Global Mobility Solutions
Global Mobility Solutions
Global Mobility Solutions

Category: Domestic Relocation Tips

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Northwest Arkansas Moving Incentive Aims to Attract Talent

The Northwest Arkansas moving incentive is in place to attract top talent to the region. The Northwest Arkansas Council is investing over $1 million during a six month timeframe through their Life Works Here initiative. This initiative shows the types of desirable lifestyles and career opportunities available to residents of this region.

What is the Life Works Here Initiative?

The Life Works Here initiative is the Northwest Arkansas Council’s program to leverage the COVID-19 pandemic to benefit the region. Many companies with work from anywhere policies allow workers to relocate and work remotely. As more employees consider relocating away from high cost cities to lower cost cities, the Council believes the region has much to offer.

The initiative is funded by philanthropic support from the Walton Family Foundation. Remote workers will receive up to $10,000 to relocate to the region, along with some additional perks. The goal is to attract remote worker talent who have jobs in Science, Technology, Engineering, and Mathematics (STEM). However, that is a not a formal requirement for the Northwest Arkansas moving incentive.

What are the Eligibility Requirements for the Life Works Here Initiative?

Eligibility requirements for the Life Works Here initiative include:

  • Ability to relocate to Northwest Arkansas within 6 months of acceptance
  • Full-time remote employment or self-employed outside of Northwest Arkansas
  • Currently live outside of Northwest Arkansas
  • At least 24 years old
  • Eligible to work and live in the US

Career Opportunities Supported by the Northwest Arkansas Moving Incentive

Northwest Arkansas is home to the headquarters of three Fortune 500 companies:

J.B. Hunt: Lowell, Arkansas

Tyson Foods: Springdale, Arkansas

Walmart: Bentonville, Arkansas

In addition to these three major companies, there are thousands of smaller companies in the region that serve as suppliers.

Northwest Arkansas Moving Incentive Promotes Region’s Low Cost of Living

The cost of living in Northwest Arkansas is one of the lowest in the nation. By comparison, the cost of living in a major west coast city such as San Francisco is 169.3% higher than the US average.

For cities in Northwest Arkansas, the cost of living is much lower than San Francisco.

CityCost of Living
Lowell, Aransas12.1% lower than US average
Springdale, Arkansas14.0% lower than US average
Bentonville, Arkansas4.8% lower than US average

Source: Sperling’s Best Places: bestplace.net

With the cost of living lower than the US average, the region also has personal income per capita at 14% higher than the national average. The region also has over seven times the number of employees who work in management positions or at a corporate headquarters compared to the rest of the nation.

Smaller Regions Have More to Offer beyond the Incentives

The Northwest Arkansas moving incentive is one of many programs throughout the US designed to attract talent to regions far from major metropolitan centers. With more companies offering work from anywhere policies and more employees making the move, smaller regions stand to benefit. Many smaller regions in the US have burgeoning cultural centers and highly desirable outdoor lifestyles similar to Northwest Arkansas.

What Should Companies do about the Northwest Arkansas Moving Incentive?

Companies should work with a Relocation Management Company (RMC) that has knowledge and experience in managing relocation. Qualified RMCs will help companies understand the issues relating to work from anywhere policies. They will also provide useful resources to guide policy decisions and understand industry best practices relating to remote workers.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to design a relocation policy that follows industry best practices that also promotes talent acquisition and retention. Our team can help your company determine how to address the Northwest Arkansas moving incentive as it impacts corporate initiatives.

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. As a result, GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Powered by GMS’ 2020 Mobility Benchmark, the innovative GMS Program/Policy Evaluation (PPE) Tool provides instant relocation policy reviews. It also helps users gain insight into how their company’s relocation program compares to their industry peers.

Contact our experts online to learn more about how the Northwest Arkansas moving incentive might impact your company and its workers, 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 Job Market

2020 Regional Competitiveness Score Shows Maricopa County Leads the Nation

Woman taking notes while working on a laptop in her home office
Unemployed beautiful young woman looking for a job online from home using laptop and writing down the notes in her notebook

In the fifth annual Talent Attraction Scorecard published by Emsi, Maricopa County ranks #1 for its 2020 regional competitiveness score. This ranking is among large counties in the US, defined as having a population of over 100,000 residents. Interestingly, Maricopa County also held the top spot for large counties in 2017 and 2018, and the second spot in 2019. The metropolitan Phoenix market is attracting both businesses and talent at a healthy and self-sustaining rate of growth.

Top 10 Ranking

The top 10 large counties ranking highest for their 2020 regional competitiveness score include:

  1. Maricopa (Phoenix, AZ)
  2. Clark (Las Vegas, NV)
  3. Collin (McKinney, TX)
  4. Williamson (Georgetown, TX)
  5. Riverside (Riverside, CA)
  6. Denton (Denton, TX)
  7. Fulton (Atlanta, GA)
  8. Wake (Raleigh, NC)
  9. Montgomery (Conroe, TX)
  10. Lee (For Myers, FL)

Source: Emsi Fifth Annual Talent Attraction Scorecard.

