Category: Corporate Relocation

UK Nationals Must Fulfill European Union Legal Residency Requirements

Post author By Global Mobility Solutions
Post date December 10, 2020

Amazing London skyline with Tower Bridge during sunset

As the United Kingdom (UK) finally reaches the end of the Brexit transition period, UK nationals living in the European Union (EU) should affirm their EU residency. Apart from any requirements in the UK, many countries in the EU have specific requirements regarding residency. UK nationals may need to apply for residence in the country. Alternatively, they may need to register their residence.

Important Points for UK Nationals to Affirm Residency:

UK nationals may need to apply for a residence status to confirm they did in fact reside in the specific EU country prior to the end of the transition period (December 31, 2020)
Requirements and processes vary by country
According to the UK government, UK nationals have until June 30, 2021 to submit the application

What Happens to UK Nationals After December 31, 2020?

After December 31, immediate family members may travel to be with UK nationals. However, they may also need to submit an application prior to traveling.

The definition of immediate family members includes:

Spouses
Children/grandchildren who are dependents
Registered Partners
Parents/grandparents who are dependents

What Does This Mean?

For UK nationals living in the EU, it is important to understand their country of residence’s requirements relating to affirming residency status. Each country has specific forms and processes that should be followed. There are many complexities surrounding these requirements. Employers of UK nationals should take note to be sure their employees follow each specific requirement to ensure continued legal residency. The UK Government has a robust portal with a wealth of helpful information and resources. Here are three examples that show the wide disparity across various EU countries:

Greece

UK nationals must register as a resident if they plan to stay for more than 3 months. Guidance on how to register in Greece.
Those who are a legal resident before the transition period ends will be able to stay.
Rules on residency registration will change after December 31, 2020. For those already registered as a resident in Greece or those who register before December 31, 2020, their residence documents will be considered as temporary national residence permits.
UK nationals must further confirm their rights by obtaining a new residence document. (Note: Greece has not yet announced the process to obtain this new residency document.)
The Greek government has a helpful website for UK nationals living in Greece, and they may submit questions using the website’s contact form.
If you move to Greece after 31 December 2020, different immigration requirements will apply.

Luxembourg

UK nationals who move to Luxembourg before December 31, 2020 must first make a declaration of arrival at the local town hall (commune) in their locality within 8 days. Within 3 months of arrival, they must get an address registration certificate from the Commune. Following these steps and after they have received their address registration certificate, then they will need to get the new document.
If they require a criminal record check, they must apply for a police certificate from the ACRO Criminal Records Office. (Note: If they have never resided in the UK, they should record this in the “additional information” section on the application form.)
Guidance on registering in Luxembourg.
UK nationals who are residents in Luxembourg before the transition period ends will be able to stay.
They must obtain a new residence document by June 30, 2021.
Those who previously registered as a resident must complete an application form to obtain the new document from the Immigration Department in Luxembourg City. Guidance on the application process is provided online, along with the required application form.

Romania

UK nationals who reside in Romania before the transition period ends will be able to stay.
They must register as a Romanian resident if they want to stay in Romania for more than 3 months. Certificates are available from the General Inspectorate for Immigration (Inspectoratul Roman pentru Imigrari).
Following the end of the transition period, UK nationals residing in Romania must apply for a new residency card. (Note: Romania has not confirmed the process for obtaining the new residency card, but once it is announced they must apply for the new card before 31 December 2021.)
Guidance on residency for UK nationals living in Romania.

What Should Employers of UK Nationals do?

Employers of UK nationals should provide guidance as to the employee’s country of residence requirements to ensure legal residency status is maintained. They should also work with a Relocation Management Company (RMC). An experienced and knowledgeable RMC will be able to help employers by identifying the specific country requirements.

The RMC will also help determine the best process to ensure all of the requirements are met. Meeting requirements will help secure legal residency status for the employee. As a result, both employers and employees will have peace of mind. They will also not face any disruptions relating to residency status.

Conclusion

Global Mobility Solutions’ team of global relocation experts has helped thousands of our clients understand how to meet country requirements for residency. Our team can help your company understand how to help employees who are UK nationals establish legal residency in their specific EU country.

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.

Contact our experts online to learn more about how GMS can help employees who are UK nationals establish residency in their EU country of choice, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Visa Program Consultation

Properly managing a visa and immigration program involves meticulous coordination, precise communication, and worldwide interaction with government agencies, corporate personnel, and relocating employees.

At GMS, we provide you with peace of mind in knowing your mobility program is fully compliant and being managed by the best in the industry.

Request a no-pressure, courtesy consultation from a GMS Mobility Pro. We’ll be in touch within 1 business day.

Corporate Relocation Corporate relocation tips Domestic Relocation Domestic Relocation Tips Global Relocation Global Relocation Tips Relocation Best Practices Relocation Management Relocation Policy Review Relocation Programs

Expedited Bidding Benefits: How Your Company Can Gain Immediate Results

Post author By Nancy Kritzer | CRP
Post date November 23, 2020

Two male and two female Relocation Management Company representatives presenting their proposal by video to a male Human Resource Professional who hopes to gain expedited bidding benefits

If your company is seeking better results from your relocation program, expedited bidding benefits bring immediate savings. As many companies learn, outsourcing the management of their relocation program to a Relocation Management Company (RMC) provides several advantages. Doing so through a quick process helps the company achieve even greater results in the short term. Companies that use an expedited bidding process report significant savings in both time and costs.

GMS’ benchmark study of companies that leverage an expedited approach to bidding on the management of their relocation program show why this is a preferred process. Our team of global relocation experts has identified the top five expedited bidding benefits that companies can expect.

Top 5 Expedited Bidding Benefits

1. Cost Savings Right from the Start

Companies instituting an expedited approach create competition in the process. Relocation Management Companies pursuing their business will put forth their most competitive fee structures. Direct costs are likely to be the lowest in the quest to obtain the account. With these immediate savings from the expedited bidding process, companies are assured of cost effective solutions.

