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Category: Millennials

Selecting Core Flex Program Benefits and Administering

| August 5, 2019

Core Flex Program BenefitsThe 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

The Evolution of the Core Flex Model for Employee Relocation Programs

| July 16, 2019

core flex modelThe 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.

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Lump Sum Policy Best Practices: Pros & Cons of a Traditional Fixed Lump Sum Program

| December 15, 2017

Hands exchanging a fixed lump sumA traditional fixed lump sum policy approach provides the relocating employee with a flat amount of money that he or she can use to pay relocation expenses. Under this program, the employee is usually responsible for coordinating the move details and allocating the available funds. Companies can use several criteria to determine the amount of the lump sum, including: 1) Job or grade level of the employee; 2) Homeowner versus renter status; 3) New hire versus current employee; 4) Historical averages for similar types of moves; 5) Distance of the relocation and family size; and 6) Discretion of the employee’s manager.

Companies can also engage a third-party data provider to determine the amount of the lump sum. The provider will consider current costs, distance, family size and any other parameters set by the employer in calculating a lump sum amount.

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Words of Wisdom from the Pennsylvania Conference for Women

| October 26, 2017

Professional women Employee MobilityBy Melissa Seitz Medford, Consulting Service Manager, TRC Global Mobility

Recently I had the privilege to attend the 14th annual Pennsylvania Conference for Women in Philadelphia. The Conference is self-defined as, “A non-profit, non-partisan, one-day professional and personal development event for women that features dozens of renowned speakers sharing inspirational stories and leading seminars on the issues that matter most to women.” The approximately 12,000 attendees were mostly women, but I was encouraged to see quite a few men as well. As it turned out, the messages at the conference resonated with everyone, regardless of gender. I think they are particularly germane for our employee mobility industry and its female majority.
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Current Key Trends in Global Mobility

| May 10, 2017

Earth globeIn an increasingly volatile world, companies are trying to ensure their global mobility strategy remains competitive while increasing their return on investment from costly global assignments. Interestingly, more employees are interested in a global stint now than in the past, even those at relatively junior levels. In many organizations, realizing one’s career potential all but requires a global assignment.

Because of this, employers usually do not need to offer windfall-level benefit packages to coerce employees into taking these assignments, and there is much more variation in the assistance offered to global assignees than in the past. Senior executives might still receive rich packages but more inexperienced Millennials who are embarking on developmental assignments might require surprisingly modest assistance. As a generalization, they do not see these assignments as the hardship more senior employees often do.

These changed demographics free employers to pay more attention to cost containment when they are developing policies. The goal is to deliver the support needed for a successful assignment without spending money on unnecessary frills that may not be necessary to remain competitive.

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Relocating Millennials: Where they live, are employed and make more money

| January 29, 2015

trcMillennials – 73 million strong between the ages of 18 and 34 – comprise the largest U.S. population group in the last three decades. The U.S. Census Bureau took note. A new edition of their interactive mapping tool, Census Explorer, titled “Young Adults Then and Now,” is chock-full of information about the best places for millennials to relocate if they need a job, want a bigger paycheck, or would like to be surrounded by other young people. Read More

Relocation Trends – Millennials on the Move

| January 24, 2014

Some call them millennials. Others, generation Y. No matter what you call them, those born between 1980 and early 2000 will soon be the biggest group in workforce, which means we need to start paying attention to their likes, dislikes and what it means to our businesses. Rather than criticize, now is the time to start listening.

Still not convinced? It is estimated that by 2020, a mere six years from now, millennials will compose almost 50 percent of the workforce. Some reports peg them at 80 million strong, a bigger force than the 76 million baby boomers born between 1946 and 1964. Companies have to start paying attention to how this generation thinks. Read More