Note that all of the top 10 large counties ranking at the top for regional competitiveness are in southern or western states. Texas in particular has four large counties that rank high for regional competitiveness.

Emsi defines regional competitiveness as the “job change that occurs due to factors within a region.” This is as opposed to impacts from trends outside the region such as national economic performance or any other influences. With its return to the top spot for 2020, it is clear that locating and growing a business in Maricopa County is a winning proposition.

Data Included in 2020 Regional Competitiveness Score

Emsi’s data analysis focuses on several important measurable factors including:

  • Educational attainment
  • Growth of jobs
  • Growth of skilled workers
  • Migration
  • Population
  • Regional competitiveness

The report highlights several positive trends for Maricopa County, including current business expansions and a tremendous 18% in the growth of skilled jobs. Expansions in semiconductor manufacturing are highlighted, including Intel Corporation’s newest investment, the Fab 42 plant. This single investment accounts for over 10,000 jobs in Arizona, including 3,000 high-tech positions at the facility. Additional jobs include support engineering, equipment technicians, facility management and maintenance, transportation, and administration.

Success in Several Industries Supports Maricopa County’s 2020 Regional Competitiveness Score

However, the 2020 regional competitiveness score recognizes much more success in businesses than just in the semiconductor industry. The report notes that Maricopa County’s success spans a wide range and depth of industries. Ultimately, the report points to a “positive feedback loop” that supports growth:

Existing talent in Maricopa County

Attracts

Company relocations and investments

Attracts

Additional talent to relocate to Maricopa County

This feedback loop results in greater growth overall for Maricopa County and its several cities. For example, the city of Scottsdale has ranked at the top of the list for the 2020 USA job market. As business and jobs grow, so does the need for housing and infrastructure. According to Sperling’s Best Places, future job growth in Scottsdale is predicted to be higher than the US average.

What Should Employers do Regarding the 2020 Regional Competitiveness Score?

Employers should look into the data prepared by Emsi and other organizations such as the Greater Phoenix Economic Council (GPEC). The data may support a strategic relocation to Maricopa County or an expansion of current facilities located in the county. Recently GPEC reported 89 different companies looking to relocate to the Phoenix metropolitan area in their October 2020 Prospect Overview.

Many of these companies are looking to benefit from a lower cost of living, less taxes, and business-friendly policies. As a result of Maricopa County’s top ranking 2020 regional competitiveness score, these companies will also benefit from the county’s job growth, a growing and highly educated workforce, and positive inbound migration of skilled talent.

Conclusion

GMS’ team of domestic relocation experts has helped thousands of our clients understand how to find information on highly desirable areas for business relocations and group moves. Our team can help your company understand how the 2020 regional competitiveness score can lead to a successful business relocation with many benefits for both employers and 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.

New SafeRelo™ COVID-19 Knowledge Portal

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

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

Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online to discuss your company’s interest in learning more about the 2020 regional competitiveness score for Maricopa County, 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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Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends Relocation Policy Review Relocation Programs

Remote Worker Expenses: What is the Expectation?

young smiling woman working on laptop
Shot of a young businesswoman using a laptop while working in her home office

Employers and employees are grappling with the quandary of how to handle remote worker expenses. Simply put, there are many questions that remain outstanding relating to “who” is going to pay for “what.” With the world continuing to respond to the COVID-19 pandemic, the work from anywhere movement is further clouding some of these expense issues. As a result, understanding the issue is vitally important. Clear communication is critical to ensure the employer/employee relationship remains positive and supportive.

In some cases, the cost of telecommuting is simple to compute. An employee who lives within a few miles of a workplace might need to purchase some equipment to create a functional office in their home. While this sounds reasonable, there are other indirect expenses that may accompany creation of a home workspace. Often neither the employer nor the employee realize these indirect expenses until after they arise.

What are Remote Worker Expenses?

Compiling a list of remote worker expenses may sound like an easy task. And in reality, looking at the direct expenses is easy. These are the immediate out-of-pocket expenses involved in creating a workplace in the home.

Direct Expenses May Include:

What about the indirect expenses? These are the expenses that accumulate behind the scenes, often relating to the direct expenses. However, they are often not recognized as remote worker expenses.

Indirect Expenses May Include:

It is not always clear that companies have an obligation to pay for direct or indirect remote worker expenses. Some states require reimbursement for business expenses, while others do not. Employers should understand their obligations with respect to paying for remote worker expenses. However, they should also consider issues of fairness and equity for workers in these situations.

Work from Anywhere Policies may Impact Remote Worker Expenses

Beyond expenses relating to a home workspace, there are other considerations for remote worker expenses. Many companies now allow their employees to work from anywhere. As a result, some employees have moved from very expensive areas such as San Francisco, California to less expensive areas such as Missoula, Montana.