2. Complimentary Consulting

Some of the most valuable expedited bidding benefits related to mobility consulting. As part of the process, companies can request many of the following at no cost:

Policy development and revisions
Relocation program design
Current policy reviews

As part of this process, companies can learn much about an RMC’s abilities, including:

Knowledge of relocation processes
Level of experience on points important to the company
Consulting work quality and timeliness

3. Speedy Implementation Saves Time and Offers Quick Access to Expedited Bidding Benefits

Expedited bidding benefits relating to time savings can directly correlate to cost savings. The quicker a relocation program be implemented, the quicker the company achieves program savings and efficiencies. GMS’ data shows that on average, more than 90% of companies using expedited bidding complete their relocation program implementation in just 22 days. Given the amount of work that may be involved, including creating relocation APIs, policy documents, and communication, a shorter implementation timeframe lets the company quickly return its focus to other strategic objectives.

4. Process is a Better Fit for Buying Solutions

Companies that retain an RMC to manage its relocation program understand they are buying solutions that will help their employees. As a result, these solutions require a much different approach than the process they would use to purchase equipment parts or to source machinery. Ultimately, relocation management requires that the company ensures the right fit for the right reasons. The right fit ensures the company will maximize their expedited bidding benefits.

5. Frees up Administrative Burden of Formal Requests

Companies that fully understand their purchasing processes know the amount of administrative burdens and resources necessary to complete formal Requests for Information and/or Proposals. By foregoing these types of resource-intensive approaches that often create more problems for the company, employees can pursue value-added activities while RMCs carry the burden of responses.

What Should Companies do to Gain Expedited Bidding Benefits?

Companies should seek to gain expedited bidding benefits by utilizing an expedited process for outsourcing the management of their relocation program. Relocation Management Companies with extensive industry experience and knowledge will prove to be the best resources in this effort. Qualified RMCs will guide companies to successful results with a customized, right-fit program and greater expedited bidding benefits.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients with their relocation programs. Our team can help your company gain the maximum amount of expedited bidding benefits by leveraging our expertise to present the most cost-effective and efficient relocation management solutions.

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

Contact our experts online to discuss your company’s interest in obtaining expedited bidding benefits, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Tags corporate mobility, corporate relocation, Domestic Relocation, Domestic Relocation Tips, Expedited Bidding, Expedited Bidding Benefits, expeditied bidding, global relocation, Global Relocation Tips, Relocation Benchmarking, relocation policies, Relocation Policy Benchmarking, Relocation Policy Review, relocation programs

Corporate Relocation Corporate relocation tips

2020 Phoenix Relocation: Where are the Companies Coming From?

Post author By Sam Hoey | CRP, GMS
Post date November 17, 2020

The Greater Phoenix Economic Council reports that many companies are considering a 2020 Phoenix relocation or expansion. In their October 2020 Prospect Overview, a number of significant data trends are clearly visible. Looking at the data relating to the prospects’ region of origin, we can see the following:

California	25	28%
New York	6	7%
North Carolina	4	4%
Colorado	3	3%
Texas	3	3%
Florida	2	2%
Illinois	2	2%
Washington	2	2%
Georgia	1	1%
Maryland	1	1%
Nevada	1	1%
New Jersey	1	1%
Ohio	1	1%
Pennsylvania	1	1%
Tennessee	1	1%
Virginia	1	1%
Unknown	14	16%
International	20	22%
GRAND TOTAL	89	100%

One clear data trend is that there are a significant number of companies from the next-door state of California that are considering relocating to Phoenix. The number of companies coming from California is more than four times the number of companies coming from New York. There are usually a number of reasons that a company may desire to initiate a 2020 Phoenix relocation. However, there are some factors specific to California that may be influencing company’s decisions to accelerate their relocation.

What are the Major Factors Driving California Companies to a 2020 Phoenix Relocation?

In looking at the major factors that are driving companies to leave California, three of the most significant factors are:

Cost of Living
Taxes
Business Regulations

Reviewing these major factors in California versus Arizona may show why many companies have a 2020 Phoenix relocation on their agenda.

Factor 1: Cost of Living

On average, the cost of living in Los Angeles versus Phoenix is 67% more expensive. This is a significant different between these two major cities. Nearly every category by comparison costs higher in Los Angeles. Housing costs are 188% more in Los Angeles than in Phoenix. Transportation costs are also significantly higher in Los Angeles, over 40% higher than in Phoenix. From a cost of living standpoint, both employers and employees can benefit with a 2020 Phoenix relocation.

Factor 2: Taxes Drive Many Companies to Plan for a 2020 Phoenix Relocation

Comparing the tax situation in California versus Arizona shows taxes are much higher in California. A comparison of the differences shows the following:

	California	Arizona
Average State Income Tax Rate	9.3%	4.54%
State Sales Tax	7.25%	6.60%
Property Tax Per Capita	$1,449	$1,043

The top state income tax rate in California is an astonishing 13.3%, currently the highest in the nation.

24/7 Wall Street reports that of the states with the highest and lowest taxes, California ranks near the top at #14 on the list for highest taxes, while Arizona ranks near the bottom at #46.

The Tax Foundation noted in a previous study that the five highest state-local tax states (the combined effect of all state and local taxes) were:

New York 12.7%
Connecticut 12.6%
New Jersey 12.2%
Illinois 11.0%
California and Wisconsin 11.0% (tie)

Certainly taxes are a major factor for any company considering a relocation. The significantly different tax rates between California and Arizona provide a strong incentive for a 2020 Phoenix relocation.

Factor 3: Business Regulations

Business regulations can cover a variety of issues, from the necessary permits required to construct office buildings to the number of parking spaces required in a shopping center. It could also include topics such as how workers are classified. For example, California recently passed the AB5 Law requiring many companies to classify “gig” workers as statutory employees, not independent contractors.

Recently Uber and Lyft were successful in their efforts to stop AB5 from impacting their businesses. However, some other businesses impacted by AB5 are not covered in this initiative. Also, there is the specter of continued and increasing regulations relating to how companies actually conduct their business. Locations, employees, products and more are all impacted by California’s extensive regulatory environment.

