Category: Choosing a Relocation Company

Why Companies Should Provide Relocation Services for New Employees

Post author By Gina Crittenden
Post date February 20, 2024

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Here are some benefits of providing employees with global mobility programs

Relocation expenses vary greatly depending on the distance and the employee’s needs. The most common expenses covered by relocation packages include transportation costs, such as flights or gas mileage, temporary housing, and storage fees. Additionally, companies often provide financial assistance for selling the employee’s current home or finding a new one.

One of the main reasons why companies should cover these expenses is to attract top talent. Relocating can be a daunting and expensive process, and offering a relocation package can make a job offer more enticing. By providing financial support, companies show their commitment to helping employees settle into their new environment and alleviate some of the stress associated with moving.

Moreover, covering relocation expenses can also benefit the company in the long run. Employees who feel supported during their transition are more likely to be productive and engaged in their new role. By removing the financial burden of relocation, companies can ensure that employees can focus on their work and quickly integrate into the company culture.

Furthermore, offering relocation packages can enhance the company’s reputation as an employer. Word-of-mouth travels fast, and if employees have positive experiences with their relocation, they are more likely to recommend the company to others. This can lead to a larger pool of qualified candidates and a more robust talent pipeline for future hiring needs.

Key Components to Include in Employee Relocation Packages

A comprehensive relocation policy should include various components to ensure a smooth transition for employees. Some key components to include in employee relocation packages are housing assistance, transportation support, and spouse/partner employment assistance. Housing assistance can involve providing temporary housing or a stipend to help employees find suitable accommodations in their new location. This alleviates the stress of finding a new home and ensures employees have a comfortable place to live while settling into their new roles.

Transportation support is another crucial aspect of a relocation package. Companies can reimburse moving expenses like shipping belongings or renting a moving truck. Additionally, assisting with transportation to and from work, whether through a company car or public transportation subsidies, can significantly ease employee transition.

Spouse/partner employment assistance is often overlooked but can be vital for the success of an employee’s relocation. Companies can offer job search support, networking opportunities, or even financial assistance for spouses or partners who need to find employment in the new location. This not only helps the employee’s family settle into the new community but also shows a commitment to supporting the employee’s overall well-being.

Other components that can be included in relocation packages are cultural integration support, such as language classes or cultural orientation programs, and assistance with administrative tasks like obtaining necessary visas or work permits. These additional elements can enhance the employee’s experience and ensure a smooth transition into their new environment.

A comprehensive relocation package is essential for companies looking to attract and retain top talent. By providing support in critical areas such as housing, transportation, spouse/partner employment, and cultural integration; companies can ensure that employees feel valued and supported throughout the relocation process. This benefits the individual employee and enhances the company’s reputation as an employer of choice, leading to a more substantial talent pool for future hiring needs.

GMS Assists in Building Comprehensive Relocation Packages

In conclusion, covering everyday relocation expenses is a wise investment for companies. It helps attract and retain top talent, promotes employee productivity, and enhances the company’s reputation. By providing support during the transition, companies can create a positive and seamless relocation experience for their employees, ultimately benefiting both the individual and the organization.

Global Mobility Solutions is a complete relocation management firm specializing in aiding companies in developing all-inclusive relocation plans that are advantageous for both the company and the staff member. For over three decades, GMS has supported companies settling their new employees in a different location, ensuring a smooth transition for the transferee. Contact us today if you are prepared to establish or revise your relocation policies.

Global Mobility Solutions (GMS) is a full-service relocation management company that specializes in assisting companies in creating comprehensive relocation packages that benefit both the company and the employee. For more than 30 years, GMS has helped companies get their new employees situated in a new place, assuring the process is seamless for the transferee. Contact us today if you’re ready to set up or update your relocation policies.

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Tags job relocation, relocation services

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Top Tips for Writing a Relocation Offer Letter

Post author By Sam Hoey | CRP, GMS
Post date September 14, 2023

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Use These Tips & Templates for a Relocation Assignment Offer Letter

An employee transfer letter or relocation offer letter is a document given to an employee being transferred to another department, branch, or location under the same employer. These letters not only provide transferees common professional courtesy on the company’s behalf, but it also gives the relocating employee an overview of what they can expect and their benefits for the process. These ground rules should provide the moving employee an understanding of all costs and services they are entitled to during their move.

Larger companies or companies that often relocate employees more than likely have relocation policies in place. These are typically lengthy 10 to 30-page documents covering every relocation protocol aspect. Companies that might have such policies will rely on customized employee relocation offer letters and emails for each employee willing to do so.

Here is a look at some top tips for constructing employee relocation offer letters, along with an example of a basic offer letter format.

Tip 1: Identify the Reason for Relocation Offer

While the employee will most likely understand it, you’ll want to cover in the offer letter why, how, and when the employee will be transferred. This will help with recordkeeping and provide the employee with in-depth insight into why their position is needed in the new location.

Giving a specific explanation to the relocating employee in writing can help show the employee that you care. This will also take the stress off of your HR department because the employees will know all of the details about why they will be offered the relocation. As a result, this should help set the stage, allowing things to run smoothly from the beginning.

Tip 2: State the Exact Effective Date(s) the Transfer Will Take Place

Companies cannot expect an employee to relocate the next day; however, it also shouldn’t be up to the employee entirely as to when the transfer will occur. Setting realistic dates and times for the employee to move and to get settled is vital in ensuring a smooth transfer experience.

It should also be stated at this stage in the letter, how long the employee is eligible for relocation benefits. For example, many companies will allow employees X number days or months to utilize the short-term relocation policy stated in the transfer letter. There are many variables that come into play when an employee is trying to move out of state.

