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Relocation Policies Across the Generations

I’ve written about Millennials and menu programs in the past and, as a team, we have certainly covered the generations in our EBooks. But, the discussion is important. As we all know, the makeup of the average assignee/transferee pool continues to change with the progression of the Millennials into the ranks and the exit of the Baby Boomers. For the first time ever, we have four generations working together – and that’s diversity that people rarely think about in the grand scheme of the diversity conversation.

Mortgage Outlook for Relocating Transferees

Over the course of 2015’s first quarter, a lot of home buyers found that obtaining a mortgage was easier than it had been in the past. And, it’s true. Banks seem to be more willing to lend now compared to recent years, though they’ll never admit any hesitation in the first place. A lot of this ease stems from the new loan options out there as well as current housing and economic trends around the country. In fact, the Zillow Mortgage Access Index tells us that access to mortgage credit is almost 70 percent of the way back to 2002 levels. To make a long story short, the economy and housing market have put lenders in a position where they are more willing to lend. So, what does this mean for your relocation program or for your transferees?

Does Your International Relocation Policy Address Culture Shock?

One of the greatest challenges that transferees face during an international relocation or assignment is the culture shock. A change in culture has a major impact on nearly every aspect of a person’s life including both professional and personal. It’s important that your international relocation policy provides proper training to help assignees adjust to local customs and ensure success in both the position and the relocation as a whole.

Relocation Managers Reconsider Household Moving Benefits

As we gear up for the busy summer season (yes, it is around the corner), we want to take some time to talk about moving household goods. Companies have, for a long time, been giving some of their employees (especially entry-level employees) lump sums for their household goods move. While lump sum serve their purpose in the broader context of a relocation policy, we have noticed that more relocation managers are reconsidering this thought process and returning to a direct-billing approach. They are doing this to provide a better relocation experience, mitigate risk and save in tax implications.

No More HUD-1? It’s Time to Review Your Relocation Policies

This week, we want to take some time to alert our readers of an upcoming document change that will be affecting transferees who sell (and buy) a home as part of the relocation process. Effective August 1, 2015, all lenders will be required to use the Closing Disclosure Form.  This form replaces the HUD-1 that has been used for home sale and home purchase lending transactions.  If any of your relocation policies reference the HUD-1, the wording should be changed to the Closing Disclosure Form.

Top 10 Predictions for the Relocation Industry in 2015

It’s time for a fresh look at the relocation industry, don’t you think?

The first quarter of every year, relocation managers, whether they be on the client side or the service side, should take the time to assess the previous year and consider what’s in store for the future. This is especially important as we are living in a constantly shifting world. Whether it’s pockets of volatility in the housing market, terrorism abroad or an uncertain regulatory environment, we are under a considerable amount of pressure to identify growing trends and react to them.

How to Identify the Best Candidates for a Relocation

Are you new to relocation? If you’ve found yourself sitting in the relocation hot spot recently, then you may find yourself overwhelmed with the many tasks and responsibilities associated with moving stressed-out families. We often talk about transferee relations and the transferee experience, including the challenges the moving families face, but we also know that it’s no easy feat for human resources to identify appropriate transferees and then move them seamlessly. One of the biggest questions we get from clients new to relocation is, in fact, how do I know who I should select to move? And, then, the inevitable, how do I avoid a failed relocation?

Relocation Tax Reporting for Transferees

Just as you are working through the tax filing process in HR, Payroll and Finance, so are your transferees.. That means it’s a good time to remind your transferees about some of the tax deductions they may be eligible for due to their relocation. This is especially helpful for first-time transferees or last year’s college grads who may have limited experience with relocation and/or filing taxes in general. While you can offer your transferee some basic advice, it’s still important that they speak to their accountant, tax consultant, or relocation provider to ensure they are filing correctly and meeting all requirements.

Key Performance Indicators for Relocation Programs

Not long ago, we released a whitepaper titled, “How to Talk to Your CFO about Relocation.” One of the things we stressed in the piece was the important of honesty – especially when it comes to home inventory costs and risks. We also stressed that strategic HR and relocation managers should be ready to talk numbers. It’s easy to shy away from providing cost estimates to your CFO because you either don’t have them or you don’t want to dissuade buy-in due the expense. This tactic, however, is a sure fire way to breed mistrust. Most CFOs do not want surprises.

Who Uses Social Media, Anyway?

A week or so ago, my colleague and fellow blogger Laura Matrisciano was interviewed by Michelle Sandlin of the Houston Chronicle for an article about social media and relocation. Now, anyone who knows me knows that I believe strongly in social media as a communications tool and I was thrilled that Laura had the opportunity to discuss how relocation has changed as a result of new technologies. Plus, Laura rocks it on LinkedIn and Twitter.

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