According to Salary.com, it costs 92.2% more to live in San Francisco than in Missoula. What is the issue for employers? Companies need to examine whether pay should be adjusted for remote workers who move from expensive cities to less expensive cities. Such worker pay adjustments would be subject to several complex issues. Pay varies by geography not just because of the cost of living, but by other factors including supply, demand, and productivity.

Thoughtful Consideration on Remote Worker Expenses is Important

It is easy to see how the issue of remote worker expenses may require employers to pursue some thoughtful consideration. While a few remote workers may save on costs relating to commuting or wardrobe, not all share the same level of savings. The cost burden of working from a home workspace is not always equal from one employee to the next. Fairness and equity should be top of mind for any company when looking at these issues.

It is also important for companies to examine their compensation policies. Changes may be in line for employees working from home workspaces, as well as for employees that move to lower-cost locations.

What Should Companies do?

Companies should work with a Relocation Management Company (RMC) that has knowledge and experience in managing relocation and group moves. Qualified RMCs will help companies understand the issues and gain access to useful resources to guide policy decisions and follow industry best practices.

Companies should understand how to address issues relating to remote worker expenses. The transition from working in an office to working from a home workspace is similar to arranging for a corporate group move. There may be some expenses that the company chooses to reimburse. The GMS expense management program provides a quick and easy reimbursement process for employees, wherever they are located.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients with their relocation programs and group moves.  As a result, our team can help your company understand the issues relating to remote worker expenses. We can also help your company consider the impact of work from anywhere policies on compensation issues.

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 how your company might address the issue of remote worker expenses, or give us a call at 800.617.1904 or 480.922.0700 today.

GMS is sharing public knowledge and can help companies more clearly understand how to address remote worker expenses. However, GMS is not a CPA firm, and is not giving financial advice. Everyone’s financial situation is different; individuals and employers should consult their financial advisors prior to making any decisions.

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 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

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:

  1. Policy development and revisions
  2. Relocation program design
  3. Current policy reviews

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

  1. Knowledge of relocation processes
  2. Level of experience on points important to the company
  3. 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.

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 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.

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Buy a Home Domestic Relocation Domestic Relocation Tips Home Purchase

Relocation Mortgage Application: Top 5 Questions for Transferees

Portrait happy family sitting on couch, hugging, unpacking cardboard boxes with belongings in modern living room, looking at camera, happy wife and husband moving into new house, relocation

Many transferees seek to buy a home in their new location, and will need to submit a relocation mortgage application. GMS recommends that companies should encourage transferees to buy a home instead of renting. Transferees who buy a home establish roots in their new community and can settle in more comfortably. Also, if a company offers home purchase benefits, this sends a strong signal of commitment on their part to the transferee.

What is a Relocation Mortgage?

A relocation mortgage is an alternative mortgage product. Transferees may be eligible for benefits that will help them move and purchase a home. In some cases, employers may contribute subsidies to help cover the costs of closing. They may help transferees obtain a lower interest rate on the mortgage by paying an upfront fee, also known as paying for points.

GMS spoke with Anthony Hughes, Relocation Account Manager at Quicken Loans. Anthony agreed to share his advice and guidance for transferees who need to submit a relocation mortgage application.

Top 5 Questions for Transferees Who Plan to Submit a Relocation Mortgage Application

Anthony highlights 5 major questions that transferees must address when they are working with the dedicated team of VIP relocation mortgage bankers at Quicken Loans. Answers to these questions will provide information that is helpful for the mortgage process.

By knowing the transferee’s answers to these questions, it will help ensure the team at Quicken Loans is setting proper expectations for them from the first call through closing. Anthony states that Quicken Loans’ goal is for each transferee’s mortgage experience to be as seamless and stress free as possible during their relocation.

Relocation Mortgage Application Top 5 Questions

Question #1: Employment

  • Are you a new hire? Transferring internally?  Did you get a promotion?
  • What is your start date for your new role, what is your new role, and how much will your new income be?
  • Do you have an offer letter available to provide us?

Question #2: Timeline/Goals/Awareness

  • Have you relocated before?
  • When are you looking to have everything finalized?
  • Do you have a timeline in place?

Question #3: Departure Home versus Destination Home

  • What are your plans with your current home?
  • Do you need to sell your current home to have the funds to qualify for your new mortgage?
  • Do your benefits include a Guaranteed Buyout Option (GBO) or Buyer Value Option (BVO) that will impact your relocation mortgage application?
  • How much are you looking to spend on your new home?
  • Are you familiar with the real estate market in the new area?

Question #4: Assets

  • What assets do you have on hand?
  • What are your account balances?
  • Where are the funds coming from for your new home purchase? Proceeds? Equity advance? Cash on hand? Gift?

