Category: Corporate Relocation

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Corporate Relocation Domestic Relocation Global Relocation

Virtual Destination Services: Ideal Solutions for our Virtual World

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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:

  1. 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.

  1. Webinar Presentation and Consultation

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

  1. 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.

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

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

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.

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Corporate Relocation

Virtual Staging: Increasing Your Home’s Appeal to Buyers

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:

  1. Seller provides actual photographs to VSP
  2. VSP Professionals review the property details provided and develop a staging plan
  3. Current furnishings and décor are utilized to provide superior results and unmatched realism
  4. 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:

  1. Offering a form of staging that is economical for smaller budgets
  2. Assisting clients who do not want to have furnishings brought into their home
  3. 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.

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

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.

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Corporate Relocation Corporate relocation tips

Corporate Relocation Factors: Top 7

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:

 20102018
Americans moving to urban areas33%28%
Americans moving to suburban areas46%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

  1. 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.
  1. 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

  1. 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.
  1. 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

  1. 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.
  1. 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.
  1. 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

  1. Assign a project team to plan the relocation and develop the relocation budget.
  2. Develop appropriate contingency plans and protocols to account for issues such as adverse weather, communications, and operations.
  3. Plan for backup systems to counteract any disruptions to customer service or employee communications during the relocation.
  4. 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.
  5. 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.

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 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

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.

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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

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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.

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 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.

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.

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Business Services Choosing a Relocation Company Corporate Relocation Relocation Best Practices Relocation Challenges United States Economy

Post-Pandemic Business Planning: The Importance of Pre-Decision Services

Shot of a mature businessman having a brainstorming session against a glass screen in a modern office

What will your employer’s post-pandemic business planning require? The United States has seen two months of unexpected employment increases, far beyond expectations. According to the U.S. Bureau of Labor Statistics, the employment situation over the past two months reflects:

May 2020 Employment Situation

Nonfarm Payroll Employment Increasing by 2.5 million

Unemployment Rate declining to 13.3%

June 2020 Employment Situation

Nonfarm Payroll Employment Increasing by 4.8 million

Unemployment Rate declining to 11.1%

A Returning Workforce Requires Thoughtful Post-Pandemic Business Planning

Many employers are currently making plans for their returning workforce. They may need to develop new workspace configurations in order to limit COVID-19 issues. They may also need to hire new employees, develop a robust talent acquisition program, or arrange for short term domestic assignments.

Post-pandemic business planning must take into account a variety of issues and factors that many employers have not ever thought of, let alone have expertise in. Operating a business in the aftermath of COVID-19 requires significant measures of research, analysis, and thoughtful approaches to solutions.

Pre-Decision Services Help Employers Understand the Issues of Importance

Employers focusing on talent acquisition as part of their post-pandemic business planning should work with a Relocation Management Company with knowledge and experience in pre-decision services. As the original pioneer of the benefits of pre-decision services, Global Mobility Solutions (GMS) can help employers understand the issues of importance to new hires and transferees. GMS offers a wide range of pre-decision services including candidate assessments that help clients assess the circumstances of prospects who are likely to succeed.

Candidate Assessments Provide Valuable Information for Post-Pandemic Business Planning

Candidate assessments provide valuable information for employers as to the expectations of new hires and transferees. New workspace configurations and requirements should be clearly communicated during the pre-decision phase. Questions and feedback from candidates and transferees will provide a valuable source of input and guidance for an employer’s post-pandemic business planning with respect to COVID-19 planning and hazard reduction efforts. With respect to post-pandemic business planning, pre-decision services provide several benefits for clients by:

  1. Clearly identifying a candidate’s issues, concerns, and questions
  2. Completely eliminating any risk of non-acceptance
  3. Minimizing policy exceptions
  4. Increasing the accuracy of budgets
  5. Providing cost savings for the client
  6. Increasing job acceptance ratios
  7. Streamlining the candidate’s orientation to the new location

How Can GMS Help Your Company’s Post-Pandemic Business Planning?

GMS has the knowledge and experience to help your company understand how to identify issues and learn about useful resources. GMS’s team of domestic relocation experts can help your company learn how to use information gathered during pre-decision services to enhance post-pandemic business planning.