By comparison, Arizona has been successful in creating a welcoming business climate. The state’s economy continues to grow along with the national economy, and consistently exceeds 2% over time. This stable growth rate is appealing to many businesses. It is also very easy and inexpensive to establish a business in Arizona. The Arizona Commerce Authority notes several ways that the state has reduced regulations:

Streamlining Tax Collections
Eliminating the Need for Multiple (State & Local) Tax Licenses, Returns, and Audits
Reducing Red Tape and Paperwork
Right-to-Work State Ensuring Labor Peace and Business Stability

What Does This Mean for Companies Looking at a 2020 Phoenix Relocation?

As can be seen by the data from the Greater Phoenix Economic Council, the benefits of relocating from California to Arizona are driving many companies to consider a 2020 Phoenix relocation. Employers in California should look at the three major factors of cost of living, taxes, and business regulations to determine if their company, employees, and customers might benefit in multiple ways with a relocation to Phoenix.

Companies should work with a Relocation Management Company (RMC) that has direct experience with state-to-state relocations. RMCs will have knowledge and experience to help companies determine the best plan for a 2020 Phoenix relocation.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to approach a corporate relocation from one state to another state. Our team can help your company determine if a 2020 Phoenix relocation should be part of your future plans.

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

Contact our experts online to learn if your company should consider a 2020 Phoenix relocation as part of your corporate plans, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Tags 2020 Phoenix Relocation, Arizona, California, California AB5 Law, California Solar Panel Mandate, corporate relocation, Corporate Relocation Factors, Corporate Relocation Services, Fastest Growing Cities, Maricopa County

Corporate Relocation

Pre-Decision Tax Planning: 5 Steps You Should Take Now

Post author By Global Mobility Solutions
Post date November 10, 2020

Global Mobility Solutions knows the importance of pre-decision tax planning. As the pioneer of the benefits of pre-decision services, GMS understands how to identify the markers of success in relocations. Clients know that partnering with us early in the process helps increase relocation success. It also helps increase their transferee’s productivity on their new job. Our wide range of services help clients identify those employees who are the best fit and best suited for the assignment.

GMS spoke with Erika Beddow, Business Development Manager at Global Mobility Tax, LLP. Erika has over 20 years’ experience in public accounting with the last 12 years specializing in the Global Mobility industry. Erika agreed to share her expert guidance on the issue of pre-decision tax planning.

What is Pre-Decision Tax Planning?

Whenever she is asked this question, Erika states that pre-decision tax planning is an extremely important consideration for relocation programs. Employers should be well-prepared for a successful global relocation. Relocating an employee globally can be beneficial to both the employer and employee. However, global relation can cause many issues if tax planning is insufficient.

Before sending an employee on a global assignment, employers should know the basics. This includes knowing how the host location will tax employees. It also includes understanding the taxes the company will need to pay. Whether the relocation is permanent or short-term, employers should understand the tax costs upfront. This will help them prepare accurate global relocation budgets. It will also help them avoid any possible tax compliance penalties.

COVID-19 Pandemic Puts the Brakes on Global Relocation

Many employers have found global relocations interrupted or halted during the COVID-19 pandemic. Erika believes that as countries start to recover and lift visa restrictions, employers will start considering international moves for employees. As companies look beyond the COVID-19 pandemic, pre-decision tax planning will be an essential part of relocating their employees.

Tax regulations are increasingly complicated and can increase the tax burden for both the company and employee. Pre-decision tax planning should be reviewed by assignment type to understand what the tax implications are in each location. This could vary depending on location, assignment type, and allowances paid. Some of the more common allowances offered may generate tax obligations.

Common Allowances for Global Assignments

Moving allowance for both the employee and family (includes airfare and shipping)
Housing allowances (either temporary or for the duration of the assignment)
Cost of Living Adjustment (COLA)
Home finding assistance
Home sale / lease break costs
Spousal support
Child tuition in the host location
Tax gross ups – increased tax costs typically know, as “tax on tax.” These are calculated to ensure the employee is not out of pocket for taxes on assignment-related expenses.

5 Steps to Take for Pre-Decision Tax Planning

Erika notes that employers should always be looking to reduce the tax impact that employee global assignments have on their company. Below are 5 steps employers should take now to ensure a simple, smooth, and successful global relocation.

1: Start global tax planning prior to the assignment—“pre-decision tax planning.” This will ensure you have the best type of assignment policy in place for this relocation for both the company and employee, while also minimizing global tax costs.

2: Review the global income and social tax treaties to minimize excess tax costs associated with each assignment.

3: Contact payroll to ensure set up and reporting is complete in both locations.

4: Educate employees on taxes in both locations to ensure the employee understands the implications in both countries via home and host tax consultations.

5: Provide tax assistance in both home and host locations for your employees. This will ensure proper compliance in both jurisdictions.

Proper Planning Saves Time, Money, and Provides Peace of Mind

Planning properly can save your company time and money. As a result, you can have peace of mind that tax issues will not arise from a global relocation. However, improper planning could cause damage to your company’s reputation, in addition to tax costs and compliance penalties.

Experts at Global Mobility Tax, LLP Understand the Importance of Pre-Decision Tax Planning

Global Mobility Tax, LLP has helped companies understand the overall cost of an assignment and its tax implications. We can help your company plan the assignment structure to have the best outcome for both the company and employee. Global Mobility Tax, LLP provides expert tax support, education, and awareness to clients and their employees in order to ensure corporate compliance and employee satisfaction.

Erika is always ready to meet to help employers learn more about being compliant and building internal processes to support their mobile workforce.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients learn the importance of pre-decision tax planning for their global relocations. Our mobility consulting team can help your company understand how to leverage pre-decision tax planning to reduce global tax compliance issues with the assistance of the experts at Global Mobility Tax, LLP.

