Category: Domestic Relocation

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Buy a Home Domestic Relocation Domestic Relocation Trends Job Market Job Seekers Talent Mobility United States Economy

United States Migration Patterns: Where are People Moving To?

United States Migration Patterns: Where are People Moving To?

A recent study by United Van Lines tracking 2018 United States migration patterns shows which states people are moving to.  According to the study, the top 5 states experiencing the highest rates of inbound migration are:

Top 5 States Growing due to United States Migration Patterns

  1. Vermont
  2. Oregon
  3. Idaho
  4. Nevada
  5. Arizona

To understand these patterns, it is best to look at a number of local as well as national trends and how these trends impact each state.

Vermont

Vermont benefits from United States migration patterns impacting employment and jobs. This state has a relatively small population compared to other states. Therefore, significant growth in employment is due mostly to people moving to the state to take new jobs or as a transferee within their company. Vermont industries experiencing exceptional growth include:

  • Renewable and Clean Energy including the highest number of solar jobs per capita in the nation
  • Tourism and Outdoor Recreation including top destinations for skiing, camping, and hiking
  • Food Processing including craft beer, cheeses, and maple products
  • Financial Services and Insurance including #1 ranking in the world for assets under management in captive insurance

Vermont is also well known for its beauty, with mountains, lakes, and four distinct seasons. The state has many pristine areas, and tourism is a significant industry. As a result, retirement is another factor driving United States migration patterns with Vermont as a choice retirement destination.

Oregon

Oregon benefits from United States migration patterns impacting employment and jobs. The state’s economy is one of the fastest-growing in the nation. This is due in part to significant job growth in the manufacturing sector including:

  • Computer and electronic products
  • Machinery
  • Primary metal

Oregon’s landscape includes mountains, lakes, rivers, forests, and waterfalls. The natural areas encourage an outdoor lifestyle, and several state parks are ideally situated for camping, hiking, biking, and boating.

Idaho

Idaho has seen growth from United States migration patterns relating to retirement. More than half of movers into the state were in the age range between 55 an 74 years old. New residents to Idaho gain access to several lifestyle features they could not have in more populated areas, including:

  • Outstanding National Parks
  • Mild climate with four seasons
  • Neighborhood walkability
  • Low cost of living
  • Educational and cultural centers

Idaho has a relatively low estimated population of 1,790,000 residents. Comparing Idaho to other states, population density is 19.8 people per square mile versus the national average of 434.9 people per square mile. New York by comparison has 419.0 people per square mile. Idaho is known for wide open spaces.

Nevada

Nevada benefits from United States migration patterns impacting employment and jobs. Most migration to the state is for people to take a new job. The state’s growth industries include:

  • Tourism including Gaming
  • Clean Energy Initiatives including Solar, Wind, and Geothermal
  • Mining including Gold, Silver, and Lithium
  • Aerospace and Defense including several Air Force Bases
  • Information Technology powered by a strong Digital Infrastructure

With no income tax, low property taxes, and a warm climate, retirees find Nevada a welcoming place. Around half of movers into the state were in the age range between 55 an 74 years old.

Arizona

Arizona benefits from United States migration patterns relating to retirement. Most of the moves to Arizona were for retirement, followed closely by moves for a new job or as a transferee. There are several reasons people choose Arizona for retirement, including:

  • Generally pleasant climate
  • Exceptional natural attractions such as the Grand Canyon
  • Low cost of living
  • Greater number of retirees for social groups
  • Tax-friendly policies

Arizona is increasingly diversifying its economy, with growth in a number of industries including:

  • Bioscience Research and Development
  • Technology and Innovation
  • Manufacturing including High Tech
  • Aerospace and Defense including top ranking University Programs
  • Business and Financial Services including Data Centers

According to a new economic report by State Policy Reports, Arizona ranks #3 in the nation for economic momentum. The momentum is based on Arizona’s growth in categories such as population, employment, and personal income.

What Do United States Migration Patterns Mean for Employers?

Employers in the states of Vermont, Oregon, Idaho, Nevada, and Arizona benefit from United States migration patterns that draw a variety of new residents. Growing industries with burgeoning job opportunities tend to generate additional jobs. As a result, communities grow in population and related services are needed such as housing, retail, insurance, and child care. Demand for employees may be strong in these states and many other locations, especially during tight labor markets.

