceWith the rebound of the U.S. real estate market and the current competition for talent, companies that distanced themselves from home sale assistance often have found themselves at a disadvantage. However, given the current trends impacting U.S. domestic relocation policy, it’s worth taking another look at relocation home sale assistance as a strategic tool for at least some employees. Read More

Civil Unrest in Hong Kong and Global Mobility Duty of Care Employer Obligations

| November 30, 2019

duty of care employer obligationsFor 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

| November 19, 2019

employee relocationWe 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

Trump Administration Releases Plan to Overhaul Fannie Mae and Freddie Mac

| September 27, 2019

housing reform planThe 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

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