Tip 3: Provide Names and Contact Info

The transferring employee is probably nervous, but excited to take on the new role for the company. It is a good idea to provide the employee with the name and direct contact info for who they will be reporting to. This will give the employee a chance to reach out to the manager with any questions or concerns regarding their new position. It also gives the employee the opportunity to let their new manager know if there are any roadblocks with the relocation process.

Conversely, it could also be a good idea to urge the new manager to reach out to the employee directly. This communication will allow the manager to inform the transferring employee of any necessary information.

Tip 4: Note Every Detail of the Employee’s New Job

The employee should be well-informed about this step, but to cover the company and the employee it is a good idea to list out all expectations, requirements, wages (including bonuses), benefits, and anything else that will be different for the employee once they move. This provides documentation for both parties if there are ever any issues after the relocation has occurred. Being crystal clear at this stage helps straighten out any communication breakdowns later on.

Use This Employee Transfer Letter Example

[Date]

[Sender’s Name]

[Sender’s Address]

Dear [Recipient’s Name],

We are pleased with the work you’ve completed with us so far and management sees great potential for you to grow in [transfer location]. The management team would like to extend you an offer for promotion to [new position] where you will be responsible for [responsibilities of the position].

This will provide you with an opportunity to expand your skillset as you move from the [current position] in [current location] to a new position in [transfer location].

The company is here to help you and your family relocate and readjust to your new role by providing relocation benefits. This letter summarizes that support in several areas.

New Job Title:
New Supervisor/Manager:
Department:
Effective Date of Transfer:

New Duties:

New Compensation/Bonuses:

Below is a summary of the relocation benefits that are extended to you as part of this offer.

Relocation Expenses
[Details of what the company will and will not cover.]

Household Goods Moving
[Moving expenses the company will or will not pay for.]

Home Marketing Assistance
[Info on home selling assistance ]

Home Finding Assistance
[Explain which resources the company can provide]

Repayment Agreement Terms
[Details of the repayment agreement that the employee is subject to]

Please review this information at your earliest convenience. You can contact me directly or Human Resources with questions, comments, or concerns. I would appreciate your acceptance or denial of this new position by [desired date].

From,

[Sender’s position and name]

GMS Is Here For You

Global Mobility Solutions (GMS) is a leader in the employee relocation industry. In addition to assisting with employee transfer letters, GMS would love to help your company create and implement customized relocation policies for your mobile workforce. Our team specializes in almost every area of the relocation process, so we can equip your staff and transferees with the knowledge and technology they need to make their move as seamless as possible.

Getting started with us is easy. Contact us today for a free consultation with one of our relocation experts. From there, we will help you decide the best course of action for your company regarding your global mobility needs. Whether your company relocates internationally or just within the US or Canada, we can assist you in creating the best offer letters and relocation policies in your industry.

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Tags job offer letter, offer letter, relocation best practices, relocation offer letter, tips for writing offer letter

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Integrating Existing and New Teams during Relocation

Post author By Michael Barone
Post date August 15, 2023

team members in an office, working well together — Young smiling designers working together in the office

Help Ease Relocated Employees

In the world of business, moving forward often means moving physically too. Shifting to a larger office, expanding across regions, or simply seeking out greener pastures for operational efficiency – relocation is a significant part of a company’s growth journey. However, one of the most critical challenges lies in integrating existing and new teams during relocation. To help you successfully navigate through this period, we’ve consulted experts in workforce mobility and relocation, and here are seven pro tips we’ve gathered.

Following these pro tips can help ease the transition and successfully integrate existing and new teams during relocation. Remember, a smooth and seamless integration is essential for maintaining productivity and fostering a positive work environment.

Early Communication: Clarity Breeds Confidence

Therefore, be transparent about the new location, the potential new team members, and what these changes mean for your current team’s roles and responsibilities. In addition to group communications, consider individual meetings to address personal concerns. Through practical and early communication, you give your team confidence, making integrating existing and new teams during relocation significantly easier.

Fostering a Culture of Inclusion: The Harmonizing Melody

Relocation and team integration present an opportunity to nurture a robust culture of inclusion. Creating a welcoming environment is crucial in this process. Encourage participation from everyone and create spaces for team members to share their thoughts and ideas. Consider organizing activities that promote bonding and team collaboration, such as team-building exercises, group outings, or creative projects.

Also, make it a point to celebrate team successes and achievements, both big and small, fostering a shared sense of pride and ownership. This inclusionary culture facilitates smooth integration, making everyone feel valued and integral to the company’s growth journey.

Empathetic Leadership: The Human Touch

Leaders have a crucial part to play in the process of merging. Demonstrating understanding and compassion towards your team, both old and new, can significantly alleviate the change. Acknowledge that your current team might feel a sense of displacement, not just from relocating to a different place but also from accepting new members.

Similarly, new team members may feel anxious about joining an already-established team. Facilitate open discussions about these feelings and offer supportive resources to help employees manage stress during corporate relocation. This way, you display an empathetic leadership style that fosters a cohesive and harmonious work environment.

Investing in Training: Building Bridges

Training acts as a foundation for collective knowledge and development. Given the introduction of a fresh venue and possibly new colleagues, it is essential to allocate resources to training sessions that acquaint all individuals with the altered environment.

These could be technical training to adapt to new tools, operational processes, or soft skill sessions reinforcing the company’s values and culture. Joint training sessions also allow team bonding as individuals collaborate and learn, strengthening their professional relationships.

Setting Clear Expectations: The Roadmap to Success

During changes, clarity is the beacon that guides teams forward. Clear expectations give direction and purpose, helping team members navigate the unfamiliar terrain of a new location and unit.

Therefore, outline specific performance goals, define new or changed roles, and detail any operational changes the new location may entail. This transparency alleviates potential confusion and ambiguity and provides a sense of stability and certainty.