Question #5: Credit Report

  • What is included in the credit report?
  • What is your score?
  • Could we utilize dedicated down payment funds in a better way?

Reviewing the Answers on the Relocation Mortgage Application

Anthony shares that once Quicken Loans has reviewed these top 5 questions with a transferee, the team will provide them with details around the Quicken Loans Mortgage First program. This program enables Quicken Loans to fully underwrite the transferee’s loan prior to their first house hunting trip. Quicken Loans’ Mortgage First approval is stronger than just a traditional pre-qualification. As a result, this approval can give transferees the upper hand when making an offer on a new home.

What Does This Mean?

Transferees who want to submit a relocation mortgage application to buy a new home should review their current financial arrangements with a qualified lender. Anthony states that Quicken Loans has several informative guides to help transferees understand the relocation mortgage application process, including a “Do’s and Don’ts of Relocating to a New Home” flyer. Transferees who have a mortgage on their current home may be able to obtain another mortgage for a new home. However, this depends on their specific financial circumstances. Transferees should understand that they must be approved for the total amount of current mortgage debt and their new mortgage loan.

What Should Employers do for Transferees Who Want to Submit a Relocation Mortgage Application?

Employers with transferees looking to buy a new home should direct them to speak with qualified lenders and financial advisors for guidance. They should review their relocation policy to ensure their policy represents industry best practices and provides strong support for their talent acquisition program.

Employers should also work with an experienced and knowledgeable Relocation Management Company (RMC). By engaging the RMC early in the process, employers will be assured of all the important points that relate to the transferee’s ability to buy a new home and arrive to their new location on schedule.

Conclusion

Global Mobility Solutions’ team of domestic relocation experts has helped thousands of our clients understand how to communicate important points relating to how transferees should submit their relocation mortgage application. Our team can help your company understand how to proceed by providing guidance to transferees on obtaining important and timely information from qualified lenders and financial advisors.

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 discuss how to provide guidance for a transferee in submitting their relocation mortgage application, or give us a call at 800.617.1904 or 480.922.0700 today.

GMS is sharing public knowledge and can help companies more clearly understand mortgage loans for transferees. However, GMS is not a CPA firm or a lender, and is not giving financial advice. Everyone’s financial situation is different; individuals and employers should consult their lenders and financial advisors prior to making any decisions.

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
Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends

Florida Gains Residents for Several Reasons

News on state-to-state relocation often notes that Florida gains residents as part of a broader domestic US migration trend. Recently it was noted that Florida is gaining even more residents due in part to the impact of the COVID-19 pandemic. Several factors are driving this domestic migration trend, including:

  • Availability of jobs and future job growth
  • Corporate relocations
  • Retiring workers moving to warmer climates
  • Desire for lower costs of living
  • Seeking lower tax environments

Many states in the Northeast and Midwest are losing residents to Florida. A review of tax filings shows many new Florida residents hail from the Tri-State region of New York, New Jersey, and Connecticut, as well as Massachusetts and Illinois. Comparing these factors between states illustrates why Florida gains residents while other states lose residents.

New York versus Florida Tax Environment Helps Illustrate why Florida Gains Residents

High taxes are often cited as a major reason that residents depart New York. How high are New York taxes versus Florida taxes? Recent analysis shows New York is the state where residents pay the most in taxes.

In 2018 the US government put limits on individual state and local “SALT” tax deductions for income tax filing purposes. The $10,000 cap on SALT deductions can result in a significant increase in a resident’s federal tax burden. As a result, many high income residents have been fleeing high tax states. The situation has caused some state governments to try to enact workarounds to prevent this effect. However, the IRS is disallowing several of these workarounds. Only a limited number of workarounds relating to “pass-through entities” appear to be excluded from IRS disallowances.

In the case of New York and New York City, unless an individual can leverage some kind of pass-through entity to avoid the cap on SALT tax deductions, they may face many of the following taxes:

New York State Taxes

  • Income tax
  • Sales tax (goods and services)
  • Property tax
  • “Sin” tax (liquor, tobacco, gambling)
  • Estate tax
  • Motor Fuel tax (excise tax, petroleum business tax, petroleum testing fee)

New York City Local Taxes

  • Income tax
  • Sales tax (goods and services)
  • Metropolitan Commuter Transportation District (MCDT) surcharge

In the case of Florida and Miami, it may not be easy to see why Florida gains residents, as individuals may face many of the following taxes:

Florida State Taxes

  • Sales tax (goods and services)
  • “Sin” tax (liquor, tobacco, gambling)
  • Motor Fuel tax

Miami Local Taxes

  • Property tax
  • Sales tax (goods and services)

Major Differences between New York and Florida Taxes Shows Why Florida Gains Residents

There are some major differences in the tax situation between New York and Florida. These differences help explain why Florida gains residents while New York loses residents. In particular, Florida does not impose any state or local income tax. There is also no estate tax in Florida.