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 more about the importance of pre-decision tax planning. Contact our experts online or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Tags Global Relocation Tax, Global Relocation Tax, Global Tax, global tax, global tax tips, International Tax Laws, international tax laws, Pre-decision, Pre-Decision, Pre-Decision Programs, Pre-Decision Tax Planning, Pre-decision Tax Planning, Pre-Hire Assessment, Pre-Hire Assessment, State and Local Taxes, State and Local Taxes

Corporate Relocation

Virtual Tutoring Helps Ensure Successful Relocations

Post author By Global Mobility Solutions
Post date October 20, 2020

Schoolboy educate online. Father helps his son with home work. Boy in video conference with teacher on laptop at home.

Many transferees relocating with children can benefit from virtual tutoring. When family matters are taken into account, relocations are more likely to be successful. Relocation programs should include career support for spouses. They should also take care to ensure children’s needs are met. School searches and identifying specific needs helps ensure children acclimate well to their new location.

GMS spoke with Inigo Lopez, CEO of BiCortex Business Language Services. Through their experience and research, Inigo’s company has determined that one of the main reasons relocation programs do not succeed is because the family’s adaptation to their new location is not successful. Inigo agreed to share his expert guidance on this topic.

Helping Children Learn at Their Own Pace With Virtual Tutoring

In Inigo’s experience, children learn faster than adults. They also generally do not experience problems learning languages. However, adapting to their new school is usually the hardest part of the whole relocation experience. School curriculums are different in every country and therefore the requirements will differ between international schools.

Virtual tutoring sessions give the opportunity for parents to be more flexible with their time. At the same time, parents can obtain professional support for their children’s learning across a wide range of school subjects. The extent of tutoring can range from regular lessons or just a little help before an exam.

Virtual Tutoring Options

BiCortex provides tutoring for children in a wide variety of subjects, including:

Language (Portuguese, Italian, German, English, Spanish, French)
Mathematics, Geometry
Chemistry, Science, Biology, Physics
Writing/Composition, Literature
History
Geography

At BiCortex, the tutoring session may be one-to-one, either online or in-person. However, it may also be virtual tutoring in groups with other children, perhaps located in other countries. For example, currently BiCortex is conducting lessons for both Italian and French. In each group there are 3-5 children, aged 9 to 11. The children are from: Spain, Mexico, Brazil, and the United States.

Adaptive Virtual Tutoring

BiCortex can provide the right trainer that adapts to your child’s needs. The company can also offer tutoring in the child’s native language if preferred.

Some of the tutoring courses BiCortex provides are the following:

Academic Text Revision/Proofreading Services
School Tutoring
Preparatory Classes for upcoming Exams and Diplomas
Preparation for Entrance Exams to Schools and Universities
Relocation/Expatriate Trainings
Preparation for Foreign Language Schools

In cases where either the students request to have lessons virtually (with a live trainer), or due to major disruptions such as offices closed due to the COVID-19 pandemic, BiCortex delivers training online.

The BiCortex Virtual Tutoring Platform

BiCortex has its own platform to deliver virtual instructor-led lessons in a fully professional, secure, and GDPR-compliant format.

Features of this state-of-the-art virtual tutoring platform include:

Ease of Use

Download-free (no need to install a plug-in on most browsers)
Scheduling directly by students based on course or instructor availability
Class reminders and notifications
Interactive whiteboard

Language Friendly

Interface in several languages
Toolbox with extensive list of verb conjugations for the following languages: German, English, Spanish, Italian, Dutch, Portuguese and Swedish

Audio/Video

Superior audio/video quality
Recording/playing-back audio and video excerpts

Lessons, Documents, Assignments

Lesson materials are pre-loaded
Document sharing
Homework and assignments for students

Reporting Capabilities

Attendance reports
Learning analytics

Just as with face-to-face training, the content and methodology are adapted to the children’s needs. Also, books and materials are either virtual or delivered to the children through mail delivery services.

What Should Employers do About Virtual Tutoring?

Relocating employees will have questions regarding their children’s education. From the choice of schools to the availability of specialized learning programs, all aspects of the education process are important to address. Employers should provide information about virtual tutoring solutions and other helpful resources. By providing useful resources for transferees and their children, your company will help ensure a successful relocation.

GMS provides our clients with an extensive range of virtual tutoring solutions, language training services, and many other valuable resources so employee relocations are successful. Our high-touch service model fully extends to helping transferees and their children with everything they need to ensure a successful educational experience during their relocation process.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients learn about valuable resources such as virtual tutoring for children. These resources help relocating employees and their children quickly and easily settle in to their new location. Our team can help your company determine the best virtual tutoring solution for your relocation program to promote successful relocations.

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

Contact our experts online to discuss virtual tutoring for children as a valuable resource for your company’s relocation program, or give us a call at 800.617.1904 or 480.922.0700 today.

Tags Language and Culture, Language and Culture, Language and Culture Training, Language and Culture Training, Language Training, Language Training, Successful Language Training, Successful Language Training, Virtual Experience, Virtual Experience, Virtual Trainer, Virtual Trainer, Virtual Training, Virtual Training, Virtual Tutoring, Virtual Tutoring, workforce language training

Corporate Relocation Corporate relocation tips Domestic Relocation Domestic Relocation Challenges

Temporary Housing Solutions in Times of Crisis: 2020 California and Oregon Wildfires

Post author By Sam Hoey | CRP, GMS
Post date October 8, 2020

Woman sitting on floor, smiling, holding coffee cup, looking at large dog in in their temporary housing

Temporary housing solutions have applications beyond providing homes for transferees on short-term assignments. Recently GMS was contacted by several clients and prospective clients seeking assistance for employees displaced by the 2020 California and Oregon wildfires. Many of these employees lost their homes to fires or had to be evacuated to another location.

Each of the stories is heartbreaking for the employee and their family members. Ultimately, GMS was able to provide immediate assistance for everyone who called seeking temporary housing.

Sam Hoey, Senior Vice President, Business Development, oversaw the GMS response for our clients and prospects. Sam agreed to share the solutions that GMS implemented.