What Should Employers do About United States Migration Patterns?

Employers in locations that benefit from United States migration patterns should review their company’s growth plans and requirements for jobs across all levels of skill sets. A company’s growth plans will impact the number and type of jobs required to meet business plans and goals.

Since the nation is experiencing low unemployment, employers should review their talent acquisition and management programs to ensure they remain competitive to attract and retain new hires and transferees. Relocation Management Companies (RMCs) can provide expert assistance to employers to benchmark their relocation policies and add enhancements that attract talent.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients develop relocation programs that attract and retain qualified employees. Our team can help your company determine how to leverage United States migration patterns for talent acquisition and management.

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.

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 relocation program needs. Since United States migration patterns may lead to a growing local population and potential future workforce, be sure your company’s relocation program supports talent acquisition. Give our experts a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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Domestic Relocation Home Purchase

What is the Buyer Value Option Program, and How Does it Work?

Family With Children And Pet Dog Outside House On Moving Day

Companies can save money with the Buyer Value Option program. However, many companies are not aware of what this program is, and how it actually works. Global Mobility Solutions (GMS) has many clients who use this program. As a result, our clients have much success and higher satisfaction levels for new hires and transferees.

What is the Buyer Value Option Program?

Most corporations use a form of tax assistance, known as tax gross-up, to help offset the tax impact felt by the transferee receiving reimbursement. The gross-up expense can add substantial costs.

The GMS Buyer Value Option program lowers costs from income tax gross-ups associated with the reimbursement of transferee real estate closing costs.

The GMS Buyer Value Option program avoids the costly process of “grossing up” dollars used to pay for the commissions and closing costs on the sale of a transferee’s home. Typically, commissions and closing costs are associated with the sale of a transferee’s home. These two expenses represent the majority of the total costs incurred during a relocation. Reimbursement to a transferee of these expenses is considered taxable compensation by federal and state authorities.

How Does the Buyer Value Option Program Work?

Once a transferee receives a valid offer to purchase from a 3rd party buyer, and after GMS has been able to verify that all contractual terms are customary, the transferee turns the sale of the home over to GMS. GMS purchases the home from the transferee and subsequently transfers the home to the 3rd party purchaser. All closing costs and realtor commissions are paid by GMS and billed directly to the employer. Since the transferee does not incur any home sale expense, regular reimbursement of these expenses is not required.

The Buyer Value Option program allows the transferee to move quickly, and maintain their focus on the new job and community rather than on the sale of their home. Once their home is turned over to GMS, the transferee relinquishes all obligations including attending the actual closing. GMS manages the entire sale and closing process on behalf of the transferee. Transferees gain peace of mind with the knowledge that GMS is handling the sale of their home. They can also focus on their new home and enjoy their new surroundings.

What is the Buyer Value Option Process?

  1. Employee lists home with the help of GMS
  2. Similar to a traditional sale in the transferee’s eyes
  3. Once a buyer is found, GMS transfers the title from seller to GMS
  4. GMS sells to the outside buyer at closing
  5. The client is billed 10% for commission and closing costs prior to closing, eliminating the transferee’s out-of-pocket costs
  6. Home sale is closed by GMS
  7. Equity is wired in full to the transferee’s account of choice after closing
  8. GMS refunds the difference back to the client
  9. To complete the transaction there are strict IRS guidelines that must be followed

How Does the Buyer Value Option Program Reduce Risks for Clients?

The Internal Revenue Service requires putting the client at risk of owning the home in order to receive the tax benefit. If the buyer falls through prior to closing, the client will be financially responsible until a new buyer is found.

  • On average, 1.5% of properties fall through within the industry
  • However, less than 0.5% have fallen through in the last 3 years at GMS

How Do Employees Save Time?

The GMS Buyer Value Option program does not require the transferee to appear at closing. This lets the employee focus on their position and objectives, while settling in to life in their new community.

How Does a Company Save Money With the Buyer Value Option Program?

Since tax gross-ups are not required, companies can achieve significant savings. In order for an employee receiving a $24,000 home sale reimbursement to net the actual amount of the reimbursement and not feel an impact on their take home pay, it will cost a company $43,800. This cost can escalate even further if a company elects to take an individual’s actual tax bracket into consideration.