Additionally, the tax rates may be significantly different, such as in sales taxes. Sales taxes may include state, county, city, and other local taxing jurisdictions.

New York City versus Miami Sales Taxes

Comparing the rates for New York City and Miami:

New York City total sales tax rate: 8.875%

  • City sales tax 4.5%
  • State sales tax 4%
  • MCTD surcharge 0.375%

Miami total sales tax rate: 7%

  • County surtax 1%
  • State sales tax 6%

As Florida Gains Residents, What Does This Mean?

There are several points to consider as Florida gains residents. The construction industry will continue to grow with job opportunities as housing, commercial, and infrastructure projects proceed. With a greater number of employees able to work anywhere with new corporate policies, local Florida employers may benefit from their proximity to a larger pool of local employees. There may be further shifts in political representation as the 2020 US Census takes note of Florida’s population growth and New York’s population decline.

What Should Employers do as Florida Gains Residents?

As Florida gains residents, employers should review their talent acquisition and retention programs to ensure they remain competitive in their market. Employers should consider the impact of employees relocating to Florida on current staffing as well as tax withholding considerations. Work from anywhere policies should be examined to ensure employees are encouraged to remain with the employer.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to consider the impact of US domestic migration trends. As Florida gains residents, our team can help your company understand how to identify important issues that may impact talent acquisition and retention programs. We can also help your company understand if a relocation to Florida or a corporate headquarters relocation might be a future opportunity for corporate growth.

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 how to position your company’s relocation program for success as Florida gains residents, or give us a call at 800.617.1904 or 480.922.0700 today.

GMS is not a CPA firm, and is not giving financial advice. Everyone’s financial situation is different; individuals and employers should consult their financial advisors prior to making any decisions.

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Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends Home Purchase United States Economy

2020 Best States for Homeowners

Three bison grazing in front of the Teton Range in Grand Teton National Park, Wyoming, a state that is #1 on the 2020 Best States for Homeowners ranking

What are the 2020 best states for homeowners? While the world may be in the midst of the COVID-19 pandemic, the housing market has been performing at a blistering pace. According to Lawrence Yun, Chief Economist and Senior Vice President, Research at the National Association of Realtors®, the housing market is booming due to record low interest rates, and to current homeowners looking for larger homes with the shift to remote work. Yun also believes this trend will lead to a secondary level of demand into the next year.

Pursuing the American Dream of Homeownership

Homeownership is a consistent goal in the pursuit of the American dream. It is often cited as the number one way that people can build wealth. The United States Census Bureau reports that the median net worth of homeowners is 80 times larger than the net worth of renters. Beyond building wealth, there are several economic reasons why people want to own a home, and several personal reasons.

Economic Reasons for Homeownership

  • Tax benefits let homeowners deduct mortgage interest, property taxes, and some home buying costs
  • Homes appreciate in value over time
  • Mortgage payments help homeowners build equity in a home
  • Equity in a home is a form of savings
  • Fixed-rate mortgage payments do not increase over the years

Personal Reasons for Homeownership

  • Freedom to make changes and upgrades
  • Stability helps reinforce neighborhood relationships
  • Desire for more space
  • Further distance from neighbors
  • Ability to pursue hobbies and interests more easily
  • Avoid dealing with security, pet, and utility deposits

The 2020 Best States for Homeowners

Home buyers will want to know the 2020 best states for homeowners so they can plan accordingly. SmartAsset recently published their sixth annual study on the 2020 best states for homeowners. The financial technology company analyzed several factors that home buyers may consider as they seek to purchase a new home. These factors include ten metrics that cover prices per square foot, costs for insurance, property taxes, closing costs, and other factors.

2020 Best States for Homeowners

  1. Wyoming
  2. Idaho
  3. Indiana
  4. Utah
  5. New Hampshire
  6. Massachusetts
  7. Maine
  8. Arizona
  9. Wisconsin
  10. Washington

Importantly, the study notes that homes appreciated in the five western states by over 5% on an annual basis the past year. Also, the three states in the Northeast rank high for low insurance costs and low burglary rates.

2020 Worst States for Homeowners

  1. Connecticut
  2. Illinois
  3. Texas
  4. Maryland (tie)
  5. Kansas (tie)
  6. California
  7. Louisiana
  8. New Jersey
  9. Delaware
  10. New Mexico

Of the 2020 worst states, metrics such as insurance, home appreciation, and effective property tax rate are comparatively less favorable than similar metrics in the 2020 best states for homeowners.

What Does This Mean?

Home buyers with the flexibility to locate in other markets should be aware of the 2020 best states for homeowners. As housing market demand continues to rise, buyers should work with knowledgeable and experienced real estate agents. Employers with new hires and transferees who are looking to purchase a home one of the 2020 best states for homeowners should work with a Relocation Management Company (RMC). RMCs that have knowledge and experience with relocations are ideal sources for information relating to local housing market requirements. They will also understand the reasons why employers should encourage transferees to buy instead of rent.

