Global Mobility Solutions
Global Mobility Solutions
Global Mobility Solutions

Category: Relocation Best Practices

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Choosing a Relocation Company Corporate Relocation Domestic Relocation Global Mobility Global Relocation Relocation Best Practices Relocation Management

Advantages of Creating Competition Between Suppliers for Relocation Services

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GMS Always Fields Multiple Bids from Suppliers on Key Services

No one wants to pay more than they need to, this is especially true when it comes to the outsourcing of employee relocation services to a Relocation Management Company (RMC). Cost is generally the #1 driver of any procurement process, and it is wise to ensure you’re getting the most for your money before you sign on the dotted line. While saving money is a no-brainer, have you considered what steps your RMC is taking to ensure they deliver on cost savings for your relocation program?  

Many relocation companies have their own supplier base. These suppliers may consist of critical (and expensive) services, such as household goods transportation companies and temporary housing agencies. It is important to understand how your relocation company is leveraging these suppliers to reduce the impact of these services.

GMS Process to Keep Relocation Costs Down

Global Mobility Solutions, like most relocation companies, has its own, trusted network of suppliers. However, our network model is different due to our Multiple-Bid Process on key services. This process creates ongoing competition between our suppliers which ultimately results in lower prices and major relocation cost savings for our clients’ overall mobility spend. 

So how does it work? GMS analyzes each relocating employee’s unique needs, develops a service delivery plan, and then reaches out to at least two different suppliers for bids on key services. The suppliers’ estimates are audited for accuracy and submitted to you for final selection and approval based on the criteria most important to your organization. It should be noted that these are not just random or first-time suppliers who place bids with GMS. Each supplier is trusted and vetted by our network management team to ensure great service and competitive pricing. The process also allows us to develop creative service strategies to address every unique relocation need from each transferee. 

What makes GMS different is our independence and transparency in our supplier selection process. As we are not affiliated with any of our suppliers (van lines, corporate housing, real estate, destination services, immigration, or otherwise) we can subjectively vet our supplier base, ensuring the best possible quality for the best possible price across all of our key services. Some RMCs own or are owned by the suppliers they utilize which prevents the ability for true competition amongst the sub-suppliers servicing your account.

Additionally, GMS benchmarks and reviews our supplier pricing and negotiated rates on a quarterly to annual basis to ensure competitiveness by service in your specific relocating markets. These two features provide GMS clients with an umbrella of cost savings coverage while enhancing the quality of each relocation.

Let GMS Provide Relocation Services for Your Company

Operating a workforce relocation program can be expensive, but in many cases, it’s the best way to ensure your organization remains competitive in the acquisitions of talent to fuel your ongoing success. To have a better shot at cutting down relocation costs during the process, it is important to ensure your RMC utilizes a competitive bid process between suppliers on key services, such as household goods transportation, corporate housing, and more. Competition is always good for the consumer, driving down prices and increasing quality. GMS ensures the best price possible 100% of the time. For more information on corporate relocation services and program management from GMS, reach out today to schedule a call with one of our qualified team members.

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 Challenges Domestic Relocation Trends Global Relocation Trends Relocation Best Practices

Housing Market Headaches Now Hurting Rental Market

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Exterior view of modern apartment building offering luxury rental units in Silicon Valley; Redwood City, San Francisco bay area, California

The fierce real estate market is now having an impact on renters as well

The past year or so has been a trying time for would-be homeowners. Some of the quickest rising prices in history along with a shrinking number of options made it difficult for many hopeful buyers who didn’t have enough cash in hand to pay on the spot. As prices start to come back to reality and a bit more inventory has hit the markets, home buyers might start to see some relief. 

 

While homebuyers are beginning to benefit from a stabilizing market, renters are dealing with similar challenges their home-owning counterparts have dealt with. Market experts predict that rent prices trends will continue to rise over the next year. 

 

There are three main factors that are likely to contribute to rental prices rising over the next year:

1) The Return to “Normal"

It might not be the “old normal,” but people all over the country seem to be grasping the concept of the “new normal” with work from home being an option for many jobs. Many companies hope to get their office buildings reopened after the latest COVID-19 variant has slowed down, while other companies will remain working from homes permanently. But what these two points have in common, despite being complete opposites, is that they both contribute to the rising number of renters seeking housing in the larger metro areas, which in many states will create competition. Nationally, market data shows rent prices are already 8% higher than they were last year. This has created three interesting renter markets:
  1. Those returning to offices who like to be in the metro area (typically where most major corporate offices are located) to be close to their office and public transportation. 
  2. Renters that are working from home who like to live in metro areas for nightlife and social activities.
  3. People who work remotely permanently can choose to live where they want because there is no need to live within the same region as their corporate offices.