Encourage Social Interaction: Breaking Ice, Building Bonds

As you pack up your office and prepare for the move, consider how you can transport the spirit of team camaraderie to your new location. Creating opportunities for social interaction in an informal setting effectively fosters strong bonds among team members.

These informal social interactions can build a sense of familiarity and belonging among the team, whether it’s a communal lunch area, a recreation room, or regular team outings. A friendly and relaxed environment eases the transition process for everyone.

Fusing the Old and the New: The Final Note

Relocation can be daunting, but integrating existing and new teams during relocation doesn’t have to be. You’re setting up a successful transition by weaving the threads of clear communication, empathetic leadership, and a culture of inclusion. Remember, a harmonious team that grows together thrives together. And remember to engage your relocation management company early in the process and ensure a smooth experience for everyone involved.

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Tags corporate relocation, Domestic Relocation, global relocation, relocation, Workforce Mobility

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Sustainability in the Relocation Industry

Post author By Sam Hoey | CRP, GMS
Post date August 8, 2023

Close-up of children holding a planet at the beach

Relocation Management Companies should be aware of sustainability

Most companies’ interest in corporate environmental sustainability is on the rise. Everyone is looking to reduce carbon footprints without disrupting their business practices. A World Economic Forum report showed a 16 percent increase over the last five years in global public concern for nature.

Having a grasp of sustainability in the context of the global mobility and relocation sector enables organizations to implement beneficial transformations that benefit both their staff and the environment.

At Global Mobility Solutions (GMS), we are all looking for ways to protect the environment and reduce costs for our clients and their employees. When looking at ways to improve your global mobility program’s sustainability and how to reduce your carbon footprint, here are some things to consider.

Partner with a Professional Organizer

Partner with a “Discard and Donate” company that offers a professional organizer to assist your employees in preparing for their move. This saves the client money by reducing the shipment size, and the program cost will always be less than the savings on the move. Consider updating your relocation policy to cover some of these program costs to help encourage your employees to purge before moving. This can help reduce wasted materials and ensure that unwanted household goods go to good use instead of the trash.

Also, Introduce a weight cap on your household goods moves. This cap can vary by tier or by homeowner vs. renter. This will encourage your employees to consider discarding unwanted items before shipping them on your dime.

Partner with Move for Hunger

GMS is a proud partner of Move for Hunger. Move for Hunger offers your employees the option to donate their non-perishable food to a local food bank at the origin location. Items such as canned veggies, fruits, stews, soups, beans, tuna, pasta, sauce, baby food, flour, cereal, oatmeal, juice, rice, peanut butter, and jelly can be donated.

Since its inception in 2009, over 10 million pounds of food have been donated through Move for Hunger and its partners to help feed the food insecure in the US and Canada. We suggest adding policy language to encourage transferees to contribute to this cause.

Offer Employees Furniture Rental Allowance

For international relocation assignments, GMS urges clients to consider extending a furniture rental allowance instead of shipping household goods. Many relocation management companies partner with furniture rentals for temporary furnishings, another cost-effective way to reduce the carbon footprint.

Make Sure Your Vendors Are Green

GMS has a strict vetting process for working with household goods movers and corporate housing providers. We don’t just work with anyone. During our interviewing process, we ask vendors about their sustainability protocols and what they do to go green. Suppliers who use green clean methods help cut down on wasted resources.

Add Virtual Tools to the Relocation Process

First off, partner with real estate agencies that offer virtual tours and virtual closings for properties to minimize the need for in-person meetings and reduce the environmental impact of transportation.

Contract with household goods providers who are experienced in using virtual surveys. GMS aims to streamline the relocation process while minimizing its environmental impact. Virtual surveys allow for accurate estimations of shipments without the need for physical visits, reducing unnecessary travel and fuel consumption. Additionally, GMS encourages suppliers who utilize recycled packing materials, further contributing to waste reduction and sustainability efforts.

Virtual services encompass a wide range of offerings within GMS, including assistance for spouses and careers, language and cultural training, and, whenever feasible, support for housing, banking, and registration in the destination country. These services can be provided in different ways, such as through video calls, virtual tours of potential homes, and online platforms for cross-cultural training, with the help of local consultants.

Minimizing the need for in-person visits has a positive impact on the environment, as fuel consumption is reduced. Additionally, the assignee benefits from increased support from the local consultant, as less time is spent on transportation.

Ensure You’re Working with Real Estate Agents Who Practice Going Green

Real Estate agents can also help the relocation process be more environmentally friendly. Most agents work from home and are completely paperless. Because they spend a lot of time in their cars, many offer to carpool with clients for a more sustainable transportation option.

When showing properties, agents encourage using energy-efficient light bulbs and turning off lights before leaving any property. By promoting properties with energy-efficient appliances, solar panels, and sustainable building materials, agents can help reduce the carbon footprint of the real estate industry.

When selling a home and the potential cost of utilities is on a client’s mind, agents often suggest they use native plants in landscaping, which require less water and maintenance than exotic species. Desert landscaping is also recommended in dry areas. This not only helps conserve water but also supports local biodiversity.

Many Realtors have obtained a NAR Green Designation. The course focuses on People, Property, Planet, and Prosperity. By completing this course, real estate experts are equipped to provide guidance and access to resources that can assist homeowners in enhancing the efficiency of their residences. This support ranges from affordable solutions and do-it-yourself initiatives undertaking extensive renovations or constructing new homes.

By implementing these practices, our preferred real estate agents can significantly impact the environment and contribute to a greener future. Together, we can create a more sustainable real estate industry that benefits our clients and the planet.

GMS Leads the Relocation Industry in Sustainability

At GMS, we understand the importance of responsible business practices and strive to impact the environment positively. By partnering with like-minded household goods and corporate housing providers, we can collectively work towards a more sustainable future while providing exceptional service to our clients.