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. As a result, they will help home buyers and sellers understand how to find and purchase homes in the 2020 best states for homeowners.

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 the 2020 best states for homeowners, or give us a call at 800.617.1904 or 480.922.0700 today.

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Domestic Relocation Domestic Relocation Tips Employee Development Global Relocation Global Relocation Tips Labor Force Talent Mobility

2020-21 Employee Relocation: Location, Location, Location

Portrait of a handsome young businessman standing outdoors

If your company’s 2020-21 employee relocation plans require a mix of new hires and current employee transferees, how can you be sure you will attract the most highly qualified candidates? Many job seekers are looking for career opportunities. However, they also have other interests such as home ownership and a desire to live in a growing and vibrant location.

With the COVID-19 pandemic leading many employers to institute Work from Anywhere policies, some may think relocation is no longer necessary to attract talent. Employers that pursue this line of thinking may believe they are offering a great value in their talent acquisition programs. Unfortunately, they may also be seen as a less desirable employer for job seekers to consider. Why? Because the employer’s location may be one of the most desirable points for job seekers who are seeking opportunities.

Location, Location, Location

When employers benchmark their relocation policy, they should keep “location, location, location” at the top of their mind for talent acquisition. Key point to remember: the employer’s location is where the job seeker wants to work and live. While the job opportunity carries significant weight, location is often a deciding factor for employee relocation.

Location Often at Top of the List for 2020-21 Employee Relocation

Location is often at the top of every job seeker’s list when looking for employment. Many people see moving for a new job an exciting adventure. Looking at the best cities to find a new job is almost a rite of passage for new college graduates. Even during the pandemic, many cities have more job openings than candidates with the requisite skills and qualifications. Location, then, is a critical consideration for job seekers, and one that employers should leverage in their 2020-21 employee relocation plans.

Beyond location, job openings, and future company growth, job seekers also consider a wide range of location-specific factors in their search. These factors may include:

  • Cost of living
  • Housing options
  • Demographics
  • Social networks
  • Weather
  • Safety
  • Educational opportunities
  • Professional networks
  • Local amenities

Pre-Decision Services are Critical for Success with 2020-21 Employee Relocation

The value of pre-decision services to talent acquisition programs has increased dramatically. Employers can more readily determine if new hires and transferees will result in a successful relocation. These services also help the potential employee learn about the area and understand all aspects of the relocation. Career support services for spouses and partners are also provided, and family matters are taken into full consideration.

There are many benefits of pre-decision services for both the client and the candidate, including:

Client Benefits

  • Increases job acceptance ratios
  • Highlights candidate concerns and issues prior to relocation
  • Minimizes policy exceptions
  • Provides cost savings
  • Increases budget accuracy
  • Increases successful relocations
  • Identifies candidates unable/unwilling to relocate

Candidate Benefits

  • Thorough orientation tours for candidate and family members
  • Expert counsel and assistance for all aspects of the relocation
  • Relocation industry professionals provide support and attention
  • Spouse, partner, and family support services
  • Dedicated consultant available to discuss any concerns

MyRelocation® Video Destination Spotlights Highlight the Employer’s Location

With so much interest in location and location-specific factors from job seekers, employer should consider how they present relocation opportunities to candidates. GMS offers its clients Destination Spotlights to North America and Global locations that provide a wealth of helpful information. GMS’ MyRelocation® Video Destination Spotlights are professionally crafted videos. These beautiful and engaging videos provide an overview of the location for the candidate.

What Should Employers Do About 2020-21 Employee Relocation?

Employers should examine their 2020-21 employee relocation plans to determine how they can be successful in attracting candidates with the necessary skills and qualifications. They should work with a Relocation Management Company (RMC) with knowledge and experience in developing relocation policies that follow industry best practices.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients understand how to develop relocation programs that attract candidates with the necessary skills, education, and experience. Our team can help your company understand how to use 2020-21 employee relocation plans to design an effective relocation policy. As a result, your company will be able to remain competitive in its industry and attract the best candidates for job openings.

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 schedule a complimentary policy review for your 2020-21 employee relocation plans, 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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Domestic Relocation Domestic Relocation Tips Household Goods Relocation Challenges

Pet Relocation from the Pet’s Perspective

A happy yellow lab dog sitting on a sidewalk.

Pet relocation needs are often considered after an employee has accepted a position. If your company has new hires and transferees who are planning to relocate along with their pets, there are many points to consider. For example, housing at the new destination, household goods move logistics, and transportation options should be top of mind. Has the employee thought about their pets? Could pet relocation be as simple as opening their car door? Why not let their pet jump in the back seat as they ponder a long drive?