2) Hot Real Estate Market Driving Increased Rental Need

The second factor creating more renting competition is how the hot housing market trends of 2020-2021 have changed the mindset of some buyers. With such sky-high prices to purchase a home, many buyers dropped out of their purchase searches and signed leases to rent. Many are doing to “wait out the market” in the hopes of a cooler market in the future. These prospective “homebuyers turned renters” have placed additional pressure on rental demand. Until these future home buyers stop renting to continue their search, renter numbers will stay higher than usual.

3) Wage Increases & Renewed Confidence

The third factor for predicting a rise in rent prices is wage increases across the country. Additionally, as restrictions end around the world, many younger workers are moving to for job opportunities in growing economies. Many states are raising the minimum wage and large companies like Amazon and Costco are willing to pay more in order to fill positions that were vacated during the pandemic. Landlords see rising wages and increased demand for their properties as a reason to upcharge on rent prices, especially in desirable and high-demand markets.

Trying to Keep Up in Hot Renter’s Market

With rising rent prices and increased competition to get into rental units, what can renters do to secure an apartment? First and foremost it is important to be open, honest, and in clear communication with significant others or roommates. Rental units come and go quickly, so the key here is to be ready when a property becomes available. 

 

It is also equally important to have finances in order. Most rental properties will require some sort of security deposit down to even start the move-in process. Try to have enough cash stored away for deposits in order to move quickly. Landlords will usually always ask for proof of income from potential renters, so try to keep the two most recent pay stubs handy when applying for apartments, single-family homes, and other rental units. When budgeting, it is best practice to have the amount of first month’s rent and any renters insurance coverage ready to go. 

 

Cleaning up credit history, if possible, is another great way to outshine other renters. Applicants with the strongest financial background will oftentimes be considered first when units become available. 

 

One last tip, reference letters can be helpful too. Asking a past or current landlord to write a letter stating the excellence of the family or individuals renting can go a long way in the application process with the owner or manager of the newly desired rental spot.

What This Means for Those Looking to Relocate

It can seem like a no-win situation for individuals or families looking to move as it is currently difficult to buy a home and is becoming more expensive to rent a house or apartment. 

 

If relocating for a job opportunity, it would be a good idea to take advantage of any relocation packages the company may offer. In many cases, relocation benefits offer corporate housing options for short-term stays where the mover and their family can stay for a few months while getting settled. This period of time provides the employee with some breathing room and valuable time to find the right place to live within their budgetary and lifestyle requirements.

 

In the event that the company doesn’t offer relocation benefits, there is a chance that the state the transferee is heading to does. Many states and cities are offering government subsidized relocation incentives to draw talent to improve their workforce. A good number of these incentives have rent benefits that movers can capitalize on. 

 

Global Mobility Solutions has been helping organizations with their relocation programs for over 34 years, even in the toughest real estate markets. There are ways around the tight market and high rent prices. Reach out today for more info on how GMS can provide the tools to develop a competitive relocation program.

What's happening in your industry? Request a Courtesy Benchmark report

At GMS, we make it a priority to know how talent mobility is changing in each major industry. What are the best practices? How are other companies changing their programs to retain a competitive edge? Your Mobility Pro will be in touch within 1 business day to help answer your questions and benchmark your industry.

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Business Services Choosing a Relocation Company Corporate Relocation Corporate relocation tips Domestic Relocation Challenges Domestic Relocation Tips Global Mobility Global Relocation Relocation Best Practices Relocation Challenges

Discover Your Potential Relocation Cost Savings

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Relocation Cost Savings

To have the most successful and efficient workforce mobility program, mobility specialists and HR professionals should regularly evaluate their company’s relocation costs, benefits, and policies in order to uncover cost savings or areas in your relocation policies that may need improvement. Many companies manage their relocation needs in-house while others use relocation management companies to mobilize their workforce. Relocation policies should be reviewed with regularity to assure the company is spending wisely and saving money where possible. 

 

GMS makes this process simple with our industry-leading MyRelocation® technology. In addition to its client and employee-facing portals, MyRelocation® offers a suite of tools designed with your needs in mind. 