As a result, we can help your company develop robust plans during its post-pandemic phase of operations. This will help maintain your competitive position in the marketplace for highly skilled and qualified talent.

What Should Employers do?

Employers looking to enhance their post-pandemic business planning should work with an experienced and knowledgeable Relocation Management Company (RMC). RMCs are ideal sources for information on corporate relocations, workspace setups, pre-decision services, and many issues specific to each employer’s needs surrounding new hires, transferees, and talent acquisition.

Conclusion

GMS’ team of corporate relocation experts has helped many of our clients determine how to identify specific needs of new hires and transferees through pre-decision services. Our team can help your company determine how to leverage information gathered from new hires and transferees. As a result, this will help your company enhance its business planning process.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators. This leadership 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.

Learn best practices from Global Mobility Solutions. Our relocation industry and technology experts are dedicated to keeping you informed and connected. Contact our experts online to learn more about how your company can leverage pre-decision services to enhance its post-pandemic business planning, 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.

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Corporate Relocation Corporate relocation tips Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips Domestic Relocation Trends United States Economy

New Workspace Configurations Reinforce Employee Safety

Female client with protective face mask and surgical gloves for protection against virus, keeps social distancing at waiting room, sitting at chair and looking at paper, with two chairs with information sign, between next client in bank

The GMS team is working to identify new workspace configurations that will reinforce employee safety at all of its facilities. The COVID-19 pandemic requires a robust response from employers to examine all aspects of workspaces, from entry to exit. Many organizations have issued a variety of helpful guidelines. The key to their effectiveness is thoughtful and rigorous implementation.

General Guidelines for New Workspace Configurations

The Centers for Disease Control and Prevention (CDC), the Occupational Safety and Health Administration (OSHA), and other organizations provide several recommendations for employers looking to create new workspace configurations to prepare for COVID-19. OSHA maintains an online COVID-19 resource center with many highlights and guidelines. These guidelines include, but are not limited to:

  1. Implementing appropriate policies for:
  2. Social distance requirements
  3. Protective equipment including masks
  4. Checking employee temperatures
  5. Testing/Isolation/Contact tracing
  6. Sanitation
  7. Use and disinfection of common areas
  8. Business travel
  9. Monitoring workforces for symptoms
  10. Implementing policies for workforce contact tracing

Phasing in New Workspace Configurations

Following a phased approach lets employers and employees test new workspace configurations and determine whether they must address additional points. Employee feedback can help identify areas that might be of concern when larger numbers of employees return.

Another benefit of a phased approach is that if there are areas of concern, the likelihood of a greater issue can be avoided. The CDC encourages employers to conduct a thorough hazard assessment of their workspaces to identify any potential issues related to COVID-19. It also recommends using appropriate combinations of controls from the National Institute for Occupational Safety (NIOSH)’s hierarchy of controls to limit the spread of the virus. The hierarchy of controls includes aspects relating to:

  • Engineering controls
  • Workplace administrative policies
  • Personal protective equipment (PPE)

The hierarchy of controls range from least effective (protect the worker with PPE) to most effective (physically remove the hazard).

Important Reminder from the CDC for New Workspace Configurations

The CDC recommends that employers remind both employees and customers that the CDC recommends wearing cloth face coverings in public settings. However, face coverings do not replace the need to practice social distancing.

How can GMS Help Your Company?

GMS’s team of relocation experts has worked with many clients on all aspects of corporate relocations. Reconfiguring workspaces to reinforce employee safety is similar to arranging a corporate move. Points to consider range from new workspace configurations to identifying specific needs through Pre-Decision Services for new hires and transferees.

GMS has the knowledge and experience to help your company understand how to identify issues and learn about useful resources. As a result, we can help your team create an appropriate solution to limit hazards relating to COVID-19 in your new workspace configurations.

What Should Employers do?

Employers looking to create new workspace configurations should work with an experienced and knowledgeable Relocation Management Company (RMC). RMCs are ideal sources for information on corporate relocations, workspace setups, and a variety of other issues specific to each employer’s needs.

Conclusion

GMS’ team of corporate relocation experts has helped many of our clients determine how to identify specific needs with respect to corporate locations and new workspace configurations. Our team can help your company determine how leverage guidelines and resources to help limit issues relating to COVID-19.