From a pet’s perspective, relocation may be fraught with confusion. Certainly costs may be involved, and there may be specific veterinary requirements such as current vaccinations. Before employees start making decisions, it is important to know the specific requirements their pet must meet, and what they may experience during a pet relocation.

Health and Vaccinations for a Pet Relocation

Many states require that pets have proof of current rabies vaccination from a licensed veterinarian. For example, the state of Florida maintains this requirement for dogs and cats 3 months of age and older. However, other states may require an official certificate of health. Requirements across states vary, and should be investigated prior to the pet relocation.

The United States Animal Health Association (USAHA) publishes a list of each states animal health officials. Additionally, USAHA publishes a list of sovereign territorial animal health agency members for the Navajo Nation and the Commonwealth of Northern Mariana Islands. It is important to contact the appropriate state agency at the destination. You should verify the most recent requirements for pets moving to the new location.

After the Veterinarian Visit, What is Next on the “to do List” for a Pet Relocation?

Once the employee’s pet stops giving them guilt-inducing looks following the most recent visit to the veterinarian, the actual logistics should be considered. What is the best option to get the pet from their current home to their new home? There are a multitude of choices, each with its own advantages.

Automobile

What could be easier than a nice drive with a pet? Consider how long the drive will be. Is it an hour, or is it several days? An hour, or even a few hours, might be easily doable for the employee and their pet. From a pet’s perspective, this might be their optimal choice for their pet relocation.

Now imagine yourself in the back seat of your car for several days. Would you feel comfortable and happy? Remember traveling for a day or two (or more) will also require stops at night. Hotels may accepts pets, and may charge extra for this convenience. Safety is also an important consideration. Each transition into and out of the car may provide an opportunity for a missed leash or a losing grip. Groggy pets might be susceptible to a fall as they exit the car. As a result, a pet may not prefer long trips in the back seat of their owner’s car.

Air Travel by Carry-on Luggage versus Cargo

Pets that can travel by air in carry-on luggage must be small enough to fit beneath the seat. Cats, small dogs, a rabbit, and similar small pets may be able to travel this way. Service animals and emotional support animals generally do not need to meet these requirements. For pets that meet these requirements, this might be a favorable choice. They get to be near their owner, and are protected in their carrier during the travel experience.

Airline travel has changed during the COVID-19 pandemic. Travelers should look into various airline policies regarding pets, service animals, and emotional support animals. Online resources such as Guide to Flying with an Emotional Support Animal may provide helpful information.

Air travel by cargo may be the only option if the pet is large. While the vast majority of pets that travel by cargo do well, some issues give owners pause for concern. The U.S. Department of Transportation publishes a monthly report to assist consumers with information on the quality of services provided by airlines. According to the June 2020 report, there was one report related to pet relocation. Recently many airlines have suspended the option for pets to fly in cargo. From a pet’s perspective, this type of travel may be more challenging. Since they will not be in sight of their owner, they may not feel happy and secure.

Rail Travel on Amtrak

Amtrak allows pets to travel by rail provided they meet certain guidelines:

  • Up to 20 pounds (pet and carrier)
  • Trips no longer than 7 hours
  • Signed pet release and indemnification
  • Pet must be at least 8 weeks old, odorless, harmless, and not disruptive

Notably, pets must travel with a human. Amtrak does not ship pets, or allow them to travel as a checked bag. With their owner along for the ride, travel by rail might be a surprisingly easy and pleasant option. The built-in limitation for 7 hour trips might benefit both the employee and their pet by providing scenic stops along the journey. Pets that meet the requirements may find this to be a favorable option.

Specialized Pet Transport

The International Pet and Animal Transportation Association is an organization of professional pet shippers. With members located in more than 80 countries, IPATA pet shippers work together to provide safe and secure pet relocation. There are specific requirements that must be met, such as vaccinations and health certificates. If the employee’s timing is critical and they are not able to bring their pet through air travel, IPATA may provide an option to meet their needs. From a pet’s perspective, if they can’t travel with their owner, then traveling through a professional service might be a viable option.

International Pet Relocation Health, Vaccinations, and Possible Quarantine Requirements

The United States Department of Agriculture Division of Animal and Plant Health Inspection Service notes there may be health requirements specific for international destinations. These requirements may include obtaining a health certificate, updating vaccinations, requisite diagnostic testing, or administration of medications.

The international relocation may require quarantine time for the pet. For example, pet relocation from the United States to Taiwan requires the importer to “…apply for an import permit and make a reservation of the post-entry quarantine space from animal quarantine authority at the port of entry.” Also, “When conducting the quarantine inspection, BAPHIQ (animal quarantine authority) will check the veterinary certificate and detain the dog or cat at the designated post-entry quarantine location for 7 days. During quarantine detention, the blood of the dog or cat will be sampled and tested again for rabies antibody.” Ultimately, pets that may need to undergo quarantine are bound to not be the happiest tail-waggers. However, when they are reunited with their owners, their happiness may increase. Especially if the owner shares big hugs and some delicious pet treats.