Traditional Temporary Housing Solutions

GMS recommends clients choose traditional temporary housing solutions for a number of reasons. Important criteria that are addressed with traditional solutions include:

Move-in Inspection covering several points
Cleanliness meeting specific standards
Emergencies and Maintenance Issues
Security Standards including the Wi-Fi System

Traditional temporary housing gives clients and employees peace of mind that these major areas of concern are taken care of down to the last detail.

Scope of Client’s Immediate Needs for Temporary Housing

Destruction from the 2020 California and Oregon wildfires is vast and widespread:

California

3,000 homes destroyed
100,000 evacuees displaced
Over 7,000 wildfires

Oregon

2,200 homes destroyed
40,000 evacuees displaced
500,000 residents under evacuation warning

The wide area of destruction spread over both states impacts many employees. In some cases, over 400 employees were displaced in just a few days, with many actually losing their entire homes. Employers seeking to help for their displaced employees contacted GMS to discuss how best to help those in need.

GMS Leverages Temporary Housing Solutions

After receiving requests for assistance, Sam sent the clients and prospects a clearly written communication. The instructions were to send the communication to their employees about who to contact at GMS for immediate assistance.
GMS set up every employee in need with a GMS Relocation Coach. The Coach assessed their needs, and in many cases then sent the request to a client-directed preferred temporary housing provider, ATB Housing.
A few cases required specialized responses. One employee displaced in Salem, Oregon, also had 4 large dogs. Instead of sending the dogs to a boarding kennel, GMS sourced a nearby fully furnished apartment for the employee on a 30 day rental basis.
Some employees preferred booking extended stay hotels instead of temporary housing for the time being since they did not know what insurance would be offering them for their specific cases. ATB Housing also arranged the hotel options for these employees.

What Does This Mean?

GMS has a team of experts that help clients address nearly any relocation issue, including an emergency request for temporary housing. Clients should work with a Relocation Management Company (RMC) that has extensive knowledge and experience in housing solutions for employees.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients understand how to respond to emergency situations and changing employee needs. Our team can help your company understand how to find appropriate temporary housing solutions during any type of local crisis, including wildfires.

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.

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. Contact our experts online to learn about temporary housing solutions for your employees, or give us a call at 800.617.1904 or 480.922.0700 today.

Tags corporate relocation, domestic mobility, Domestic Relocation, employee relocation, Healthcare Corporate Housing Solutions, Temporary Housing, Workforce Mobility, workforce mobility management

Corporate Relocation Domestic Relocation Global Relocation

Virtual Destination Services: Ideal Solutions for our Virtual World

Post author By Sam Hoey | CRP, GMS
Post date September 22, 2020

young african american woman using laptop to work. — Smiling mixed race woman working in bright office, using laptop and headset, portrait.

Virtual destination services provide transferees with the tools and resources they need to navigate their relocation from a distance. Many GMS clients have transferees who benefit from using convenient formats and technology. In today’s virtual world many processes are changing to ensure health and safety during the COVID-19 pandemic. As a result, transferees have access to new tools and resources to assure a successful relocation.

GMS spoke with Ann Hinch, International Destination Service Manager at GO Destination Services, who agreed to share her knowledge and expertise on this topic.

Three Convenient Formats for Virtual Destination Services

For services such as searching for schools, finding homes, and getting to know the new location, there are three convenient formats:

Real-Time Community Video

Live video lets transferees review specific areas, discuss their interests, and share their preferences. The local destination contact provides direct communication on specific points and can answer questions that may arise.

Webinar Presentation and Consultation

Transferees access a 1-on-1 presentation through a web-based platform. They also receive consultation for their destination needs.

Custom Pre-Recorded Video

A personalized video is recorded and shared with transferees. They are then free to review the recording at a time that is convenient to their schedule.

Ann notes these virtual destination services are a terrific option for transferees and their family members. The services provide benefits such as:

Providing direct support when needed
Keeping assignments on track for success
Recruiting and retaining key employees
Assisting and supporting family members
Developing and growing relationships

Example #1: Home Finding

More people are buying homes sight-unseen due to several factors including the pandemic, the speed of business, and preference. Transferees using virtual destination services to find a home receive a number of helpful resources, including:

Initial consultation/needs assessment to allow for service personalization
Research conducted using transferee’s timeline, preferences, and budgetary requirements
Appointment-setting services to provide a virtual review
Virtual review of lease
Move-in inspection using virtual services
Personalized 1-on-1 consultation for questions and answers

Finding Homes

GO Destination Services has helped many clients find homes utilizing resources such as real-time video, webinar presentations, and consultations. One example is a recent transferee who was relocating from Canada to the U.S. West Coast for her job. Pre-pandemic, she would have flown to her destination city for a pre-move tour and to view available properties a month or more before the date of her move. However, that was complicated by the fact Canada is imposing a mandatory 14-day quarantine for anyone arriving from outside national borders, including residents returning from the U.S. – this would have created a delay for her local preparations toward her final move.

Video Conference

To solve this, one of GO’s area consultants in her destination city put together a virtual presentation that included an area tour and orientation, as well as video and information about potential homes she had selected ahead of time, and went over these with her during a real-time video conference. She was able to ask questions, discuss the properties with the consultant, and ultimately chose her new home – all without leaving the country. GO then assisted with the lease review and signing, inspection, and arranging landlord repairs before she arrived, lessening the stress of her move-in date.

Ann notes the recommended service length for home-finding is eight hours.

Example #2: School Search and Consultation

Families moving with children often have specific needs for their home, location, and schools. Transferees using virtual destination services to find a school participates in a virtual search, support, and coaching sessions on school choices. These services include:

Initial consultation/needs assessment for service personalization
1-on-1 personal consultation
Appointment-setting services
Extensive and thorough question-and-answer sessions through phone and video

GO Destination Services recommends transferees participate in a webinar presentation and consultation for this service. Ann notes the recommended service length for school search is also eight hours.

Additional Virtual Destination Services

Ann notes that several destination services can be provided virtually. These include tours and orientation, departure services and support, and area consultations. All of these services provide transferees with 1-on-1 consultation and support to ensure their peace of mind.