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 discuss how GMS can help your company determine how to set up new workspace configurations, or give us a call at 800.617.1904 or 480.922.0700 today.

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Corporate Relocation Corporate relocation tips Talent Mobility

Return Safely to Workplaces: Resources Provide Guidance for Employers

Reduce the spread of Coronavirus disease 2019 (COVID-19) in the office. Ways to prevent the transmission of disease can be done by wearing a surgical mask.

One of many employer challenges with respect to the COVID-19 pandemic is finding resources to help them determine how employees can return safely to workplaces. Understanding how the disease is transmitted is daunting, as scientific inquiries may show differing results or may change over time. As a result, concrete knowledge on surface transmission is hard to come by. For example, on May 20, the Centers for Disease Control and Prevention (CDC) published an update to their website that notes the virus does not spread easily from contaminated surfaces or objects. Prior to May 20, the CDC said it may be possible to spread the virus through contaminated surfaces.

What are the Agencies that Oversee Safety in the Workplace?

Employers are aware of several requirements to ensure safety in the workplace and on the job. In the United States there are several agencies that oversee a variety of workplace and job-specific laws and regulations. A few of these agencies that may provide guidance for employees to return safely to workplaces include:

CDC

National Institute for Occupational Safety and Health (NIOSH) is a federal agency that conducts research and develops recommendations to prevent injuries and illnesses that may arise from work. The CDC is the parent organization that oversees NIOSH.

U.S. Department of Labor

Three U.S. Department of Labor (DOL) agencies are responsible for administering and enforcing laws in place to protect worker’s health and safety:

Occupational Safety and Health Administration (OSHA) is a federal agency that ensures safe and healthful working conditions through administration and enforcement of the Occupational Safety and Health (OSH) Act of 1970.

Mine Safety and Health Administration (MSHA) is responsible for overseeing administration and enforcement of the Federal Mine Safety and Health Act of 1977.

Wage and Hour Division (WHD) administers and enforces laws related to the Fair Labor Standards Act.

States

State Plans are OSHA-approved and apply to a specific U.S. state or territory. These programs focus on workplace safety and health. There are 22 State Plans that cover both the private sector and government workers. There are also 6 State Plans that cover only government workers.

For example, the state of Arizona operates a State Plan that covers most private sectors workers and all government workers through the Arizona Division of Occupational Safety and Health (ADOSH). The Industrial Commission of Arizona is the parent organization that oversees ADOSH.

What Does Return Safely to Workplaces Mean for Employers?

Returning employees to workplaces may have broad implications for employers depending on their specific situation. Some employers may need to reconfigure workplaces, while others may need to supply protective equipment. The research surrounding COVID-19 continues to provide new information, but some basic information is now somewhat established. As a result, a few organizations are taking what is known about the disease and are publishing guidelines. These guidelines serve as a resource for employers as they endeavor to help employees return safely to workplaces.

Resources to Help Employees Return Safely to Workplaces

CDC, Federal Emergency Management Agency (FEMA), and The White House have jointly created a resource for the nation, “coronavirus.gov.” This online portal includes information and links to some of the latest information on topics related to COVID-19.

NIOSH has published several topics related to workplace safety and COVID-19, including information sheets, industry-specific resources, and factsheets.

DOL Resources

DOL has created a reference page of coronavirus resources that cover many topics administrated by its several agencies including how to return safely to workplaces. These topics cover issues relating to:

  • Workplace Safety
  • Wages, Hours, and Leave
  • Unemployment Insurance Flexibilities
  • Support for Dislocated Workers and States (workers laid off as a result of COVID-19)
  • Job Corps Students
  • Injured Federal Workers
  • Federal Contractors
  • Foreign Labor Certification
  • Flexibilities for Mine Operators
  • Supporting Workforce Needs in the Agricultural Sector
  • News and General Resources

OSHA has published guidance on preparing workplaces to address COVID-19 issues. OSHA has also created a website designed specifically to provide timely information for workers and employers about the pandemic and its effects on workplaces. Various employment issues, and how to return safely to workplaces.

MHSA has published an information sheet online to address questions surrounding mine operators, workers, and COVID-19.