What Does This Mean?

It is important for new hires and transferees to understand issues related to pet relocation. Employers should be sure to extend the same level of service to pets as they would to human members of the relocating employee’s family. They should also ensure safe animal transportation options are available.

Employers should work with a qualified and experienced Relocation Management Company (RMC) that can provide guidance for safe and reliable pet relocation. RMCs can help clients and transferees understand how to arrange for the best pet relocation options.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to help their new hires and relocating employees with pet relocation. We can help your company utilize pre-decision services to identify needs and requirements to ensure a smooth relocation process for the employee, their family members, and their pets.

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. As a result, 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 discuss your company’s interest in learning about pet relocation solutions, 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
Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends United States Economy

Population Estimates Show Continuing Growth for Southern United States

Through the end of 2019, the United States Census Bureau population estimates show continuing growth for many southern states. This growth is mainly reflective of domestic migration, with a secondary factor of natural increase (higher number of births over deaths). Overall, the southern region of the nation saw both the largest numeric growth and percentage growth from 2018 to 2019.

The impact of the COVID-19 pandemic may result in some variations for 2020 and beyond. However, the same factors that are driving current population estimates are most likely to continue affecting future growth. This has broad implications for corporate growth initiatives and talent acquisition.

Population Estimates Show Southern Region Growing, Other Regions Declining

The Southern region of the U.S. is growing faster than the nation as a whole. Overall, the southern region accounts for over 65% of the nation’s population growth from 2018-2019.

Region Total Growth Percentage Growth
United States 1,552,022 0.5%
South 1,011,015 0.8%

By comparison, the Northeast Region saw population decline over the same period by 63,817, or -0.1%. The Northeast did experience a population gain of 97,152 due to natural increase over this time period, as well as an increase in net international migration of 134,145. However, net domestic migration out of the Northeast in the amount of 294,331 led to the overall population decline. The loss of nearly 300,000 residents from the Northeast is significant, and may be due to a variety of factors.

Cities and Suburbs

Many states in the Northeast feature comparatively small cities and towns. For example, the state of Connecticut’s largest city is Bridgeport, with a population of about 144,399. Georgia’s largest city is Atlanta, with a population of about 506,811. Regions losing population often face other difficulties such as a declining tax base and diminishing economic prosperity.

Adding suburbs to the city’s population estimates may shed further light. Greater Bridgeport has an estimated population of 305,000, while the entire Bridgeport-Stamford-Norwalk-Danbury metropolitan statistical area has a population of about 948,000 residents. Atlanta, on the other hand, has an urban population of 4.5 million residents. Also, the Atlanta metropolitan area has over 5.6 million residents. The largest city and metropolitan region in Connecticut does not compare favorably to the economic growth, size, and vitality of the largest city and metropolitan region in Georgia.

What do Population Estimates Show for the Southern Region?

Of the top 5 states in total numeric growth in population estimates from 2018-2019, four are in the South, and one is in the Southwest:

Rank State Numeric Growth % Growth
1 Texas 367,215 1.3%
2 Florida 233,420 1.1%
3 Arizona 120,693 1.7%
4 North Carolina 106,469 1.0%
5 Georgia 106,292 1.0%

Clearly the South continues its long period of population growth, while other regions of the U.S. lag. This pattern will result in many changes, from political representation to the ability to fund major infrastructure projects.

Why do People Continue Moving to the Southern Region of the U.S.?

There are several reasons why people decide to move to a new location. In terms of general population trends in the U.S., a few factors often top the list:

1. Jobs

Not surprisingly, all five of the top ranking states for growth in population estimates also rank in the top 20% of states for job growth from 2018-2019.

2. Cost of Living

Each of the top ranking states have cost of living that is lower than half of the other states in the nation. Georgia in particular ranks as the 9th least expensive state for cost of living.

3. Weather

People looking for beautiful weather will find it at each of the top ranking states. Factors that determine a state’s ranking for weather include comfortable temperatures, dry weather, and at least 60% annual sunshine.

What Do Population Estimates Mean for Employers?

Employers should review their future growth plans to determine if certain locations may be more amenable for expansion and talent acquisition. Many states have been investing significantly in education, a key component for state prosperity. The U.S. Census Bureau reports that spending per pupil increased for the sixth consecutive year nationwide. Taking into account variations in cost of living, spending per pupil appears to be somewhat comparable among many states and regions.

Conclusion

GMS’ team of domestic relocation experts has helped thousands of our clients develop hiring and recruiting programs that attract highly skilled job seekers to meet corporate growth objectives. As a result, our team can help your company understand the importance of population estimates for states as they relate to talent acquisition and your company’s ability to attract new hires and transferees.

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 population estimates as they relate to corporate growth and talent acquisition, or give us a call at 800.617.1904 or 480.922.0700 today.

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