 

GMS is happy to announce our new Relocation Cost Savings Calculator. This easy-to-use tool provides companies with insight as to how much they could be saving when it comes to their current relocation program. If it has been a while since your company’s policies have been reviewed, or you are just starting to look into mobility services, this calculator can help determine your organization’s potential cost savings. 

 

It is not uncommon for companies to go years without changing or updating their relocation policies. While common, this practice can add up to serious costs over time as the direct costs related to relocation benefits react to various factors. Transportation prices change, home prices fluctuate, temporary housing costs increase, and the cost of living is constantly changing. To assure that your company is saving the most money while giving your employees the best relocation experience possible, it is important to check in on how you can be saving.

Calculating your Relocation Cost Savings

The innovative GMS Relocation Cost Savings Calculator looks at a range of common relocation program areas for cost-saving opportunities. With a user-selectable option for companies who handle mobility in-house or with an outsourced relocation management company. Key mobility policy elements that the calculator can highlight include: 

  • Program Fees
  • Real Estate Services
  • Household Goods Transportation and Storage
  • Temporary Housing Programs
  • International Relocation Services
  • Program Funding

The Cost Savings Calculator is quick and easy to use, and once various data points are input, the relocation calculator will compute your potential savings in a downloadable PDF to allow you to easily compare your current relocation costs against your potential savings. After that, a GMS Mobility Pro will reach out personally to help validate your potential relocation costs savings estimate, provide no-pressure guidance, and answer any questions you may have.

Validate Your Savings Using Our Relocation Cost Calculator

Are you ready to discover how and where your mobility program may benefit from a reduction in relocation costs? Simply complete the form below and a GMS Mobility Pro will provide you with a link to work through the tool. It is easy to use and only takes a couple of minutes if you have the right information handy. 


The GMS Relocation Cost Savings Calculator is free to use and comes with no obligation and no pressure to use. Get started now to discover how much your organization could be saving today.

Ready to Calculate YOur Program Savings? Request Access Now!

Are you ready to calculate your potential relocation program savings? Request access to our easy-to-use Relocation Cost Savings Calculator. Your Mobility Pro will grant your access request within 1 business day.

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Employee Development Global Relocation Relocation Best Practices Relocation Management Talent Management

Relocation Associations & Memberships

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Global Mobility Solutions Memberships

The relocation process consists of a lot of moving parts when it comes to getting employees from one side of the country (or world) to the other. There are numerous logistics that have to be worked out, accounted for, and coordinated in order to make the process as smooth as possible. Global Mobility Solutions (GMS) puts an emphasis on enhancing the overall transferee experience and ensures a seamless relocation for the company and for their relocating employee and their family. 

The GMS leadership team takes pride in knowing our team is able to assist companies to relocate any number of employees anywhere they are needed. We are able to do that because of our knowledgeable, certified, and experienced relocation team. Our expert teams are members of various relocation associations that allow us to give the best possible service in the industry. We also encourage our employees to keep their relocation certifications up to date, as well as support webinars, training, and industry conference attendance.

Here at GMS, we are proud to have team members that belong to the following associations. 

The Worldwide Employee Relocation Council (Worldwide ERC®)

The global relocation industry is one that is always changing and transforming to meet the needs of companies, which can make it hard to set benchmarks and standards within the industry. However, The Worldwide Employee Relocation Council (Worldwide ERC®) is seen as the premier trade association for talent management and global mobility knowledge. 

Corporate mobility managers and relocation management companies from around the world encourage employees to become members of Worldwide ERC® to ensure that their staff has a strong education and firm understanding of the skills and knowledge useful in the relocation industry. 

GMS is proud to note that all of our client-facing team members and every level of our leadership team are members of Worldwide ERC®. Each of these employees has confidence knowing that they can deliver the best experience for a transferee because of the training they gained through Worldwide ERC®’s certification and ongoing education platforms. These offerings allow GMS employees to work through Worldwide ERC®’s program to become fully capable of handling almost any talent mobility situation.

Local & Regional Relocation Councils

In addition to Worldwide ERC®, GMS also has employees who are associated with various local and regional mobility councils: 

  • Bay Area Mobility Management (BAMM)
  • Arizona Relocation Association (ARA)  
  • Southern California Relocation Council (SCRC)
  • Executive Board Member for the Southern Regional Relocation Council (SRRC)
  • Member of the Tennessee Relocation Council (TRC)

Forum for Expatriate Management (FEM)

Forum for Expatriate Management (FEM)’s mission is to provide valuable networking opportunities for relocation companies. Their multiple platforms of content and events provide mobility professionals the chance to engage with one another in hopes of growing their network. FEM aims to inspire global mobility and HR professionals by providing them with crucial news stories and insights that impact international mobility. They also host events ranging from roundtable discussions to multi-day summits. 