Area Tours

Some of GO’s clients use virtual services for area tours for potential new hires at the interview stage. Candidates who are doing video interviews with clients and cannot travel to the destination city are connected to GO. Then they are afforded the opportunity to talk with a local area consultant. The consultant inquires about their preferences and other items of importance when considering a new job and relocation. Using that information, the consultant and GO prepare a web-based platform presentation highlighting local attractions, services, and even rentals – using such tools as video, mapping features to virtually “move around” the city, and, of course, opportunity for question-and-answer time.

Settling-In Services

Other virtual services include assistance with settling-in steps. When the Social Security Administration first closed offices in March because of the pandemic, it was not allowing applications for new Social Security cards for international work visa holders. Later, some locations began adding the ability to schedule in-person appointments even with offices still closed. Many offices will not allow area consultants to accompany the transferee inside for appointments; a number of those even require the transferee to call and schedule their own appointment. In these instances, the consultant offers instructions and support to the transferee through the process, including being on standby by phone or video during the application appointment.

What Should Employers Do About Virtual Destination Services?

Employers should leverage virtual destination services. This will provide transferees with easy to use resource that also promote health and safety in our virtual world. A Relocation Management Company (RMC) with knowledge and experience will help employers understand how to how to access a wide range of tools and resources to meet their relocation program’s needs. As a result, transferees and their family members will have peace of mind. Their relocation process will also be smooth and successful.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients understand how to identify if transferees can benefit from virtual destination services. Our team can help your company understand how to identify specific points of concern and issues. As a result, this will help your company provide appropriate virtual resources and solutions. We also have a wide range of North America and Global Destination Spotlights and MyRelocation^® Video Destination Spotlights to help new hires and transferees learn about their new location.

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

Contact our experts online to learn more about virtual destination services, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Tags corporate relocation, Corporate Relocation Services, Domestic Relocation, employee relocation, global relocation, relocation, Virtual Destination Services, Virtual Experience

Corporate Relocation

Virtual Staging: Increasing Your Home’s Appeal to Buyers

Post author By Global Mobility Solutions
Post date September 15, 2020

Many home sellers with vacant properties can increase their home’s appeal to buyers through virtual staging. Virtually staging a property is a cost effective option that provides sellers with attractive listing photos. These photos can be used in brochures, online listings, and other home marketing materials. As a result, buyers are more likely to show stronger interest in the home. Also, the photos will attract a much larger buyer audience.

What is Virtual Staging?

GMS spoke with Jay Bell and Krisztina Bell, Founders and Marketing Directors of Virtually Staging Properties (VSP). Jay and Krisztina agreed to share their industry knowledge on virtual staging and other aspects of staging properties to increase their appeal to buyers.

The Virtual Staging Process

According to Jay and Krisztina, virtual staging done by VSP starts with actual photographs that sellers provide. The process includes:

Seller provides actual photographs to VSP
VSP Professionals review the property details provided and develop a staging plan
Current furnishings and décor are utilized to provide superior results and unmatched realism
Photos are transformed into warm, inviting and attractive images that are transmitted to the client for use in marketing the property

The process results in significantly more attractive images that appeal to buyers. High quality and visually appealing photos show buyers what the home will look like with beautiful furnishing and professional staging. Buyers are more inclined to purchase when they see dazzling and engaging photos.

What are the Benefits of Virtual Staging?

Jay and Krisztina note a continuing trend toward a “virtual world” where the percentage of buyers who bid on homes without even seeing them keeps increasing. Home sellers want these buyers to see their property as attractive. In a virtual world, virtual staging has risen in importance to sellers. Benefits of this service include:

Customized approach fits every client’s needs
Home’s unique characteristics are highlighted
Cost effective solution appeals to budget-conscious clients
Works in any space: main living areas, flex rooms, outdoor areas
Quick turnaround time of approximately 2 business days once client correctly submits their order

VSP offers cost effective solutions that cover a number of scenarios and packages:

Pro Virtual Staging exclusively for professional home stagers and interior designers
Custom Virtual Staging
Express Virtual Staging (using furnishing from the VSP Express Inventory)

Virtual Staging Costs Versus Traditional Home Staging Costs

One of the greatest benefits of virtual staging is how the cost compares to traditional home staging. On average, clients using virtual staging receive a range of photos they can use for a one-time cost. VSP has options ranging from $39 per photo for Express to $60 per photo for Custom, with the total cost for a typical set of 5 staged photos ranging from $195 to $300 respectively.

By comparison, costs for traditional home staging are much higher. They may include $300-$600 for the first consultation, and $500 to $600 for each staged room on a monthly basis. Combined with a staging contract three-month minimum, and costs per month could rise to $2,000 or more. For traditional home staging, a total cost at the end of a three-month minimum contract may be over $6,000.

Combining Virtual Staging with Traditional Home Staging Provides the Best of Both Options

Jay and Krisztina offer both virtual staging and traditional home staging to their clients. These services have become complimentary marketing tools with agents and sellers. Their clients appreciate that they can traditionally stage all the main areas in a vacant listing and virtually stage other flex rooms and outdoor spaces while staying within their marketing budget.

Three major benefits of this approach include:

Offering a form of staging that is economical for smaller budgets
Assisting clients who do not want to have furnishings brought into their home
Offering another option for clients who request furnishings they may not keep in their inventory

What Does This Mean?

Home sellers who are looking for a cost effective solution that will create attractive and realistic photos should consider virtual staging. Companies such as VSP offer a variety of solutions that can be customized to fit each client’s specific marketing needs. As a result, sellers will receive photos that draw interest from buyers. Sellers will also be able to reach a wider audience of buyers with their virtual staging photos.

Conclusion

GMS’ team of domestic relocation experts has helped thousands of our clients understand how to provide solutions for their new hires and transferees who are looking to buy or sell a home. Our network of top agents market homes following industry best practices. They will have knowledge that helps home sellers understand the best and most cost effective solutions to marketing their homes such as using virtual staging to create visually appealing photos for marketing materials.

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

Contact our experts online to learn more about home seller marketing solutions such as virtual staging, or give us a call at 800.617.1904 or 480.922.0700 today.