WHD has issued several Fact Sheets, Questions/Answers, Posters, and other resources to help workers and employers understand how they will benefit from the Families First Coronavirus Response Act (FFCRA). FFCRA also includes:

  • Emergency Paid Sick Leave Act
  • Emergency Family and Medical Leave Expansion Act

Many U.S. states have also issued guidelines under their State Plans.

Human Resource Service Companies and Organizations Promote Initiatives to Return Safely to Workplaces

Several leading human resources services companies have created a “Safely Back to Work” initiative. This alliance will let the companies collaborate on initiatives. As a result, this will help employers as they work with employees to return safely to workplaces. Randstad N.V. published an open letter inviting other organizations to join this alliance. The alliance has published a white paper, “Safely back to work in the new normal” that presents a disciplined approach to work during the COVID-19 pandemic. The white paper includes a process to develop protocols, controls, and preventive measures across countries and industries.

While a COVID vaccine is in development, there are currently vaccines for other diseases that impact the workplace, such as influenza. HelpAdvisor.com has published a flu vaccine resource guide, and MedicareAdvantage.com provides general seasonal health information for seniors. Information about influenza and other communicable diseases should be shared with employees.

What Should Employers do?

Employers should consider a thorough approach to working with employees to return safely to workplaces. They should research available resources to identify what will work best for their specific situation. Employers should work with a Relocation Management Company (RMC) that has experience with corporate relocations and individual employee moves. RMCs with knowledge and experience can help employers understand how to identify valuable resources and specific workplace issues they should address as they develop appropriate plans.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to arrange for group moves of offices, employees, and equipment. Our team can help your company understand how identify and address all of the aspects involved in helping employees return safely to workplaces.

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.

Learn best practices from Global Mobility Solutions. GMS relocation industry and technology experts are dedicated to keeping you informed and connected. Contact our experts online to discuss your company’s interest in learning how to help employees return safely to workplaces, 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.

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Corporate Relocation Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends United States Economy

Texas Relocation: The Lone Star State Continues to Draw Companies

Welcome to Texas state road sign at the state border

Many companies have a Texas relocation as part of their corporate objectives. Trends show the state of Texas as a top destination for company facilities and corporate headquarters looking to relocate. These trends span quite a length of time. Companies leaving California have chosen to move to Texas more than any other state for each of the past 12 years.

Every state has many benefits for the companies that choose to relocate there. Some US cities and states offer a number of incentives for people to move as well. Southern California in particular is known for great amenities such as excellent weather, expansive and beautiful beaches, and the growth of dynamic industries. What is it about the Lone Star State that makes a Texas relocation so attractive for companies?

Benefits of a Texas Relocation

Companies looking at future trends and the possibility of relocation often consider several factors in their decision. Company location may determine future growth and business viability. For example, technology companies might need to consider a location with access to a highly educated workforce, capital markets, and critical infrastructure such as fiber optic technology for broadband internet service. Other companies may consider tax issues, or ways to increase corporate synergies following an acquisition.

What are the Factors That Make a Texas Relocation a Good Business Decision?

When it comes to a Texas relocation, companies consistently cite a few factors as critical to their decision. While taxes often make the news, other factors also have a significant impact on these decisions. Besides taxes, companies note housing affordability and livability for employees, utility costs, labor costs, and business regulations.

Texas Taxes

Texas has no state income tax. It also has no corporate income tax. These two taxes often are significantly burdensome in other states. For example, the corporate tax rate in California is 8.84%. However, Texas does has a form of gross receipts tax on businesses, the Corporate Franchise Tax. This tax rate is 0.75% of margin for most businesses, and a lower rate of 0.375% for businesses in the retail and wholesale industries.

Lone Star Livability

Livability is a somewhat subjective term. What makes one place more livable than another place? Examining a few key indicators can help shape a good perspective on livability. Wage differences should be considered with the cost of living in a location. State policies on health insurance may skew numbers—especially if the health insurance is not comparable to what is available in other markets.

One of the most important factors in any consideration of livability is the cost of housing. Overall, Texas continues to be one of the most affordable states for housing. Other states face a significant percentage of residents who want to move, often due to housing costs. Some states have already seen thousands of residents depart due to affordability and livability issues.