In conclusion, GMS prioritizes sustainability and responsible business practices and offers flexible relocation policies to accommodate the diverse needs of our clients. Relocation Policies empower transferees with small shipments to arrange their self-move quickly and flexibly, ensuring a hassle-free experience. Partner with GMS today and let us handle your relocation services needs while working towards a more sustainable future together.

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How To Craft An Effective Relocation Orientation Program For Employees

Post author By Christina Urrutia
Post date June 13, 2023

Team of new employees going through relocation orientation — Planning, communication and strategy meeting with business people for management, innovation and advertising. Support, marketing and teamwork with employees in office for goals, vision or analytics

Here are some tips to help ease in newly relocated employees

When hiring new employees, it’s important to provide in-depth orientation programs for new hires so they can be onboarded efficiently. This is also important to consider when team members are relocated to a different site, especially if this involves a significant upheaval in their living circumstances.

To that end, here are some tips to follow to build a relocation-focused orientation program that works.

Aligning the Program with Company Culture and Values

One of the essential aspects of crafting an effective relocation orientation program is ensuring that it aligns seamlessly with your organization’s core values and distinctive company culture. This helps relocated employees quickly understand what defines their new work environment, facilitating a smooth transition into their roles.

To achieve this alignment, feature stories that showcase company traditions or events that exemplify your business ethos in written materials and multimedia presentations throughout the orientation process. Encourage participation from existing employees to share anecdotes about memorable experiences at work reflecting vital cultural elements, such as teamwork, innovation, or community engagement.

Moreover, provide clear guidelines on expected workplace behaviors while highlighting how they stem from foundational beliefs driving overall company objectives. Incorporating these cultural insights into every aspect of your relocation orientation program promotes faster integration and fosters more substantial commitment and loyalty among newcomers.

Leveraging Orientation Videos for Engaging Transitions

A well-produced and engaging orientation video is crucial to kickstart your employee relocation program. To create an impactful video, start by outlining the essential information that newly relocated employees need, such as company policies, support resources, documentation assistance, and brief introductions to coworkers or teams they will be working with.

To make the experience more enjoyable for employees while conveying important messages effectively, incorporate high-quality visuals and animations that capture their attention.

Additionally, consider adding soothing background music to establish a relaxed atmosphere during this potentially overwhelming time in their lives. Some sources allow you to download royalty-free tunes perfectly suited for setting the desired ambiance within your orientation materials.

By combining valuable content with visually appealing presentations accompanied by pleasing sounds, you’ll lay a solid groundwork to set newcomers at ease, ultimately contributing to successful talent integration.

Facilitating Smooth Integration: Socializing & Networking Activities

While providing essential relocation information and resources is crucial, addressing the human aspect of moving also plays a vital role in successful employee transitions. Arranging socializing and networking events within your program can significantly aid newcomers’ ease into their new surroundings while making valuable personal and professional connections with colleagues.

Organize informal gatherings like team lunches or after-work outings to help break the ice between relocated employees and their co-workers. Such activities create opportunities for authentic interactions away from workplace pressures. Consider holding optional workshops focusing on common hobbies or sports so that employees bond over shared interests, which is an approach that naturally fosters camaraderie.

Additionally, arrange sessions where newcomers interact with representatives from different departments or divisions, illustrating cross-functional teamwork’s importance in achieving company objectives. By offering varied opportunities for interpersonal connection within the relocation orientation program, you’ll effectively pave the way toward mutual understanding among peers, thus establishing an inclusive environment primed for sustained collaboration and success.

Providing Comprehensive Information on Local Living Essentials

An effective relocation orientation program thoroughly addresses newcomers’ basic needs and concerns, helping them navigate the essentials of day-to-day life in their new location. Providing a guide, either in physical or digital form, can significantly relieve stress by offering ample resources for employees to settle into their new surroundings more comfortably.

Some essential contents to include within this guide may be:

Housing options: Advice on local neighborhoods that cater to different lifestyles and budgets and opportunities for temporary housing as needed.
Transportation: Information about public transport networks, parking facilities, or green commuting initiatives (if applicable).
Healthcare services: Details regarding nearby medical centers, hospitals, or pharmacies.
Childcare and schooling options: Insight on finding suitable schools, daycare centers, or student-support programs.
Grocery stores & dining spots: Recommendations for sourcing daily provisions from supermarkets and favorite restaurants within various budgets.

Setting Up Continuous Feedback Channels to Improve Relocation Experiences

To continually refine and enhance your relocation orientation program, establish open lines of communication for soliciting feedback from employees who have experienced the process firsthand.

Encourage honest responses via anonymous surveys or designated human resource personnel. Also, assess received feedback periodically to identify improvement areas, adjusting as needed within subsequent rollouts.

Ask Us for More Advice on Relocation Services

Now that you know what’s involved, you can start crafting your effective relocation orientation program today. Incorporating these eight essential elements ease employees’ transitions and creates a thriving and inclusive work environment. Enhancing the employee experience by developing a comprehensive support system that paves the way for success will pay dividends for individuals and the business.

If you need more information about employee relocation, contact us today. Global Mobility Solutions (GMS) has led the talent mobility industry since 1987; we utilize up-to-date relocation technology and an award-winning team of global mobility experts.

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Tags corporate relocation, Domestic Relocation Trends, relocation, workforce mobility management

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3 FAQs About Working with a Relocation Specialist

Post author By John Fernandez | CRP, GMS, SSB
Post date September 13, 2022

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Here are some common questions about working with a global relocation provider

Moving to a new state for a new job isn’t easy. The relocation process alone can be a daunting task just to think about. All the packing and planning can make anyone stressed out. But to make the process go by with as little fuss as possible, it is highly recommended to work with a relocation specialist.