By utilizing the GMS Buyer Value Option program there is no tax gross up, and a company saves $19,800. Since the transferee does not have to appear at closing, companies also save on return trip costs.

What Should Companies With a Home Sale Program Do?

Companies that are currently reimbursing employees for the commission and closing costs on their home sale should look into the GMS Buyer Value Option program. Home sale expenses are the only remaining tax-protected relocation benefit when a company utilizes the GMS Buyer Value Option program. Companies can save the tax gross up on the reimbursement, and gain additional benefits including:

  • No need for the employee to be at the closing of their home sale
  • No return trips necessary to attend the closing if your employee is already at the new destination
  • The employee can more quickly adapt to their new role and become an effective member of the team

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients develop their home sale and Buyer Value Option program. Our team can help your company understand how it can save the tax gross up on home sale reimbursements.

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 interest in the GMS Buyer Value Option program, or give us a call at 800.617.1904 or 480.922.0700 today.

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Domestic Relocation Domestic Relocation Tips

Massachusetts May Retain Deduction for Moving Expenses

The state of Massachusetts may retain deduction for moving expenses that the 2017 Tax Cut and Jobs Act (TCJA) eliminated at the Federal level. According to the Massachusetts Revised Working Draft TIR 19-XX: Impact of Selected Provisions of the Federal Tax Cuts and Jobs Act on Massachusetts Personal Income Tax under Chapter 62 published on April 1, 2019:

Section B., “Amendments to which Massachusetts does not conform for the purposes of G.C. c. 62,” notes in sub-section III that the exclusion from gross income afforded under IRC § 132(a)(6) and (g) and the deduction allowed under IRC § 217 are still allowable for eligible Massachusetts taxpayers.

What does the 2017 Tax Cut and Jobs Act Require?

Beginning in 2018, the TCJA requires the following changes:

  • Eliminates the deduction for moving expenses
  • Unreimbursed moving expenses are also not deductible
  • Employer reimbursed moving expenses are:
    • Not deductible (this is the basis for Massachusetts choosing to retain deduction)
    • Included in income
    • Taxable to the taxpayer

What is the Impact of Massachusetts Choosing to Retain Deduction for Moving Expenses?

Massachusetts taxpayers may benefit from the state choosing to retain deduction for moving expenses. These taxpayers may also benefit from the state choosing to exclude moving expenses from gross income calculations. Governor Charlie Baker signed the state of Massachusetts’ Fiscal Year 2019 budget into law in July 2018. The plan supports his administration’s full commitment to balancing the state budget from a structural standpoint. Since Massachusetts currently has a healthy budget status, the ability to retain deduction for moving expenses should not materially impact state finances.

What Should Employers do Since Massachusetts is Choosing to Retain Deduction?

Employers in the state of Massachusetts should keep aware of changes to local tax laws. They should highlight the state’s interest to retain deduction for moving expenses to new hires and transferees. This is a favorable benefit for those choosing to relocate to Massachusetts.

Massachusetts has a need for workers. Recently Massachusetts had the largest construction worker shortage in the United States. Employers should work with a qualified Relocation Management Company (RMC) that has the experience and knowledge to help them understand how to leverage tax law changes for their relocation program.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients understand how local tax laws may impact their relocation programs. Our team can help your company determine how to highlight the benefit of Massachusetts choosing to retain deduction for moving expenses to 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.

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 relocation program and ways to highlight Massachusetts choosing to retain deduction for moving expenses, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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Domestic Relocation Domestic Relocation Challenges

What is the Best Way to Overcome Reluctance to Moving?

Employers must find ways for transferees to overcome reluctance to moving. Relocation to a new home, city, state, or country may be stressful for transferees and their family members. During periods of strong economic growth and tight labor markets with plentiful jobs, job seekers may not have to leave their homes for new employment. Employers should have access to a range of tools and resources to help overcome reluctance to moving.

How Talent Acquisition Programs can Help Overcome Reluctance to Moving

A strong talent acquisition program will include pre-decision services. Global Mobility Solutions is the pioneer of pre-decision services. GMS experts know that putting in the extra effort upfront helps employers as well as transferees in the relocation process. These services are an important tool to help retain new hires and ensure successful relocations. Relocating employees benefit from pre-decision services and are more likely to report being highly engaged with their company and new home.