Lower Utility Costs Energize Texas Relocation

Electricity rates in Texas tend to be significantly lower than the national average. This holds true for residential, commercial, and industrial electricity rates. Natural gas rates are also lower than the national average in Texas. Texas also produces the most crude oil and natural gas in the nation.

Labor Costs in Texas

A large part of labor costs are the taxes employers pay. While salary and wages make up the majority of direct costs, payroll-related taxes can be considerable. Most of these taxes in Texas have comparatively low minimums. As a result, employers pay less overall in payroll-related taxes in Texas than they would in other states. Also, the vast majority of Texas counties have wages that are lower than the national average.

Business Regulations Drive Texas Relocation

Texas consistently ranks in the number one position for its business-friendly climate. The Small Business and Entrepreneurship Council reports that Texas leads all states when it comes to both its policy and tax environments.

Top 10 States on the Policy Index 2019Top 10 States on the Tax Index 2019
1. Texas1. Texas
2. Nevada2. South Dakota
3. Florida3. Nevada
4. South Dakota4. Wyoming
5. Wyoming5. Florida
6. Indiana6. Washington
7. Utah7. Ohio
8. Alabama8. Colorado
9. Arizona9. Alaska
10. Washington10. Alabama

Source: Small Business and Entrepreneurship Council.

What Does a Texas Relocation Mean for Employers?

Companies may consider relocating their headquarters or other facilities for a number of reasons. Most companies consider factors such as regulations, taxes, and livability as they examine a possible Texas relocation. As a result, Texas consistently rises to the top of the list due to several factors. These include lower tax rates, low energy costs, lower costs of labor, favorable cost of living, and business-friendly policy and tax environments.

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 with its planning and research for a possible Texas relocation.

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.

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 to learn whether a Texas relocation would be a good move for 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

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.

Categories
Corporate Relocation Corporate relocation tips Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips Domestic Relocation Trends Household Goods United States Economy

Tri-State Regional Economy May Encourage Relocation Opportunities

The tri-state regional economy encompassing New York, Connecticut, and New Jersey may encourage future relocation opportunities. This area includes large swaths of southeastern New York, as well as parts of the Hudson River Valley. It also includes the western end of Long Island, northern New Jersey, and southwestern Connecticut.

This large and dynamic metropolitan area accounts for nearly 10% of the United States entire Gross Domestic Product (GDP). Within the state of New York, the city of New York serves as the center of activity. As a result, commuting patterns across the area reflect the draw of New York City as an engine of job growth.

Tri-State Regional Economy: Industries

Several industries maintain a major global presence in New York City and throughout the metropolitan region, including:

Annually, the overall tri-state regional economy produces goods and services valued at $1.5 trillion. This is more than most other nations, placing this region within the world’s twenty largest economies.

Tri-State Regional Economy: Housing

The cost of living in New York City is 148% of the US average, making it the most expensive. The largest component of this cost of living is the cost of housing. Demand for housing near employment centers tends to drive up its cost. The tri-state regional economy reflects significant differences in housing costs. These costs often vary widely based on several factors including proximity to New York City, access to transportation networks, variety and availability of the local housing stock, amount of household goods to move, local neighborhood amenities, and overall desirability of the location.

Median Home Values (reported by Zillow/October 2019)

New York City/Manhattan: $1,190,800

Hudson River Valley/Sleepy Hollow: $730,800

Western Long Island/Hempstead: $375,300

Northern New Jersey/Englewood: $381,200

Southwestern Connecticut/Stamford: $284,800

Apartment Rents (reported by RentCafe/October 2019)

New York City/Manhattan: $4,336

Hudson River Valley/Sleepy Hollow: $2,046

Western Long Island/ Hempstead: $1,877

Northern New Jersey/Englewood: $2,322

Southwestern Connecticut/Stamford: $2,459

Industry Growth Leads to Outsize Commuting Patterns

The tri-state regional economy is highly diverse. This diversity benefits the area’s overall growth, as job seekers can easily find opportunities. Commuting patterns reflect the status of New York City as the region’s engine for jobs. The state of New York taxes income that commuters from New Jersey and Connecticut make from jobs they hold in New York. As a result, the New York state government gains significantly more tax revenue.