Tags Home Sales, Home Sales, Home Sellers, home selling, Real Estate, real estate, Realtor, Realtor, Top Agents Market Homes, Virtual Agent Services, Virtual Agent Services, Virtual Experience, Virtual Experience, Virtual Staging, Virtual Staging

Corporate Relocation Corporate relocation tips

Corporate Relocation Factors: Top 7

Post author By Sam Hoey | CRP, GMS
Post date September 10, 2020

a young female entrepreneur sits at her laptop in an empty office surrounded by moving in boxes but as yet no furniture. Behind her colleagues are organising files, and a male co-worker is chatting to a contractor as to where the furniture needs to be going .

Several corporate relocation factors may influence a decision to move to a new location. There are some standard reasons, such as being closer to customers and markets. With the advent of the COVID-19 pandemic, a few new factors are rising in importance. For example, locations outside of major cities appear to be gaining traction for a number of employees. Whereas there had been a trend for people to want to live in larger cities like New York City prior to the pandemic, now that trend appears to have reversed:

Westchester County, NY: July 2020 new home contracts double the usual number
Greenwich, CT: 72% increase in new home contracts

This trend is repeating in other US cities including Chicago, San Francisco, and Los Angeles. While it is accelerating with the pandemic, the trend was already coalescing. Millennials in particular were seen as shifting to the suburbs back in 2018. Reports detail that millennial buyers seek:

More space
Lots of bathrooms
Safe neighborhoods
Ample parking
Shorter commutes

U.S. Census data analysis shows the following:

	2010	2018
Americans moving to urban areas	33%	28%
Americans moving to suburban areas	46%	54%

What are the Top 7 Corporate Relocation Factors?

For most corporations, relocation decisions are made for several reasons. Thorough planning processes may yield both short term and long term objectives. Companies should review all of the important factors pertinent to their decision. Sometimes these major factors have been known to the company, especially if they need to grow through talent acquisition.

Top 7 Corporate Relocation Factors

Companies seeing a trend of employees departing large cities will inevitably face declining workforces. Therefore a potential relocation to suburban areas might be in order. Many companies seek to be near a large pool of talented employees.

The ability to be in a location that offers attractive housing, low commuting times, and favorable amenities is a positive factor for companies. Even though some work may be done remotely, there may be occasions to bring employees together in a safe manner. Suburban locations may still require longer commuting times. If a company relocates to the suburbs near employees, that is one more benefit to drawing nearby talent for job openings.

Homeownership and Quality of Life are Important Corporate Relocation Factors for Employees

Homeownership is something that many employees seek. When markets offer record low interest rates, the case for buying versus renting is clear. Employers should encourage employees and transferees to buy instead of rent. There are many benefits that accrue to both the employee and the employer in the case of homeownership. Homeownership is often more easily attainable in suburban locations.

Quality of life issues cover many areas and may be important to spouses and families. For example, the ability for a spouse to find a job in a new location might determine the success of a relocation. In our Case Study on Educational Institution Relocation Programs, GMS found that our client was losing new hires after year or so. Researching the issues, we helped the client understand that lack of employment opportunities for spouses was the major factor impacting the decision process. Therefore clients should include the considerations of families and spouses as a corporate relocation factor.

Moving from Older to Newer Facilities is a Corporate Relocation Factor

Many companies located in older facilities face formidable market competition. Nimble market newcomers are often flush with the latest technologies. Upgrading facilities and equipment is a very important corporate relocation factor. Companies currently operating in outdated facilities may be at a competitive disadvantage. It is important for companies to consider their technology needs as they look at their corporate relocation factors.

The ability to reach new clients and increase market exposure in a new location can help a company reach corporate objectives. Some corporate headquarters moves are made to gain easy access to capital and financial decision makers. Many large companies have facilities in several locations to gain unique advantages. This also allows them to leverage several pools of talent and local expertise.

Cost and tax considerations may be a factor in some corporate relocations. Many companies take the cost of a location into account as they seek to assure continued success as they respond to rising costs and increasing competition.

Once a company planning to relocate reaches a decision, there are many points to consider. As it plans for a corporate relocation, a company should consider each point. As a result, this will ensure the company is fully aware of potential issues. They should have specific plans and ensure preparations are sufficient to ensure a smooth relocation experience. Often this also provides an excellent opportunity for positive Public Relations (PR) efforts that can highlight the corporate relocation’s benefits.

Top 5 Points a Company Looking at Corporate Relocation Factors Should Consider

Assign a project team to plan the relocation and develop the relocation budget.
Develop appropriate contingency plans and protocols to account for issues such as adverse weather, communications, and operations.
Plan for backup systems to counteract any disruptions to customer service or employee communications during the relocation.
Connectivity, security, adequacy of backups, and ability to restore technology systems should be reviewed to ensure full compliance with corporation needs, customer requirements, and business continuity plans.
Ensure employees, customer, vendors, and others receive information about the move. Often this is a good opportunity for positive Public Relations (PR) efforts that can highlight the corporate relocation factors and the benefits of the move.

What Should a Company Planning to Relocate do?

A company planning to relocate should identify all of the corporate relocation factors leading to the decision. Also, the company should consider all of the Top 5 Points that may impact the relocation. Companies contemplating a corporate relocation should work with a qualified Relocation Management Company (RMC) that has knowledge and expertise in all of the planning and processes involved with a corporate relocation.

Corporate relocation experts provide valuable insight and can help a company’s corporate relocation process run smoothly with minimal disruptions. Engaging a Relocation Management Company early in the process will ensure a company has a knowledgeable partner that can guide them through all phases. RMCs help companies understand the important corporate relocation factors impacting their decision. They will also arrange all aspects of the company’s relocation to ensure a smooth process.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients develop plans and processes to ensure a successful and efficient corporate relocation. As a result, our team can help your company understand the corporate relocation factors that should be considered. We can also help your company understand how to proceed with a corporate relocation that will keep your company operating at full capacity before, during, and after the relocation.