Family Does Matter in Helping to Overcome Reluctance to Moving

For employees with families, the decision to relocate is a family matter. Many families have both spouses working, so any relocation should include career support for spouses and partners. GMS recently published a Case Study on Educational Institution Relocation Programs. In this Case Study, GMS describes how working with the client to engage spouses in the relocation process increases relocation success. In fact, the client’s biggest challenge in their hiring process was that spouses felt left out of the decision-making process. As a result, many dual career couples moving to the new location had a difficult time adapting if there was no job for the spouse.

Pre-decision Services for Transferees

Pre-decision services assist both the employee and the company in determining the benefits and challenges of a potential relocation to help overcome reluctance to moving. The general process is:

  1. Relocation Management Company (RMC) engages the transferee early in the process.
  2. RMC identifies points that are important to the transferee and their family members.
  3. The RMC arranges community tours, housing information, and cost of living analyses.

Pre-decision services help remove all of the unknowns, and generate positive excitement for the transferee and their family members to help overcome reluctance to moving.

Organizational Benefits of Pre-Decision Services

For employers, pre-decision services are proven to increase offer acceptance and decrease time to acceptance. Also, built-in programs like Candidate Expense Management help reduce the final cost of relocation. Employers can more accurately budget for relocations. They can also eliminate the cost of non-acceptance by the transferee.

What Does This Mean?

Employers can help overcome reluctance to moving by utilizing pre-decision services. Transferees who have access to pre-decision services are more likely to accept offers for relocation. Relocating employees report higher levels of engagement when they have access to pre-decision services.

What Should Employers do to Help Overcome Reluctance to Moving?

Employers should work with a qualified Relocation Management Company (RMC) that can provide a full range of pre-decision services. Employers considering relocating new hires or transferees should provide them and their family members with as many valuable resources as possible. This will help increase relocation success.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients understand how they can gain the benefits of using pre-decision services to overcome reluctance to moving. Our team can help your company understand how to provide your relocating employees and their family members with pre-decision services. As a result, relocation success rates will increase, and transferees’ satisfaction will improve.

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.

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 need for pre-decision services to overcome reluctance to moving, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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Domestic Relocation Domestic Relocation Tips Global Relocation Global Relocation Tips Relocation Best Practices Relocation Management Relocation Programs

What are the Advantages of Centralization for a Relocation Program?

Many companies do not have a full understanding of the benefits that centralization can provide their relocation program. Larger companies or those that grow with acquisitions are often beset with the many challenges their relocation program presents with its focus on decentralization. While decentralization may be useful for local marketing efforts, when it comes to relocation, there are few advantages.

What is Centralization in a Relocation Program?

In our case study on decentralization, our team of global relocation experts describes centralization for relocation programs. Basically, relocation program centralization means the following:

Global or Corporate Level

  • Develops and manages the relocation program
  • Ensures uniformity
  • Provides guidance for regional and local units

By comparison, decentralization in a relocation program can result in many challenges including high operating costs, inconsistent reporting, and varying policies. As a result, employees often receive different experiences depending on what division or location handles their relocation. Also, the company has virtually no visibility, cost predictability, or tracking methods to ensure policies are effective.

Advantages of Centralization in a Relocation Program

Centralization in a relocation program provides many advantages. Companies and their employee benefit from a program that offers:

Centralization

What Should Employers do?

Companies should engage a qualified Relocation Management Company (RMC) that has knowledge and experience in centralization for relocation programs. Companies should be sure to ask their RMC a wide range of critical questions to ensure all of their main concerns are fully addressed. The RMC will help them understand the advantages of centralization and how to design their relocation program to gain the most benefits for the company and its transferees.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients in overcoming the challenges they face with decentralization. As a result, our team can help your company understand how to gain the advantages of centralization for its relocation program.

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.

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 centralization for your relocation program, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips Domestic Relocation Trends

Top 5 Points an Employer Should Consider When Employees Choose to Self-Move

What are the Top 5 points an employer should consider with a self-move by a relocating employee? Usually a self-move occurs when an employer offers a Lump Sum payment in their relocation program. In traditional Lump Sum relocation programs, relocating employees receive a specific amount of funds for relocation. They also work with a Relocation Management Company (RMC) to select the services they want to use for relocation, within the parameters of their employer’s relocation policy. Some relocating employees may choose to use their lump sum payment to arrange a self-move.