Nonresidents account for approximately 15% of total income taxes owed to New York, in the amount of $6.2 billion. Of this $6.2 Billion:

  • New Jersey residents account for $3.1 Billion, 50% of the total
  • Connecticut residents account for $1.2 Billion, nearly 20% of the total

Financial Impact on Commuters in the Tri-State Regional Economy

Due to differences in tax rates and other factors, the financial impact on commuters into New York may be difficult to discern. Some states give credit for taxes paid to other jurisdictions. However, the state of New York does not offer any credit for commuters.

New York City generates a large number of high-paying jobs, and wages for many occupations are higher in the city than elsewhere around the tri-state regional economy. Residents in New Jersey and Connecticut who obtain jobs in New York City may initially look at the cost of a train ticket or a few added toll costs as their only additional expense. However, the true costs may include:

Direct Costs

  • Parking costs at transportation system lots
  • Train, subway, or bus ticket costs
  • Car maintenance costs for driving to lots or into the city
  • Toll costs
  • Automobile insurance costs
  • Extra tax liability to New York State government
  • Extra tax liability to New York City government
  • Higher costs for food and drinks purchased in New York City
  • Increased taxes on goods purchased in New York City
  • Higher costs for employee’s share of employer-provided benefits

Indirect Costs

  • Loss of time for family and social obligations due to increased length of commute
  • Increased exposure to occupational stress factors such as crowds and noise
  • Higher tendency to develop stress-related illness

Some estimates of the true costs of commuting indicate a cost of $795 or more for each mile someone lives from their job. Assuming someone’s job is at 14 Penn Plaza, 225 West 24th Street, in New York City, estimates from these locations following the fastest route using Google maps might indicate the following:

New York City/Manhattan: 2.9 miles, $2,305.50

Hudson River Valley/Sleepy Hollow: 28.8 miles, $22,896.00

Western Long Island/Hempstead: 27.3 miles, $21,703.50

Northern New Jersey/Englewood: 14.7 miles, $11,686.50

Southwestern Connecticut/Stamford: 40.5 miles, $32,197.50

Relocation Opportunities in the Tri-State Regional Economy

Relocation Outside the Region

Employers that have large numbers of workers who commute into New York City should determine if the company can benefit from relocation. Advances in technology permit many functions to be easily and seamlessly performed regardless of location. Many firms based in New York City or that have significant operations there have embarked on similar initiatives, hoping to leverage technology while reducing costs. Relocation may include global destinations such as the country of Poland or domestic destinations such as Salt Lake City, Utah.

Relocation Within the Region

Even within the tri-state regional economy, relocation might be local in nature. It may include moving corporate functions from New York City to New Jersey or Connecticut. Alternatively, it may include moving those functions from these states to New York City. For example, Diageo is relocating from Norwalk, Connecticut, to New York City, to help the firm find a stronger base of employees with marketing talent. Wright Investors’ Service is relocating from Greenwich, Connecticut, to Shelton, Connecticut, because many of the firm’s employees live in that area and the move will help the company reduce long in-state commuting patterns. Credibility Capital relocated from New York City to Newark, New Jersey with the aid of a significant state incentive in the amount of $6.5 million.

What Should Employers do About the Tri-State Regional Economy?

Companies in the tri-state regional economy should examine their need to maintain operations in a specific location. For example, some companies have operations that function in a distinct location such as the New York Stock Exchange. There may be opportunities to utilize relocation for operations that support the positions that remain tied to this location. As a result, both the organization and many employees may benefit from reduced direct and indirect costs related to commuting patterns

Companies should also work with a qualified and experienced Relocation Management Company (RMC). RMCs can help companies design a robust talent acquisition program. Also, RMCs can help a company design an industry-leading relocation program that will give them a competitive advantage in the market for highly skilled employees.

Industry Benchmarking Studies Help Employers Compare Their Relocation Program

GMS has recently published several Industry Benchmarking Studies to help employers learn whether their company’s relocation program is designed following industry-specific best practices. There are many benefits to a corporate relocation policy benchmarking. For example, employers can learn how their relocation program compares to those offered by competitors in their specific industry.

Companies that relocate to gain access to a base of talent with knowledge and skills should review their relocation program to ensure that at a minimum it matches what competitors provide. RMCs may provide specific recommendations to help the company’s relocation program excel in talent acquisition based on specific industry practices.