Contact our experts online to discuss corporate relocation factors facing your company, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Tags 2020-21 Corporate Relocation Budget, corporate relocation, Corporate Relocation Factors, Corporate Relocation Services, Corporate Relocation Spotlight, COVID-19, Move During COVID, Move During COVID-19

Corporate Relocation Domestic Relocation Global Relocation Global Relocation Challenges Relocation Best Practices Relocation Management Relocation Policy Review Relocation Programs Talent Mobility

2020-21 Corporate Relocation Budget: Start Planning Now

Post author By Sam Hoey | CRP, GMS
Post date September 1, 2020

Young woman collecting important documents — Shot of an attractive young businesswoman going through paperwork while sitting with her laptop

It is not too early to start thinking about your company’s 2020-21 corporate relocation budget. Many companies review budgets on a regular schedule. However, 2020 has been anything but ordinary. Every nation in the world has been dealing with the impact of the COVID-19 pandemic. From border restrictions to stay-at-home orders, the vast majority of companies have been facing multiple disruptions.

As a result, these disruptions are bound to have some type of impact on corporate budgets. Companies will find it difficult to determine the “new normal” in their business and industry.

Issues That May Lead to 2020-21 Corporate Relocation Budget Increases

Business Growth

Some companies have seen increasing demand for their products and services. For example, Amazon’s recent second-quarter report earnings call indicates tremendous growth for the company:

Earnings per Share: $10.30 (average analyst’s estimate: $1.46)
Revenue: $88.9 billion (average analyst’s estimate: $81.56 billion)
Sales: up 40% year over year in the quarter
Drivers: online retail, cloud services

Of special note is Amazon’s online grocery and delivery services, with significant progress in this area.

New Corporate Expansions

Other companies are planning significant expansions. Nikola Motor Company announced it will break ground on a manufacturing plant in Coolidge, Arizona. The plant should create thousands of jobs within Pinal County. Nikola expects to produce up to 35,000 hydrogen electric and electric semi-trucks.

Not to be outdone, Tesla recently announced it will build its next factory in Austin, Texas. Known as a Terafactory, the next Tesla Gigafactory will make the Tesla Cybertruck electric pickup truck and the Model Y. Additionally, Tesla’s headquarters location may also soon relocate to Austin.

Issues That May Lead to 2020-21 Corporate Relocation Budget Changes

Immigration Limitations

Beyond business growth and new corporate expansions, other issues may lead to budget changes. Immigration limits may reduce a company’s ability to hire foreign nationals to work in the United States. However, alternatives may still allow companies to hire qualified staff. These alternatives require specific conditions, with possible increases in costs in some areas such as travel and facilities.

Need for Highly Qualified Staff

Other issues could include staffing requirements. Some industries such as healthcare have seen a dramatic rise in the need for corporate housing solutions. This is due in part to a dramatic increase in a truly mobile workforce to deal with effects of the COVID-19 pandemic.

How Should a Company Approach Reviewing its 2020-21 Corporate Relocation Budget?

Every company looking to review its 2020-21 corporate relocation budget should consider the following 5 specific points:

1. Relocation Policy Review

It is imperative that companies undertake a review of their relocation policy. Best practice is to review this policy every 12 to 18 months. With changes impacting nearly every component of a company’s 2020-21 corporate relocation budget, a policy review will help define areas that should be examined for compliance, utilization, and cost savings.

Do you know if your company’s business continuity plan includes points related to its relocation program? A relocation policy review will highlight areas that should be considered, such as employees on temporary assignment who may need to be quickly reassigned to a different location.

2. Historical Data Review

A thorough review of expenses will provide a good indicator of areas in need of attention. That being said, it is now critically important to also factor in multiple forces that may impact the future budget, including:

Immigration issues
Travel restrictions
Costs to comply with COVID-19 sanitation guidelines
Virtual talent acquisition
Virtual office requirements
Tax compliance issues

A number of points specific to each company’s needs can be considered in light of new business operating guidelines.

3. Significant Cost Generators

Many costs in relocation budgets are due to significant cost generators. Often these costs are driven by specific activities such as moving an employee to a new destination, or reimbursing temporary housing costs during a short term assignment. A thorough review should include examining these activities in detail as they impact the relocation budget:

Home Sales
Home Purchases
Temporary Housing Costs
Tax Obligations
Household Goods Moves

Be sure to compare and account for cost differences between global relocations and domestic relocations.

4. Accounting Accruals

Companies often account for business expenses that occur in one period by setting aside amounts known as accruals. Future expenses are then allocated toward the accrual amount. Reviewing your 2020-21 corporate relocation budget, consider whether some expenses might be better accounted for through accruals.

A good practice is to review the prior year’s accruals to determine if similar amounts should be in the budget through accrual accounting methods. This will also help ensure a smoother expense tracking and recording process. It may also assist the company with cash management requirements.

5. 2020-21 Corporate Relocation Budget Strategic Initiatives

Consider the impact of any strategic initiatives that might result in additional employee relocations, new hires, or corporate expansions. Is the company planning to build a new manufacturing facility or open a sales office? Are there discussions of future partnerships with other firms? Are new talent management programs in development?

With the advent of COVID-19, today’s workforce is even more responsive to changing company requirements. Given the swift nature of how companies responded to the pandemic, be sure to plan for future contingencies, changes, and disruptions.

What Should Employers do for Their 2020-21 Corporate Relocation Budget?

Employers should work with a Relocation Management Company (RMC) that has knowledge and experience with relocation budgets and managing for contingencies. RMCs are ideal sources for industry best practices. RMCs also have valuable knowledge on global issues relating to immigration, travel, and how the relocation industry and service providers are changing to meet new requirements due to the COVID-19 pandemic.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients understand how to develop and prepare robust relocation programs that follow industry best practices. Our team can help your company understand how to account for each of these 5 specific points during the review of its 2020-21 corporate relocation budget.

Contact our experts online to request a relocation policy review as part of your 2020-21 corporate relocation budget review process, or give us a call at 800.617.1904 or 480.922.0700 today.