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
Category: Employee Relocation
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
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
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.
During Worldwide ERC’s Americas Mobility Conference in Atlanta, WERC President & CEO Peggy Smith caught up with TRC Global Mobility’s Leo Capotorto to talk disruption, innovation and trends within the talent mobility industry.
Leo came to the US from Argentina and he brings a unique perspective to the mobility business. He points to his culture in shaping his philosophy of not making a big deal over the disruptions that will inevitably impact the industry, but instead to “go with the flow.” He emphasizes that disruption is a “good thing,” but advises that you have to adapt fast. Read More
Part 2 of a 3 Part Series on Corporate Relocation Services and Group Move Management
A TRC client acquired three complementary operating companies and decided to consolidate all operations. After considering locations throughout the Northeast, the company settled on a location in Southern New Jersey, just outside of Philadelphia. The company planned to close its facilities in nearby Northern New Jersey.
The consolidation affected more than 250 employees, mostly from the Northern New Jersey location, but also from locations in Virginia and Texas. As always with group move management, the company wanted to minimize disruption and lost productivity while ensuring the highest employee relocation acceptance rate. Read More
EU Elections Highlight Political Polarization Throughout Europe (and how this impacts global mobility)
The following article was originally published on May 30, 2019 by Worldwide ERC. View the original article.
Voters in the 28 European Union (EU) member states went to the polls last week to elect 751 new Members of the European Parliament (MEPs). Results reveal that many traditional political parties struggled in this election and some were outperformed by both far-right populist parties and liberal green parties. The long-time center-left, center-right coalition that has been central to governing the EU for 40 years lost its majority: moving from holding 54% of seats before the vote to only 43% of seats. The newly elected EU Parliament officially takes power in July, but with the substantial number of new MEPs, it is unlikely that the Parliament will be fully up and running until this fall. Once the new Parliament begins to govern, the larger implications of these election results will be clearer. Read More
Getting Started: The Initial Needs Assessment
The first phase of an effective pre-decision planning program is an initial needs assessment. The initial needs assessment typically consists of a brief, pre-initiation call or interview to gather key financial and lifestyle details on the employee and his or her family. These details should include information on:
- The family’s current home and finances
- The spouse or partner’s current employment situation
- Expectations and requirements for the spouse or partner’s employment in the new location
Ideally, this interview is conducted by a third-party relocation consultant rather than a representative from the company. Employees might be reticent about sharing personal details with a coworker, and company representatives might not be sure which questions to ask to get a full picture of the transferee’s situation. Read More