If the new job you are moving for provides a relocation package, then there is a good chance that the opportunity to work with a relocation specialist is included. If talent mobility coaching is not provided in your package, it may be worth asking the relocation management company (RMC) that you are working with if one-on-one relocation management is possible to add on. Either way, working with a designated specialist has numerous advantages.

Here are 3 FAQs and answers about working with a relocation specialist:

1) What Is a Relocation Specialist?

In simple terms, a relocation specialist is assigned to help an employee handle all of the logistics of their move as they prepare to work for their new company. There are a lot of moving pieces when it comes to executing a successful relocation process. A relocation specialist will bring knowledge, expertise, and experience in talent mobility.

A reliable relocation specialist will be able to explain all aspects of the new company’s relocation package. They can help you review real estate programs, including home buying and selling assistance. As well as assist in coordinating with a moving company to get multiple quotes and schedule which day the movers can show up to move household goods.

2) How Much Do Relocation Specialists Charge?

There is no easy or short answer to this question. It depends upon each employee’s needs and wants when it comes time to move. Global relocation service providers offer a long list of services that can be covered, but it depends on the relocation package the hiring company offers their new employees to move.

This should be asked by the employee in the negotiation stage of hiring. If the company mentions a move is mandatory for the position, the employee should follow up by requesting a list of relocation costs and services that the company will cover fully or partially. It’s also worth asking how the costs are covered because there are different types of relocation policies. Some companies may offer lump sum relocation packages, others may go the route of old-school reimbursement policies.

3) What’s the Process Like to Work with a Relocation Specialist?

Each RMC will have a different process for domestic and international relocation services. Most relocation specialists will start by hearing all of the employees’ pain points about the move, then proceed swiftly to assist in overcoming those pain points. Each relocation expert will have their own checklist on how to go about handling predestination stages all the way to getting the employee to their first day at the new position, from listing the employee’s current home to getting corporate housing in order, to helping with all the formal paperwork needed for a move.

The relocation specialist’s main job is to keep the move smooth while keeping the employee’s relocation process on a timeline.

GMS Has Relocation Specialists Ready to Help

Global Mobility Solutions (GMS) has been leading the international relocation services industry since 1987. We only hire and work with the best relocation specialists in the business. Our team is thoroughly trained and qualified to help get employees from their current homes to their new destinations.

GMS provides companies with relocation packages that have options to give each transferee their own relocation coach. This coach will provide one-on-one assistance to the employee they are assigned to in order to make the most seamless relocation experience possible. If you are ready to hear more about our relocation coaching options, please reach out to schedule a free consultation today and always feel free to check out our blog in our Knowledge Base to get any other relocation questions answered.

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Tags corporate relocation, Domestic Relocation, Domestic Relocation Trends, relocation

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Rising Interest Rates Impact Job Relocation Transferees

Post author By Sam Hoey | CRP, GMS
Post date June 7, 2022

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Some options to include in relocation packages to help offset high-interest rates costs

As we enter peak move season, many are taking notice of the rising interest rates on mortgages. There is no doubt that this affects anyone who is relocating for a new position. In addition, interest rates have a significant say in the bottom line of monthly mortgage costs, which could sway a transferee’s decision on a home purchase.

Add rising interest rates to the significant increase in average home prices, and the impact on purchase power shifts for many who are relocating to a new state. But why is this happening? And what can companies do about it to help employees in their relocation process?

While there’s no magic relocation package that can include a lower interest rate or first dibs at bidding on a home, there are a few workarounds that might be able to ease the process for the transferee.

Will Interest Rates Continue to Rise?

Many real estate experts would predict that interest rates will continue to rise in the immediate future. With rates going up, the Federal Reserve has begun to pull back on the purchase of mortgage-backed securities (MBS). This will likely hike up interest rates because the return rate on mortgage bonds has to be higher to bring in investors.

The Federal Reserve controls the percentage of the Fed funds rate. But that does not mean there is a direct correlation between short-term interest rates on funds from banks and consumer interest rates. If it becomes more expensive for banks to borrow, they are more likely to pass that cost on to consumers through higher interest rates. This is the main reason for those predicting interest rates to rise in the coming month.

It’s worth mentioning that interest rates were low for so long to boost the economy while the world dealt with the COVID-19 pandemic. This favored higher home prices because lower interest rates meant that buyers’ budgets could be stretched further.

Updating Relocation Policies Can Help Offset Higher Interest Rates Costs

Hiring and maintaining top-level employees can be challenging. To get the right person in the right seat, companies should look into offering relocation packages to ensure they have the best chance of landing top talent. But what should be included in a talent mobility package to help offset these higher interest rates?

Here is a breakdown of some different relocation policies that can help transferees on the real estate front.

Please note that all numbers and figures used are for example purposes only and not to be used as quotes for the home buying process.

Offer to Pay for Points

It is common for companies to include prepaid interest assistance in their relocation benefits. Buying points is a way of lowering the interest rate on a loan by putting money down upfront. If companies can include this option in their relocation packages, it could save thousands of dollars over the course of the loan.

For example, let’s say the home the moving employee is looking at is $300,000. To keep the example easy we’ll just say the loan rate is 4%. If the company is willing to add prepaid interest assistance in their benefits, the company could pay $6,000 upfront to buy two points, which gets the interest rate down to 3.5%. While this doesn’t sound like such a difference-maker, it could save the home buyer just over $30,000 on a 30-year loan.

Add a MIDA to the Relocation Package

Another great option to help transferees deal with high interest rates is to have a Mortgage Interest Deferral Assistance (MIDA) program included in the relocation benefits. This is another form of buying points down, but instead of paying for the decreased points upfront, the company would offer to pay the difference in interest between the former mortgage and the new mortgage.