What does a Self-Move Entail?

A self-move may include the relocating employee and others such as their family members doing any number of the following physical tasks:

  1. Packing boxes
  2. Disconnecting appliances and electrical equipment
  3. Lifting and moving furniture and appliances
  4. Loading items into a truck or vehicle
  5. Driving long distances
  6. Unloading items from a truck or vehicle
  7. Unpacking boxes
  8. Reconnecting appliances and electrical equipment

Considering these tasks, any number of them could result in injuries. According to the Bureau of Labor Statistics Nonfatal Occupational Injuries and Illness by Industry, most occupational injuries that employers log and report fall into one of these three categories:

  1. Sprains
  2. Cuts
  3. Fractures

A self-move could easily result in similar injuries to a transferee or one of their family members. It is easy to imagine such injuries if you have any experience with moving anything yourself.

Top 5 Points an Employer Should Consider About Self-Move

Looking at the tasks and logistics of a self-move, an employer should consider whether it is a good option to allow relocating employees to direct their own moves. Points to consider include:

  1. Potential for injury to the employee or their family member and resulting claims
  2. Loss of employee productivity due to the self-move
  3. Liability against the company that may result from unforeseen incidents
  4. Declining employee morale if company culture is seen as uncaring
  5. Public relations issues for any catastrophic occurrences

What Does This Mean?

Employees and their family members may be at risk of injury during a self-move. Employers may have liability for any issues that otherwise could have been preventable. Morale may decline if employees perceive the company does not care for their well-being.

What Should Employers do?

Employers should consider the potential for any risks that may arise if a transferee chooses to self-move as part of their Lump Sum relocation program. They should consider the duty of care they owe to employees who are managing a self-move. Employers should work with a qualified RMC with the knowledge and experience to help them examine issues, risks, and concerns. As a result, employers will reduce risks to relocating employees and their family members.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients develop relocation programs to ensure successful moves for transferring employees. Our team can help your company understand how to reduce risks to employees and their family members that may result from a self-move.

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 relocation program and issues relating to employee self-move, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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Domestic Relocation Domestic Relocation Tips Job Seekers Labor Force Talent Management Talent Mobility

What are the Fastest Growing Jobs in North Carolina?

What are the fastest growing jobs in North Carolina? Many job seekers look to find opportunities in regions that experience positive economic growth. North Carolina has the 15th highest percentage change in Gross Domestic Product in the nation through mid-2018. The Southeast region as a whole continues to experience high economic growth, including North Carolina. North Carolina’s two largest metropolitan areas, Raleigh and Charlotte, are among the fastest-growing cities in the nation.

Fastest Growing Jobs in North Carolina

Any list of the fastest growing jobs is subject to change, depending on economic factors including industrial production, global trade, and even weather patterns. However, recent studies show the fastest growth in these jobs:

Mathematics and Finance Jobs

  • Statisticians
  • Credit Counselors

Information Technology Jobs

  • Operations Analysts

Healthcare and Medical Jobs

  • Nurses
  • Occupational Therapists
  • Physical Therapists
  • Physician Assistants
  • Home Health Aides
  • Diagnostic Medical Sonographers
  • Physical Therapy Aides

Highlight on the Fastest Growing Jobs in Charlotte

Charlotte is the largest city in North Carolina. As a result, it offers the most opportunities for job seekers seeking the fastest growing jobs. Charlotte has a diverse industrial base and is the county seat of Mecklenburg County.

A few of the largest Industries in Charlotte include:

  • Manufacturing
  • Retail Trade
  • Hotels
  • Finance
  • Restaurants
  • Healthcare
  • Social Services

Recently, Charlotte has become the second largest financial center in the nation, following New York City. However, the title for second and third largest financial center changes frequently between Charlotte and its close rival San Francisco. Much of this growth is due to Bank of America, the nation’s second largest bank by assets. Bank of America has been increasing its assets and maintains its headquarters in Charlotte. The Charlotte Chamber of Commerce President Bob Morgan notes that the number of banking and finance jobs in the metropolitan region rose 16.2 percent over a ten year period. These are a few of the fastest growing jobs in Charlotte.