Being associated with FEM proves that an employee is in tune with the issues impacting global mobility and assists in their understanding of related relocation practices and policies. In addition to the summits that FEM puts on annually, there are also local chapter meetings that members can attend. With chapter meetings taking place all over the world, members of the GMS team are involved in local and regional FEM chapters for mobility individuals and vendors, here in Arizona. 

International Association of Movers (IAM)

Holding more than 2,000 corporate members, the International Association of Movers (IAM) is the moving and forwarding industry’s biggest global trade association. Since 1962, IAM has provided guidance to moving and shipping service providers with operations in more than 170 countries.

The moving and shipping of household goods and automobiles are one of the most important aspects of any relocation, which is why it is so important to be up-to-date on best practices. The GMS transportation team are proud members of IAM, enhancing our ability to ensure employees’ goods are moved safely, quickly, and efficiently across the country and arrive on time for the employee to begin their new job. 

International Airlines Travel Agent Network (IATAN)

The International Airlines Travel Agent Network (IATAN), also known as the International Association of Travel Agents Network, has a primary goal of setting travel standards of professionalism while administering meaningful business standards. Additionally, IATAN works to provide cost-effective services that benefit the travel and mobility industries. This helps provide a vital link between mobility suppliers and the US travel distribution network. The GMS travel team, and many additional team members, are members of IATAN.

Society for Human Resource Management (SHRM)

The Society for Human Resource Management (SHRM) tries to create better workplaces for employers and employees. With more than 300,000 HR executive members in over 165 countries, SHRM is an expert in aligning all HR needs. Because relocation deals so heavily with HR representatives, GMS sees it as vital for key team members to participate in SHRM.

GMS is Qualified to Help

With our team members having a great blend of different relocation associations and memberships, GMS knows that we can help with any relocation need. Whether a company needs to move an employee a few states away, or send dozens of employees from one country to another, GMS can help you every step of the way. Contact us online today. One of our global mobility experts will respond quickly to answer your questions.

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 Tips Household Goods Relocation Best Practices Relocation Management

Household Goods Moving & Transportation Management Trends

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Household Goods Moving Trends Continuing to Adapt to COVID-19 Pandemic Requirements

Moving industry trends in 2021 will see a continuance of the van line and household goods moving industry’s robust response to COVID-19. The pandemic’s immediate and broad impact has been met with effective solutions to help keep everyone safe during the entire moving experience. These solutions include:

  1. Virtual surveys to document the contents of homes. These surveys help ensure greater accuracy for moving estimates relating to goods being moved, the time required for packing and moving, and labor requirements for the job. Many customers prefer these surveys, and the industry strives to use this technology wherever possible due to its convenience and degree of accuracy.
    Even after effective vaccines are distributed, the industry will continue to use virtual surveys for the great degree of convenience and accuracy they provide. Also, many of the other helpful and healthy practices will remain in place to ensure continued safety for both our employees and our customers. These measures will provide peace of mind throughout the moving experience.
  2. As the virus continues to rise in certain areas, providers stay informed and will reinforce all of the measures in place to ensure safety. For 2021, providers will continue to follow all of the COVID-19 business continuity plans they put into place in 2020. These plans include the use of appropriate personal protective equipment, face masks, social distancing, cleaning supplies, hand sanitizer, and fresh supplies of packing materials.
  3. The industry expects drivers may be in line just after healthcare workers to receive vaccinations. Drivers are often in contact with the general public and are constantly moving, so vaccination would be a great way to further reduce any possible virus transmission.

What's Trending in Workforce Mobility for 2021?

This article is an excerpt from our 2021 Workforce Mobility Forecast. Download a complete copy today, or watch a recording of our latest Thought Leadership Series webinar on the trends that are shaping the industry.
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GMS Experts Are Here to Help

GMS is a leader in the relocation industry and keeps track of the latest household goods moving trends. Our certified relocation team can help you with any of your corporate relocation needs and provide you with the latest information related to mobility in today’s rapidly changing environment. We can assure you that all of our partners are moving household goods with safe and healthy procedures. Let us help you handle moving your employees, get in touch with us today!