How this works is let’s say the moving employee has a current interest rate of 5%, but due to the market conditions when they move for the job, the interest rate they get locked into is 6.5%. The business could pay the employee the price difference on the monthly payment. This can help the employee stay afloat financially and still have some wiggle room when searching for a home in their new destination. Typically MIDA has a cutoff of about 1-3 years once the transferee’s relocation process is complete.

Include a Dollar-Based Mortgage Subsidy

This option works best for companies who want or need to know how much they will spend on mortgage assistance for moving employees. A dollar-based mortgage subsidy works because the organization is willing to pay a total of $25,000 to help the transferee with mortgage and interest rates. Instead of giving all the money upfront, the company could provide the employee 40% in the first year, 30% in the second year, then 20% in the third year, and finally, give them the last 10% in the fourth year.

This strategy is popular for relocation managers because it lowers the transferee’s monthly mortgage payment while the company knows precisely how much they are spending upfront for the four-year option.

Work with GMS for Relocation Needs

Global Mobility Solutions (GMS) has been the relocation industry leader since 1987. Our expert team of relocation specialists has helped countless transferring employees get from point A to point B. In addition, we take pride in offering companies a way to tie in real estate programs into their relocation policies that provide options to help with rising interest rates.

Many pre-decision services can also help the moving employee gain some buying power for their new home. For example, when working with GMS, clients have access to the best relocation technology, such as our mortgage calculator.

When working with GMS, companies and transferees are not tied down to work with one mortgage broker. Instead, we work with a long list of vetted and qualified lenders to ensure moving employees get the best rates. In most cases, transferees can get lower interest rates than if they shop independently. In addition, our extensive lender list gives transferees different home buying and selling options for relocation.

GMS knows firsthand how hard it can be to hire and retain top talent, so we want to help create competitive relocation packages that make the talent mobility process seamless for employees. Reach out to us today to schedule a free consultation on how our team can help set up mobility programs.

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Tags Domestic Relocation, Domestic Relocation Challenges, Domestic Relocation Trends

Choosing a Relocation Company Relocation Management Relocation Policy Review Relocation Programs Relocation Technology

Performing a Security Assessment on Your Relocation Management Company

Post author By John Fernandez | CRP, GMS, SSB
Post date May 13, 2022

Cropped shot of a handsome young male programmer at work

There are a lot of moving parts when it comes to the relocation process. Many vendors and suppliers are involved in getting the transferee from point A to point B. With that being said, there is a great deal of information and personal info that has to be shared across all parties. But what are relocation management companies (RMC) doing to keep transferee’s info safe?

Most companies understand the importance of performing a security assessment on their data and operational systems. In many industries, specific standards require a security assessment on a regular basis to maintain compliance. Often these standards require the company perform a security assessment on any supplier that may receive company data. Specific control areas in a security assessment may include:

Information Security Management
Physical Security
Network Security Management
Platform Security
Remote and Mobile Access
Change Control
Identity and Access Management
Application Security

A security assessment will often include a request to receive a copy of the company’s Business Continuity Plan (BCP). A company’s BCP should cover several elements related to security issues surrounding a company’s data and operational systems. In the event of an unplanned disruption or other emergency situation, the BCP will indicate how the company’s operations will recover and proceed.

Different Types of Regulations and Requirements

Sarbanes-Oxley Act

The Sarbanes-Oxley Act came into effect in 2002. Sarbanes-Oxley is a United States federal law. This law set new or expanded requirements for all U.S. public company boards, management, and public accounting firms. As a result, the law requires that a company’s top management must individually certify the accuracy of financial information. Much of a company’s financial information is heavily dependent on technology and associated data security controls that must be part of a compliance review as noted in Section 404 of the Act. The law provides for harsher penalties for fraudulent financial activity. Also, Sarbanes-Oxley requires a stronger oversight role for boards of directors, and greater independence of outside financial statement auditors.

International Organization for Standardization

The International Organization for Standardization (ISO) creates and publishes International Standards that provide guidance and clear specifications to ensure a company’s products, materials, processes, and services are appropriate for their purposes. ISO publications include standards for Quality Management, Environmental Sustainability and Protection, and Management Performance.

General Data Protection Regulation

The European Union’s General Data Protection Regulation governs the processing of an EU resident’s personal data by an individual, a company, or an organization of personal data. This pertains to entities that do business within the region, or that provide services to individuals in the region. The rule provides people with more control over their personal data. For example, websites that collect data on visitors must let visitors know this. These websites must give visitors the option to opt out of such collection. Many additional laws have been passed in response to this new regulation, to provide local guidance on compliance. For example, in the United Kingdom, the Data Protection Act 2018 is a national law that complements the European Union’s General Data Protection Regulation.

TRUSTe Privacy Certification Standards

TRUSTe Privacy Certification Standards assist companies in establishing and maintaining strong privacy management practices. Compliance with TRUSTe demonstrates a company’s commitment to privacy protection in their online properties, customer and employee data management practices, and/or applicable regulatory frameworks.

For these and many other national, international, and industry regulations or requirements, a security assessment is necessary to ensure compliance. Companies that work with a Relocation Management Company (RMC) need to perform a security assessment of the RMC’s data and operational systems. Global Mobility Solutions’ team of global relocation experts believe the following 5 tips are essential to ensure an RMC’s compliance to a company’s security assessment.

5 Helpful Tips for Performing a Security Assessment on your RMC

1. Be Sure to Review the RMC’s Risk Rating and Access to Data During the Security Assessment

Your RMC should have a risk rating. The rating depends upon the likelihood of an event occurring. It also depends on the impact severity that might arise if the event does occur. You should determine whether the RMC has limited or full access to data. Important data fields to review for risk during a security assessment include:

Employee Name and Home Address
Employee Phone Numbers and Email Address
Family Member Contact Information
Social Security Numbers
Bank Name and Account Numbers
Logistic Information Related to Relocations
Travel Information Including Dates and Locations

2. Questionnaire Submission to RMC

Your company should have a document with several questions that will indicate the RMC’s compliance to important points in a security assessment. Provide sufficient time for the RMC to complete the questionnaire. The RMC will need to work with their Information Technology department to provide answers to many of these questions. Provide a contact from your company that can answer any questions the RMC may have related to the document’s specific points.