What Should Job Seekers do to Find the Fastest Growing Jobs?

Job seekers should investigate the fastest growing jobs in North Carolina for opportunities. A number of resources are available to learn about jobs and careers in North Carolina. Professional networks such as Linkedin provide information on companies and contacts. Job seekers may want to focus on a specific location such as Charlotte, and then narrow down their search by industry to job type. Job seekers should utilize professional career services to enhance their job search and achieve success in their career objectives.

What Should Employers do?

Employers should examine their employment needs as economic growth fosters competition for job seekers with requisite skills and training. They should review their relocation program to determine if it benefits their talent acquisition goals and corporate objectives. Employers should work with a Relocation Management Company that has the knowledge and expertise to help them design a relocation program that promotes global talent acquisition.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients develop hiring and recruiting programs to attract highly skilled job seekers. Our team can help your company determine how to attract job seekers looking for the fastest growing jobs in North Carolina, or any other location around the world.

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 recruiting, hiring, and relocation program needs, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends Employee Development Labor Force

What is Generation Z in the United States Job Market?

What is Generation Z in the United States job market? Generation Z employees are those born between the mid-1990s through the 2010s. This group of employees exhibit different characteristics than other groups such as Baby Boomers and Millennials. Generation Z employees are often highly sought by companies seeking to tap into new markets.

Generation Z Employee Characteristics

Employees from Generation Z are often known for several characteristics that make for valuable workplace contributions. For example, these employees are usually very comfortable and adept with newer technologies and communication platforms. Companies seeking these employees may be looking to capitalize on this group’s experiences and skills in several areas:

  • Mobile Technologies
  • Social Media Platforms
  • Text and Messaging Communications

Generation Z Personal Characteristics

Members of this group have different interests and priorities than previous generations. The United States economic evolution and population changes over the past several decades are key to understanding this group. Their life experiences differ greatly from Millennials, Baby Boomers, and other generations. As such, this group’s characteristics include:

  • Acceptance of Alternative Family Dynamics
  • Alternative Spiritual and Religious Inclinations
  • Conservative Approach to Risk
  • Greater Racial Diversity
  • Innovative and Entrepreneurial
  • Open to Alternative Economic Systems

Occupations That Appeal to Generation Z

Many traditional workplace structures are not conducive to this group of employees. For example, many Generation Z employees expect less formal structures, so hierarchical manager to employee communications may not resonate well.

However, this group is likely to enjoy jobs that allow employees to work with technology. Jobs that provide opportunities to make a significant difference in people’s lives or the environment also are highly desirable. Typical occupations that appeal to Generation Z employees include:

  • Environmental Engineers, Assistants, and Managers
  • Healthcare Workers, Licensed Practical Nurses, and Registered Nurses
  • Human Resource Assistants and Managers
  • Information Technology and Security Analysts, Developers, and Managers
  • Marketing Researchers, Analysts, and Content Managers
  • Mathematicians, Statisticians, and Financial Planners
  • Translators, Interpreters, and Communication Positions

What Should Employers Expect?

Employers should expect that Generation Z employees will have much higher expectations for their jobs than previous generations. This group wants the company’s purpose to align with their own values. They expect greater opportunities for engagement and involvement in company activities and community outreach. These employees want to share their ideas and have freedom to make workplace decisions. Generation Z employees expect full and broad connection with their employer. Continual feedback is critical, and this helps to keep this group feeling connected to the company’s purpose.

What Should Employers do?

Employers should learn what Generation Z employees are looking for in their employment choices. While other generations may appreciate traditional employment models, this group of employees often seek greater flexibility, accountability, engagement, and interaction.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients develop hiring and recruiting programs to attract highly skilled job seekers across all generations. Our team can help your company by using industry best practices to design your relocation program with a particular focus on Generation Z. This will increase your company’s ability to attract and retain Generation Z 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.