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Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips Domestic Relocation Trends Relocation Best Practices Relocation Challenges

Top 5 Challenges Facing Companies with 1 to 25 Annual Relocations in the Post-COVID Era

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Photo of a delivery man lifting cardboard boxes from the back of his truck.

Companies with 1 to 25 annual relocations face a number of challenges for their relocation requirements. Many full-scale Relocation Management Companies (RMCs) provide a limited range of services for companies that annually move less than 25 employees. As a result, companies may face higher costs and lower levels of service for their relocation programs.

By comparison, GMS has extensive experience in working with clients that move less than 25 employees each year, making GMS the relocation industry expert. Choosing a relocation partner that specializes in working with companies that have lower volume programs will ensure successful relocations and the best possible employee experiences.

What are the Top 5 Challenges for Companies with 1 to 25 Annual Relocations?

The top 5 challenges facing companies with 1 to 25 annual relocations span the entire relocation process. Many of these challenges arise because some RMCs focus solely on companies that have large numbers of employee relocations.

Challenge #1 Lack of Performance Guarantees and No Quality Performance Metrics

Service level guarantees ensure clients receive the service they expect for their relocations. Some RMCs do not provide these guarantees to clients that move less than 25 employees

GMS SOLUTION: GMS provides a range of service metrics across all services, for all clients.

Challenge #2 High Fee Structures

Some RMCs charge companies that move less than 25 employees much higher fees to make up for lower margins and lower profits than they receive on their larger clients. Companies with 1 to 25 annual relocations are also less likely to need additional services. This results in lower revenues on additional services.

GMS SOLUTION: GMS offers a “One Fee Promise” for clients, ensuring fair and equal treatment.

Challenge #3 1 to 25 Annual Relocations Receive No Choice in Supplier Vendors

Many RMCs require their clients to use the RMC’s own network of suppliers under the guise of “economies of scale.” What this really does is drive more revenue and profit to the RMC, while the client ends up with no choice.

GMS SOLUTION: GMS features a Freedom of Choice™ model for all clients. GMS is not affiliated with any service provide, so clients have choices based on performance and savings.

Challenge #4 Limited Services

Some RMCs limit services to companies with 1 to 25 annual relocations. As a result, these clients must pay fees to other service providers to obtain valuable and necessary mobility services such as pre-decision/pre-hire, expense management, and travel coordination.

GMS SOLUTION: All GMS clients receive the same high level of service quality.

Challenge #5 Limited Funding Solutions

Most companies with 1 to 25 annual relocations must pay all (or most) of their relocation costs upfront. Then employees submit expenses for reimbursement. This process can take several weeks.

GMS SOLUTION: GMS lets clients determine the funding solution best fits their needs, including zero-interest options. Also, GMS provides a customizable invoicing schedule.

What Should Companies with 1 to 25 Annual Relocations do?

Companies with 1 to 25 annual relocations should choose to work with an RMC that has experience with clients who move less than 25 employees. GMS has ideal solutions that meet the common challenges these companies face.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of companies with 1 to 25 annual relocations understand why they should work with a relocation industry expert. We can help your company understand how benefit from all of the GMS solutions for your 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.

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.

Learn how GMS’ experience is best suited for your company’s 1 to 25 annual relocations. Contact our experts online or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

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

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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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Relocation Best Practices

2020 Year-End Reconciliation Process for Relocation Expenses

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If you manage your company’s relocation program, you should start preparing now to ensure a smooth 2020 year-end reconciliation process. Since many corporate departments interact with the relocation process, getting an early start will help everyone understand what they need to provide. Departments that manage accounting, travel, tax issues, and human resource functions may need to provide information for the reconciliation. A best practice is to focus on attention to detail from the beginning of the process.

Best Practice: Follow These 5 Steps to Ensure a Smooth 2020 Year-End Reconciliation Process

Step 1: Start by Writing a Thorough Reconciliation Checklist

When looking into your company’s relocation process, start noting the specific data points that apply in a well-written checklist. For example, considering the scope of a transferee’s relocation-related data, you will need the following information:

  • Salaries and wages
  • Compensation
  • Taxes (include any tax filing services for those eligible)
  • Imputed income (non-cash compensation)
  • Equity

Equally important are the dates that impact timing of the 2020 year-end reconciliation process. Be sure to correctly note and plan for dates such as:

  • Tax filing deadlines
  • Reporting deadlines
  • Early cutoff
  • Due dates to receive information

Step 2: Create Calendar Invitations for a 2020 Year-End Reconciliation Process Meeting

Identify all of the employees who will need to provide information for the reconciliation. Check their calendar availability and plan a meeting where all can attend. Be certain to look into vacations and holiday timetables so that everyone can be available for the meeting. Also, be sure to provide adequate notice so that invitees can make inquiries. For example, they may ask about their role in the process, or what data they should provide. Provide as much clarity as possible so they will know what to expect.