3. Share Results of the Initial Security Assessment

Once the initial security assessment is complete, share the results with your RMC. Offer to work with the RMC to remediate any areas that require attention to ensure compliance. Partnering with the RMC helps ensure the solution fully addresses your company’s requirements. Note the specific regulatory requirements that your company must meet to help the RMC understand how they might reach compliance.

4. Share Results of the Final Security Assessment

Be sure to indicate all control gaps. Note all categories that require submission of a formal remediation plan. Include specific dates and timelines critical for maintaining your company’s compliance to specific regulations. Provide guidance to the RMC on how to create and submit a remediation plan that will meet your company’s requirements.

5. Set Periodic Reviews for the Security Assessment

Working with the RMC, set a timeline for periodic reviews. Depending on your company’s specific regulatory compliance requirements, a security assessment may need to occur by date or by change in activity level. For example, if your company requests the RMC perform an additional service that requires sharing additional employee data, a review should be set to confirm the most recent security assessment is still valid.

GMS is the Industry Leader for Relocation Technology and Security

Global Mobility Solutions’ (GMS) team of global relocation experts has helped thousands of our clients understand how to conduct an effective security assessment on an RMC. We can help your company create and implement a security assessment to ensure compliance to all of your organization’s regulatory requirements.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation^® technology platform.

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
Comprehensive guide to national, international, and local online sources for current data
Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online or give us a call at 800.617.1904 or 480.922.0700 today.

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Tags corporate relocation, Domestic Relocation, global relocation, relocation management, Relocation Models, relocation policies, relocation programs, relocation technology

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Why Relocation Services Should Include Spousal & Partner Support

Post author By John Fernandez | CRP, GMS, SSB
Post date April 13, 2022

Happy couple carrying cardboard box and pot plant in new house

The Importance of Providing Spouse & Family Support for a Successful Relocation Process

Relocating for a job can bring many new opportunities to one’s professional career. But moving to a new destination for a job can also mean uprooting a partner, or even an entire family. When a candidate accepts a new position and agrees to move for the job, many negotiate to get relocation costs covered by the new company. Companies that are regularly involved in the talent mobility process work with relocation management companies (RMC) to construct relocation packages that are enticing and helpful to employees.

But do these relocation benefits ever include any support for the transferee’s spouse or family? Any modern RMC representative would highly recommend including partner/spousal support and family support offerings to recently hired employees. There are many reasons companies should be happy to help ease the transition for their new employees’ families. For example, if the employee knows their family will have an easier time moving, they are more likely to accept the position. Finding the right candidate quickly cuts down on the time of the job search. Also, knowing their family will be taken care of during the relocation process because of special relocation benefits, the employee can have their mind on their work.

There is no one size fits all relocation package. Each talent mobility assignment is different and should be treated as so. With that being said, there are numerous relocation services that RMCs can provide to moving employees’ spouses and other family members. Let’s look at some of the more common programs worked into the relocation process.

Area Orientation Trips

Orientation trips are a relocation benefit that tends to get overlooked. Many RMCs would recommend that companies cover at least one or two (if not more) orientation trips for the employee and their partner/spouse. The main reason to add this into a relocation package for the employee to utilize it as a house-hunting trip. Including this service helps the employee and their family get somewhat familiar with the lay of the land for their new destination. These trips can also be used to check out different schools and activities for those relocating with children. Taking a tour of a local school might help the family decide which neighborhood they might want to settle in. If the transferee’s kids play sports or participate in other after-school activities, then take advantage of the trips to meet and greet with coaches and directors so that they are not starting from square one once arriving in the new city. Area orientation trips can give kids and spouses a new, exciting spin on the move if a dream house is discovered while house hunting.

Spousal Career Services

Another perk that should be included in relocation packages is career services for the moving employee’s spouse or partner. It’s not unusual for a domestic partnership to make up a dual-career household; this means if the family is moving for one person’s job, there is a chance the other will have to quit or alter their career. But there are ways that companies can work with RMCs to include spousal career services in their talent mobility benefits. These programs can offer comprehensive career assistance along the lines of:

Quick Start Job Search Preparation (marketing tools, job search assistance manual)
Job Search Assistance (market information, access to searchable data)
Personal Branding (online profiles, personal website, blog, video)
Partnering Services (online courses for job search execution)
Resume Writing Services (resumes, cover letters, LinkedIn profile)

Spouses who are moving with their partner can use this time to their advantage. Some people hold off on a career change, but right after a relocation could be a perfect time. If the moving spouse has to resign from their current position anyway, then it could be a new beginning they need to switch industries or positions, maybe even start their own business. In very lucrative relocation offerings, there may even be grants and financial support benefits for the employee’s spouse to get special training for a new job. And sometimes, some RMCs might even work in entrepreneurial opportunities for relocating partners.

Language Training

For international relocation services, language training might be one of the most essential benefits needed. Those who relocate to a new country with a spouse and children will more than likely have to learn a new language. Learning a new language can be difficult if the family has not been preparing for it for a few years leading up to the move. Companies that plan to interview, and ultimately hire, global candidates should seriously consider covering or reimbursing for classes and tutoring for the employee and their family members to learn the language of their new home. Language training programs give the spouse and family a better chance of adjusting and liking their new surroundings making it more likely that the employee can succeed at their new job as well.