Industry best practice is to schedule a relocation program and policy review every 12 to 18 months to ensure your company maintains its competitive position. This review will also help your company learn about how the relocation industry is evolving to meet increased employee demands. Importantly, it will also include a review of commuting costs and patterns in the tri-state regional economy.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients understand how to leverage relocation in the tri-state regional economy to gain benefits, reduce costs, and attract and retain talent. Our team can help your company by using industry best practices to design your relocation program. This will increase your company’s ability to attract and retain new employees.

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.

Contact our experts online to discuss your company’s interest in learning more about relocation opportunities in the tri-state regional economy, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

Categories
Corporate Relocation Corporate relocation tips Relocation Best Practices Relocation Technology

What is Blockchain Technology and What Does it Mean for Relocation?

Blockchain technology in its simplest form is a form of record-keeping. The digital world records information. Then, recipients store this information in a database. Specifically, the components of blockchain technology include:

  • Block: digital information
  • Chain: public database

What is a Block?

Blocks include three specific pieces of information:

  1. Transactional data such as date, time, dollar amounts
  2. Identity of transaction participants, using unique digital signatures (not actual names)
  3. Hash: a unique identification code stored in a block to distinguish it from other blocks

What is a Chain?

Chains are public databases:

  1. Transactions are publicly recorded
  2. Public network is based on user trust through a Peer-to-Peer (P2P) network
  3. Digital information is distributed but it is not duplicated
  4. Consensus process ensures adoption of longest chain available (discouraging multiple chains)

How Does Blockchain Technology Work?

Basically, blockchain technology lets multiple users add to recorded information. The process is governed by agreed-upon principles. The information is shared over a decentralized network. There are specific requirements for this technology to work as designed:

  1. Private key cryptography provides authentication for users; possession of the key is ownership
  2. A distributed P2P network oversees the authorization for block activity

Blockchain technology means the basis for transactions no longer relies on trust. Instead of trust, the decentralized network confirms the identity of participants and their ability to perform the transaction.

Real World Examples Using Blockchain Technology

Because blockchain technology is a form of record-keeping, various industries use it in many different ways. For example, an airline can use it to help prevent scheduling conflicts. Transportation companies can use this innovative record-keeping system to manage cargo shipments. Retail companies can use it to track products from source to most recent warehouse or store location.

For industries that rely on information verification, blockchain technology can offer several advantages throughout entire processes:

  1. Data storage that does not require dependence on other organizations
  2. Improvements in programs that reward loyalty by recording activities to a specific chain
  3. Lower costs to develop and maintain trusted relationships in sales
  4. Smart computer programs that can execute contracts without assistance or interference
  5. Speed of transactions can increase dramatically with no need for transaction confirmation by a middleman (banks, credit card companies)

What Does Blockchain Technology Mean for Relocation?

There are several relocation processes where blockchain technology might have an immediate and positive impact if participants adopt it as an acceptable practice. Processes that impact multiple parties and that rely on documentation, information, and verification are ideal blockchain technology candidates, including:

  1. Home Purchase and Sale (recording deeds, executing contracts, verification of identification, authorization for transaction)
  2. Household Goods Moves (initiation of relocation, contracts, authorizations required to proceed, process tracking, delivery confirmation)
  3. Expense Tracking and Reimbursement (initiation of service, documentation of expenses, authorization to approve reimbursement, verification of accounts, deposits of funds)

Ultimately, the entire relocation process from start to finish could be managed within blockchain technology. The more that P2P networks replace disparate systems, the greater reduction there is in expensive verification systems that revolve around trust. Innovation in data and record-keeping in relocation will allow for greater speed of transactions. As a result, processes will become easier for participants who can leverage this data for information and verification.

What Should Employers do About Blockchain Technology?

Employers should stay informed about the use of blockchain technology as it relates to processes in their relocation program. As new opportunities arise to leverage this innovative solution across various relocation processes, employers may be able to gain many benefits including speed and ease of transactions throughout the transferee or new hire’s relocation.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients understand how to leverage new technology for their relocation programs. As a result, our team can help your company learn how blockchain technology can improve the speed and ease of your relocation program’s processes.

GMS was the first relocation company to register as a .com, 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.

Contact our experts online to learn more about blockchain technology and relocation, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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