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A More Balanced Real Estate Market in 2019?

| December 13, 2018

While all real estate markets are local, recent data suggests that even the hottest US sellers’ markets are beginning to cool down. For companies that relocate employees, that should be mostly good news as we look at the real estate market in 2019.

“The signs are pointing to a market that’s shifting toward buyers,” says Danielle Hale, chief economist of realtor.com®. “But in most places, we’re still a long way from a full reversal.”

The real estate market has more than recovered from the 2008 economic crisis, and some coastal cities seemed to be entering bubble territory. The median home price in Manhattan rose from $400,000 in 2000 to $1.29m this year. During the same period, the median in San Francisco increased from $415,000 to $1.35m. Part of this growth is driven by booming local economies and constraints on new housing construction—particularly of the more affordable variety. Read More

Impact of U.S. Elections on Mobility

| November 30, 2018

us election mobilityThe following post was originally published on November 29, 2018 by Worldwide ERC.

Dear colleagues:

The movement of government offers clues to the way business will unfold, as new lawmakers enter and others depart. With the recent elections in the United States, we want to provide you with an understanding of the impact such changes could have on mobility.

On November 6, midterm elections (which occur halfway between presidential elections for open Congressional seats) were held, resulting in Democrats taking control of the U.S. House of Representatives and Republicans expanding their majority in the United States Senate to 53-47. Democrats gained a net of 40 seats in the House. Read More

Worldwide ERC® Monitoring U.S. Birthright Citizenship Challenge

| November 12, 2018

The White House in Washington, DCOriginally Published by Worldwide ERC on November 4, 2018

On 4 November, HBO aired an interview from 29 October with U.S. President Donald Trump conducted by the media company Axios. In response to a question, the President cited his ability to issue an executive order to end the automatic citizenship for certain individuals born in the U.S.

Based on the video and written excerpts of the interview released by Axios, President Trump stated White House counsel believes he has the authority to end the citizenship right for newborns of non-citizens and unauthorized immigrants through executive order. Read More

Considering Gig Workers? Your Relocation Management Company Can Help

| October 25, 2018

Businesswoman pressing finger on world global locationsIn a gig employment relationship, companies do not employ workers directly and permanently. Instead, they contract workers as needed to complete a specific project or to serve for a defined term. When the contracted project work or term is completed, neither the worker nor the employer has any further obligation to the other party. The worker is free to move on to another gig. Subsequent projects might be with the same employer, a different company or sometimes even an industry competitor. Read More

Global Nomads vs. Global Gig Workers

| October 18, 2018

Businessman choosing gig economy button on touch screen “Global nomads” have been a fixture in talent mobility almost from the beginning: employees who left their home country years ago and have progressed from assignment to assignment and country to country. While they traverse the globe for their companies, moving from assignment to assignment and operating almost like gig workers, they are nonetheless permanent employees and managed as such. These individuals do not localize, but remain attached to their home country for the majority of their compensation and benefit coverage. Read More

Repayment Agreements: Today’s Best Practices

| September 25, 2018

Shaking hands on a payment agreementRecent Worldwide ERC® data shows that the average cost for a company to relocate a current homeowner employee within the U.S. is $79,425. International assignments are more complex, and not surprisingly, more expensive, sometimes costing employers $1m or more.

It has always been important for companies to protect this substantial investment, but the continuing talent shortage has added another imperative: your best and brightest employees—the ones you are most likely to relocate or to send on assignment—are prime targets of your competitors. They would be happy to capitalize on your investment in your employees, particularly when it comes to international assignment experience. Read More

SHRM Survey: Lump Sums the Single Most Popular Relocation Benefit

| September 5, 2018

SHRM 2018 Employee Benefits A recent SHRM survey on employee benefits found that lump sum payments are the single most popular relocation benefit offered by the surveyed companies. Lump sums are offered by 28% of responding companies, down slightly from 29% in 2017 and 32% in 2016. The survey does not differentiate between lump sums that are one part of a company’s relocation package and lump sums that represent the company’s entire relocation benefit.

The 2018 Employee Benefits Survey, administered by the Society for Human Resource Management (SHRM) in February and March 2018, assessed the prevalence of more than 300 benefits. Human resource professionals were asked whether their organizations formally offered each benefit or had plans to do so in the next 12 months. This report examines changes in the prevalence of benefits over the past five years.

Other relocation benefits most commonly offered in 2018 include temporary relocation benefits (16% of companies), location visit assistance (16%), reimbursement of shipping fees (12%), and cost-of-living differentials (11%). Read More

Leo Capotorto, GMS, MBA Joins TRC Global Mobility as Director, Global Business Development (FOR IMMEDIATE RELEASE)

| August 13, 2018

– Helping companies use mobility to achieve their strategic objectives –

MILWAUKEE, Wis. (August 13, 2018) –

Leo Capoporto, GMS, MBA joins TRC Global Mobility TRC Global Mobility, Inc. (TRC) is pleased to announce that Leo Capotorto, GMS, MBA, has joined the company as Director, Global Business Development.

Leo has over 10 years of experience in the global mobility industry. Before joining TRC, he held both Business Development and Account Management roles. Read More

U.S. IRS Reiterates Position Limiting Deduction of Pre-Paid 2018 Property Taxes

| July 30, 2018

2018 Property TaxesThe following article was originally published by Pete Scott on https://www.worldwideerc.org.

In a letter to the Attorney General of New Jersey released 29 June 2018, the U.S. Internal Revenue Service (IRS) restated and supported the position it took in December of 2017 that prepayments of 2018 property taxes in 2017 are allowable as 2017 deductions only if the 2018 tax has been assessed.

The latest IRS letter makes clear that it is not backing away from its earlier position. The correct answer will eventually have to be decided by the courts. 

Following enactment of the Tax Cuts and Jobs Act of 2017 (TCJA), which imposed an aggregate deduction limit of $10,000 on state and local income, property, and sales taxes beginning in 2018, many taxpayers sought to prepay 2018 taxes in 2017 hoping to achieve a full deduction on their 2017 returns. The TCJA explicitly forbade such deductions for 2018 income taxes, but was silent as to property taxes. Read More

What is a Short Term Developmental Assignment?

| June 26, 2018

STDAShort Term Developmental Assignments (STDAs) are an increasingly popular tool for businesses to accomplish specific, finite projects and to develop employees while containing costs. Domestic STDAs really seemed to take off in the U.S. in the aftermath of the Great Recession. Concurrently, international short-term assignments, which have been on the radar longer, grew in popularity as companies looked for ways to reduce the cost of international relocation. Read More

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