GMS Offers Relocation Services with Spousal Support

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Tags relocation packages, relocation services, Talent Mobility

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The Most Googled Questions About Relocation Services

Post author By Kimberly Chacon
Post date February 1, 2022

woman doing research on moving — A beautiful young woman planning an overseas trip on the internet

Answering common questions about relocation packages and the global mobility process

Companies that are just starting to research information about relocation services may need to get some of their basic questions answered. Global Mobility Solutions (GMS) has been a leading relocation company for over 34 years. Our team members are all highly qualified for their positions and are experts in their specialty regarding relocation services. As there are a lot of moving parts when it comes to relocating employees, our team put this guide together in hopes of providing some answers to the most Googled questions. Most of these questions are commonly asked when companies with in-house programs (or no program) are considering outsourcing their mobility programs to an experienced relocation management company.

Here are those Q & A’s:

What Are Relocation Services?

Also known as talent mobility or global mobility, corporate relocation services are benefits provided by an employer or agency to an employee who has to move for a new position or promotion. In simple terms, relocation services are “moving perks.” When the employee accepts the position, they are provided with some different options to help them get to their destination smoothly in time for their start date. Depending on what type of benefits are offered, relocation services usually can be applied to individuals and families alike. International relocation and domestic relocation services are slightly different, but the idea remains the same.

In most instances, the hiring company will have already signed on with a relocation management company (RMC) to construct and deliver comprehensive relocation packages in order to ensure their talent acquisition program is as competitive as possible.

What’s Included with Relocation Services?

Relocation packages offered to employees should be tailored to fit the company’s objectives, along with employees’ wants and needs. Relocation services can vary in what is offered to, and utilized by, the employee. Common benefits range from assistance in selling a home to temporary housing assistance, school/area tours, and more.

Often, the most common theme among talent mobility perks is financial help with moving costs and shipping of household goods. Sometimes, the company will even offer to cover the cost of hiring moving services completely. Other companies may offer reimbursement options for relocation costs, meaning the employee foots the bills upfront to get to their new destination and the company repays them usually via check or EFT payment.

Side note: GMS recommends that companies offer employees relocation packages instead of reimbursement options. At GMS, we assign each moving employee a dedicated single point of coordination (a U.S. Domestic Relocation Coach or a Global Assignment Manager). This certified GMS team member is highly experienced in their field and will provide guidance to your employee every step of the way during the relocation process.

How Much Can You Expect to Spend on Relocation Services?

That’s an excellent question. From the hiring company’s standpoint, paying to provide relocation services will depend on a number of variables. How many employees need to be relocated? Are these employees individuals or moving a family with them? Is the company willing to cover the costs of the entire move or just partial support? Are real estate perks offered in the package?

Going back to the idea that relocation benefits should be tailored to fit the company’s objectives and employees’ needs, it’s hard to put a price range on just how much relocation services cost. Relocation costs are typically worth it in the long run because it increases the chances of getting the right candidate in the right seat for the vacant position. These employees arrive stress-free and ready to work, and are shown to stick around longer. Without global mobility benefits, your company runs the risk of having to hire and train multiple people over because only local talent is applying for the job.

What’s the Average Timeline for Relocating?

When helping companies create their relocation benefits, GMS usually recommends that there be a designated timeframe in which the policies can be utilized. This timeline will vary from company to company, or position to position. In many cases, a 90-day window for employees to start their relocation process does the trick. Employers need to keep in mind that these new-hire employees may have families, and trying to move a family with children is something that cannot always be done within a few weeks. Additional factors should be taken into account as well, such as the time it takes to sell the employees home, or the availability of transportation services for their household goods.

In extreme cases, the company might give the employee a start date within a month of the offer. But the downfall with this approach might be the employee may decline the offer, or the company’s relocation costs will increase if services are needed ASAP and not planned out.

What if an Employee Doesn’t Use/Need Every Relocation Benefit Offered?

GMS prides itself in our proactive relocation coaching. By having a Relocation Coach or Global Assignment Manager assigned to each employee, GMS helps to ensure the relocator is using the right mix of benefits for their unique situations. This can help them to get the most out of their available and applicable benefits, whether it be helping with moving costs, spousal support, or language training. GMS’ relocation experts help to pinpoint why employees may or may not utilize certain benefits to make sure the employee is getting the support they need without contributing to inflated mobility program costs due to the use of unnecessary services.

What Is Corporate Housing?

When thinking about accepting a job out of state, one of the most sought-after relocation benefits is corporate housing. Also known as short-term housing, this benefit is recommended for employers to provide as it might seal the deal for the new hire to sign on.

Corporate housing is usually a 30, 60, or 90-day stay in a furnished apartment or townhome that is covered by the employer. The reason this is such a draw for relocating employees is because it gives the employee and their family a transitional period to get their feet wet and learn a little bit about the lifestyle of their new destination. This period of time is also valuable as it provides the employee a place to live during the period of time it takes for them to secure a new place to live and await the delivery of their household goods. It also can be used for a situation where the employee has to go ahead of their family for the job, while their family finishes up any loose ends before the relocation completely takes place such as kids finishing the school semester.

How Often Should We Review Relocation Benefits?

GMS urges companies who are offering relocation packages to look into reviewing or updating those benefits every 12 to 18 months. The reason being, industries become more competitive and employee needs can evolve. If a competing company in your industry is offering more money or benefits to new hires, it could make it harder for your company to attract the top talent you need.

GMS Is Here to Answer All of Your Relocation Questions

When it comes to your talent mobility strategy, there are thousands of questions about where to begin or how to improve. The relocation experts at GMS have been helping companies move their employees for over three decades. If you have any questions about creating, reviewing, or improving your mobility program or relocation services, please reach out today. Our team can answer any questions you may have while offering insight into alternatives and enhancements to already existing relocation packages.

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Tags corporate relocation, Corporate Relocation Services, relocation, relocation services