Contact our experts online to discuss your company’s recruiting, hiring, and relocation program needs, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends Employee Development Talent Management Talent Mobility

Fastest Growing Jobs in the USA Can Be Filled Using Relocation Services

Portrait of young software engineers using digital tablet

The fastest growing jobs in the USA are within several industries. Many of these jobs have education, training, certification, or experience requirements for new hires.  Employers seeking to find candidates with the requisite qualifications benefit from using pre-hire assessments in their talent recruiting process. Pre-hire assessment tools may identify viable candidates in other parts of the country, or even outside the USA. Employers can use relocation services to attract viable candidates who might need to relocate for the position.

Fastest Growing Jobs in the USA for 2018

The Occupational Outlook Handbook published by the United States Department of Labor, Bureau of Labor Statistics, lists the fastest growing occupations. According to the Handbook, 20 occupations will experience the highest increase in growth over the time period 2016-26.

Major industries that have the fastest growing jobs include:

  • Renewable Energy
  • Medical
  • Mathematics
  • Information Technology
  • Operations Research

The fastest growing jobs include several within the Medical and Science, Technology, Engineering, and Math (STEM) industries. These jobs often feature the ability to work flexible schedules, or to work on a limited assignment.

In fact, the rise in short term assignments in healthcare has been due in part to the challenge of finding candidates with the requisite qualifications. Many healthcare companies have been able to attract highly qualified candidates who want to travel to new locations on a regular basis with short term assignments.

Often, the fastest growing jobs are also those that have the highest rates of pay. For example, many Information Technology jobs offer exceptionally high salaries. Within Information Technology, jobs may feature data insight or engineering functions, indicating a wide range of opportunity in this industry.

Labor Force Dynamics Reinforce the Fastest Growing Jobs

The USA’s labor force is undergoing changes that create demand for several of the fastest growing jobs. Slower labor force growth means the labor force will continue to increase in age. Workers who are 55 or older are projected to grow to nearly 25% of the entire labor force by 2026. The increasing age of the labor force and the nation’s population means healthcare practitioners, support, and technical occupations will be the fastest growing jobs through 2026. The aging population along with longer life expectancies and growing rates of illness will continue to increase demand for healthcare services, and in turn, healthcare jobs.

Other occupations outside of the Medical and STEM industries that are also on the list of the fastest growing jobs include:

  • Social & Community Service Manager
  • Fundraiser
  • Pile-Driver Operator
  • Market Research Analyst

What Should Employers Expect?

Employers should expect that the fastest growing jobs will lead to greater competition for qualified candidates. Employers should also expect that they may need to expand their talent recruiting programs to search beyond traditional venues, including outside the USA.

What Should Employers Do?

Employers should review their talent recruitment programs to determine if they need to enhance their relocation policy to better focus on attracting new hires to open positions. Employers should ensure their relocation policies reflect industry best practices. In industries experiencing significant growth, employers should review their talent recruitment programs and relocation policies. They should look into enhancements that highlight the organization’s growth and opportunities. They should also review their programs and policies to highlight the potential for the candidate’s future career growth and success.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients with their talent recruitment programs and relocation policy needs. We can help your company understand how to design your relocation policy to reflect industry best practices and highlight your organization’s growth and opportunities to attract new hires.

Learn how your company can benefit from programs and policies that are designed to attract qualified candidates from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed. Contact our experts online or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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Buy a Home Domestic Relocation Domestic Relocation Tips Global Relocation Tips

New Construction Loan for Relocation

finical advisor showing couple their options
Meeting with financial adviser

What is a New Construction Loan for Relocation?

Many of Global Mobility Solutions’ clients have transferees who want to build a new home as part of their relocation and need a new construction loan. GMS spoke with two experts at TIAA Bank who agreed to share their advice and guidance on this topic:

Matt Canfield, Senior Vice President, Relocation and Affinity Lending

Tim Hofmann, Vice President, Construction Lending Administration Manager

New Construction Loan

A new construction loan for a transferee who will be relocating is not the same as a traditional home loan, or mortgage. These are two different lending vehicles that are used for very different purposes.

Mortgage versus New Construction Loan

A mortgage generally features the following:

  1. Finances the purchase of an existing home.
  2. Length may be 15, 20, or 30 years.
  3. Interest rate may be fixed or variable.
  4. Borrower makes principle and interest payments for the life of the mortgage.
  5. Lenders may sell mortgages to investors in the bond market.