Step 3: The Three Most Important Words in a Reconciliation: Accuracy, Accuracy, Accuracy

It might go without saying, but it is critically important that all data reported for the 2020 year-end reconciliation process is accurate. Accounting systems, tax filing programs, and all other aspects of the process hinge on accuracy of the data. Incorrect data could lead to missed deadlines, additional fines and fees, and costs related to rework such as refiling tax paperwork. Before hitting the send button, confirm the accuracy of these important points:

A good approach is to request an audit of the information and the process. Your company’s Accounting Department may include an internal financial auditor, or perhaps the Quality Department may have a process auditor. See if they might conduct an audit of the reconciliation. Alternatively, one of your department colleagues might be able to provide a review to check for any inconsistencies.

Step 4: Check all of the Company’s Final Year-End Reports

At this point you should have most of the data you need to prepare your reports. However, there may be something that was missed that will later show up in a year-end report. Also, any late data entries at the end of the year should be counted as well. Check all company year-end reports with data that needs to be included in your 2020 year-end reconciliation process.

Step 5: Press that Send Button!

Once you have confirmed all of the reporting deadlines for every country and entity that requires a report—press that send button! Keep in mind that some transferees may need to be grouped together for reporting to certain tax-related organizations. A best practice is to send data and reports early, before the deadlines, and confirm receipt at the entity. Once you have sent data, begin the payment processes. Identify when final tax payments are due for the year, and then arrange for the payments to be submitted.

What Does This Mean?

Companies should always follow best practice recommendations to ensure reconciliation data is accurate. They should also ensure on-time reporting for their 2020 year-end reconciliation process. By following these best practices to confirm data accuracy and filing dates, companies can avoid errors. They can also avoid the cost of any fines, fees, and necessary rework.

What Should Employers do about The 2020 Year-End Reconciliation Process for Relocation Expenses?

Employers planning for their 2020 year-end reconciliation process for relocation expenses should work with a qualified and experienced Relocation Management Company (RMC). RMCs will be able to help companies understand all of the required inputs for a successful reconciliation. They can also share best practices to ensure data accuracy and on time reporting. Employers should request an audit of their reconciliation to ensure data is correct and important dates are documented for action.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients with reviews of their reconciliation processes. Our team can help your company understand how to design a 2020 year-end reconciliation process of relocation expenses that leverages best practice recommendations. As a result, your company’s processes will ensure data accuracy and on-time reporting.

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

Contact our experts online to request an audit of your year-end relocation expense reconciliation, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

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

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

2020-21 Corporate Relocation Budget: Start Planning Now

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Shot of an attractive young businesswoman going through paperwork while sitting with her laptop

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

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

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

Business Growth

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

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

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

New Corporate Expansions

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

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

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

Immigration Limitations

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

Need for Highly Qualified Staff

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

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

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

1. Relocation Policy Review

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

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

2. Historical Data Review

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

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

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

3. Significant Cost Generators

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

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

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

4. Accounting Accruals

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

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

5. 2020-21 Corporate Relocation Budget Strategic Initiatives

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

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

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

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

Conclusion

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

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

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

We're Here to Help! Request a Courtesy Consultation

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

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

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

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

May 2020 Employment Situation

Nonfarm Payroll Employment Increasing by 2.5 million

Unemployment Rate declining to 13.3%

June 2020 Employment Situation

Nonfarm Payroll Employment Increasing by 4.8 million

Unemployment Rate declining to 11.1%

A Returning Workforce Requires Thoughtful Post-Pandemic Business Planning

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

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

Pre-Decision Services Help Employers Understand the Issues of Importance

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

Candidate Assessments Provide Valuable Information for Post-Pandemic Business Planning

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

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

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

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

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

What Should Employers do?

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

Conclusion

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

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

Learn best practices from Global Mobility Solutions. Our relocation industry and technology experts are dedicated to keeping you informed and connected. Contact our experts online to learn more about how your company can leverage pre-decision services to enhance its post-pandemic business planning, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

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

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