A new construction loan generally features the following:

  1. Length is the time it takes to build a home (usually 12 months).
  2. Is similar to a line of credit for a specific amount.
  3. Borrowers/builders submit draw requests to lenders.
  4. Interest is paid only on what is drawn starting at the time of the draw.
  5. Loan remains in the lender’s portfolio and is not sold to investors.
  6. At completion, a mortgage is granted for the new home.
  7. New mortgage pays off the balance of the construction loan.

How Should a Transferee Start the Construction Loan Process?

According to Tim Hofmann at TIAA Bank, transferees should:

  1. Obtain preliminary approval from their lender.
  2. Submit an application for a construction loan.
  3. Transferees should determine if they want to lock their rate in.
    1. TIAA offers an extended rate lock option.
    2. This may be helpful if interest rates are expected to rise.
  4. Choose a contractor and a building plan

What does a Transferee Need to Obtain Approval for a New Construction Loan?

Tim shared the following three items required for approval:

  1. The contractor must be acceptable to the lender. They should have the requisite experience to build a home according to the plans.
  2. The lender will review the contractor and the budget. The budget must:
    1. Be reasonable for the proposed project.
    2. The home’s square footage/size is normal for the area.
    3. Construction costs are reasonable for the quality, size of the home, and the general area.
  3. Lenders approve credit files for the amount of the loan.
    1. If transferee will rent their former home, what is the rental?
    2. For the transferee who will carry both mortgages for the former and the new home, can they carry that debt?
    3. If transferee plans to sell the former home to help finance construction, what is the viability of having the sale occur in the necessary time?

Tim notes that there are a lot of factors to consider for new home construction. Important areas that may impact the process and the timing include:

  1. Will the new home require tearing down an older structure?
  2. Is the building lot included in the cost of the new home?
  3. Will the construction be an extensive renovation of an older structure such as a center-city townhouse?
  4. Are there specific architectural guidelines the project must follow?

Do Transferees Need to Sell Their Current Home Before Applying for a New Construction Loan?

Transferees who are relocating and who currently own a home may want to build a new home. They may want to keep living in their current home until their new home is ready for occupation. Everyone’s situation is different, and what is possible depends on a number of factors:

  1. Is there a mortgage on the current home?
  2. If yes, what is the amount of the current home mortgage?
  3. Will the transferee also be buying the land, or do they already own the land?
  4. What are the amount and terms of the new construction loan?
  5. Can the transferee receive approval for the total debt load of their current mortgage and the new construction loan?

TIAA Bank offers a unique product for new construction loans: OTC. OTC is TIAA Bank’s “One-Time Close” new construction mortgage loan (available only in AZ, CA, CO, CT, DC, DE, FL, IA, IL, IN, MA, MD, MI, MO, MT, NC, NJ, NV, NY, OH,OR, PA, SC, UT, VA, and WA.; other restrictions and limitations may apply).

With OTC from TIAA Bank, the customer only goes through one closing process. During construction, the customer and builder request draws to fund the project. At completion of the home, TIAA Bank only requires a two-page conversion. The customer is able to quickly move into their new home without having to wait for a second closing process. If the customer requires an extension, the two-page extension only requires notarization. TIAA Bank’s OTC new construction mortgage loan speeds the process for customers, and keeps them from having to go through a second, time-consuming closing.

What does this mean?

Transferees who want to obtain a new construction loan to build a home should review their current financial arrangements with a qualified lender. Transferees who have a mortgage on their current home may be able to obtain a new construction loan. However, this depends on their financial circumstances. Importantly, transferees should understand that they must receive approval for the total amount of current mortgage debt and new construction loan amount.

What should employers do?

Employers with transferees looking to build a new home as part of their relocation should direct them to speak with qualified lenders and financial advisors for guidance. They should also direct them to speak with a qualified Realtor® who can assist the employee in determining where they want to live in the new location. Employers should also review their relocation policies to determine if enhancements can be made to allow for exceptions that may arise from transferees who want to obtain a new construction loan.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand how to communicate issues related to obtaining a new construction loan and various alternatives that might be up for consideration. Our team can help your company understand how best to proceed by providing guidance to transferees on obtaining information from qualified lenders and financial advisors.

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 relocation program needs, 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 new construction loans for relocations. 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.

Request your complimentary relocation policy review

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