Tag: Domestic Relocation Tips

Money Management Tips for Relocating to a New City

Post author By Sam Hoey | CRP, GMS
Post date February 14, 2023

young woman with friendly dog in their new house with moving boxes. — Woman and dog flooring in new home

Here are some financial points to keep in mind after accepting a relocation assignment

With any job offer, one of the most important factors, if not the most important, is the salary. The number one reason employees seek a new position is to increase their pay. But what if you have to accept a relocation assignment in order to make that leap in the pay range? It is common for employees to consider moving to get a higher salary, better promotion, or a more enjoyable work environment.

Whatever the reason, relocating for a job from a new company (or promotion from your current company), there is no doubt that finances will be top of mind. The first thing that must be kept in mind is that moving can be expensive if the company does not offer corporate relocation assistance. When interviewing for a position in a different state or country, be sure to get crystal clear explanations of what type of global mobility benefits are provided.

But even after making the move official, there will still be money management skills that should be practiced. Here are a few financial tips when considering the relocation costs for a domestic move or an international assignment.

Do Thorough Research on the Cost of Living

The adjusted cost of living is the most obvious factor in accepting or rejecting a job in a new location. Before taking a giant leap, you’ll want to research some ordinary living expenses in the new city, such as rent/home prices, cars, gas, utilities, childcare, and other everyday expenses. If you are working with a relocation management company (RMC) to assist you in your move, it will be worth asking if they can provide a cost-of-living calculator.

Plugging some numbers into a relocation technology tool can help you understand how much money you’ll have to make and spend in your new destination. Once you have a clear picture, you can begin navigating your finances into a monthly budget that assures you’ll be stable in your new home.

Finding a Budgeting Style

In preparation for relocating, it is recommended to have a budgeting technique and do your best to stick to it. Setting a budget within your new cost of living allows you to see the scope of your finances to their extent.

Popular Budgeting styles and techniques:

Envelope method. Categorize envelopes for different expenses (e.g., rent/mortgage, groceries, gas, travel). Allocate money from paychecks to each. This method aids in monitoring spending and encourages mindful spending behavior.
50/30/20. Divide your paycheck into three parts: necessary costs (50%), leisure and pleasure (30%), and savings/debt repayment (20%). Adjust the percentages as needed; if you have more debts, increase the amount allocated to that category. This system is customizable and can be tailored to your individual needs.
Zero-based Budgeting. Budgeting using zero-based systems divides your income into more minor, less expensive expenses. Record your income, then list the categories you need to spend each month. Estimate how much you will need to pay for each type until your total is zero. This way, you can be sure that every dollar will go somewhere, like your savings, rent, or groceries.
The Pay-Your-Self-first Budget. A great way to put money aside to pay down debt and build your savings. Once you’ve paid off your debts, you can use the rest for anything.

GMS Can Provide Cost of Living Analysis

As stated above, it is always a good idea to get a scope on the cost of living for the desired state or city you are looking to move to. Global Mobility Solutions (GMS) is proud to call itself the leader in the relocation industry regarding technology. We are the pioneers of relocation technology.

Our cost of living calculators can get you to point in the right direction from the start. From there, you can decide whether the relocation process suits you for this particular job. Our calculators are constantly updated and tested to ensure realistic answers. Please contact us today if you want more information on receiving a cost of living analysis for a new city. And always be sure to check our Knowledge base, where we post blogs about countless relocation topics.

Our cloud-based MyRelocation® relocation technology is designed to help you streamline your company’s relocation management. Schedule a demo with a Mobility Pro for a no-pressure look at how our technology can help you.

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Tags Domestic Relocation Tips, Domestic Relocation Trends, relocation assignment, relocation tips

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Why Small Business Relocation Benefits Are Important

Post author By Nancy Kritzer | CRP
Post date January 25, 2022

small business owner working with employees

What Small-To-Medium Sized Businesses Need To Know About Offering Relocation Services To Candidates

Small to midsize businesses offer employees different advantages from larger corporate entities. Many employees gravitate towards smaller organizations because they feel like they’re treated as a person instead of a number. They may also feel that the job at hand is making a difference and feel included in major decisions. However, many smaller companies often have a tough fight to get top talent when hiring. When a highly qualified candidate is available for a position, it’s common for a larger company to out-match any offer the smaller company can muster. From salary and benefits, companies with deep pockets can spend what is needed to attract and retain their talent. This includes benefits such as relocation services for attracting candidates who might live outside of your immediate region.

When a company, no matter the size, can provide relocation services to their employees through a relocation management company (RMC), it opens up the talent pool for job openings. Most HR reps from smaller companies will probably just assume that their company cannot afford to offer relocation packages to interview employees. But when working with a qualified and experienced RMC, balanced relocation policies can be developed that are both affordable for the company and help your HR team find the best candidate for the job.

Let’s take a look at how offering relocation services to job candidates can help smaller companies when hiring for an open position:

Relocation Services Open Up the Talent Pool

When posting an open position, companies want the highest qualified candidates to apply. If the company is willing to relocate employees for new positions or promotions, then the talent pool is much wider since they’re able to cast a wide net that can include candidates from out-of-state or even internationally. Being able to choose from numerous resumes for an option position is a good problem to have and will give the hiring manager a wide range of skills and experience to consider for the role.

Reduce Vacancies with Relocation Services

Not every open position is filled within a few business days. If your company is only able to hire candidates from your local metropolitan area, it could take longer to find the right person. When anyone, from anywhere, is able to throw their name in the ring it can help with a quicker hiring timeline.

It Speaks Well to the Company's Culture and Brand

If a company were to just promote a position in the state where they have operations, and hire with whatever applications they were given (even if they are not the best possible talent), it may come across as a cost-saving measure. The offering of relocation benefits goes a long way to show that the company values its workforce and will do whatever it takes to get the right person in the right seat to ensure success for the entire team.

Improving Employee Retention with Relocation Services

Relocation benefits often are associated with new employees, which might be true in most cases. Many companies don’t realize that if they offer relocation packages it can also help existing employees and their ability to develop and move up within the company to new roles. For example, if an employee outgrows their current position and into a leadership role, the company can move that employee to a new location for the new position. This can also help improve your company culture because employees can be confident that they can grow within the company and that the company isn’t afraid to invest in their workforce.

It’s also a benefit to the company because they can move existing employees to varying locations to fill any skill/capability gaps instead of always needing to hire from the outside. Relocation services open up new possibilities for small to medium-sized businesses through capabilities such as short-term and long-term assignments, allowing your employees to oversee temporary projects in other company locations, open new offices supporting your company expansion, or perform other valuable functions that require a long-term (but not permanent) presence.

GMS Is Here to Help Small Businesses Compete with Relocation Packages

Global Mobility Solutions (GMS) has been helping companies of all sizes create competitive relocation policies for companies for almost 30 years. A full service relocation company, we listen to your wants and needs, then help develop a mix of the best relocation services possible for your organization. Our consulting team will make sure you are keeping up in your industry and offering the best perks possible to get the best candidate.

If you’re a small or midsize business owner or business HR manager and have questions about global mobility policies, please reach out to GMS today. Our relocation experts can help you through the entire process of creating or updating your relocation program.

We're Here to Help! Request a Courtesy Consultation

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

Tags Domestic Relocation, Domestic Relocation Tips, small business relocation

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States and Cities with Great Relocation Incentives

Post author By John Fernandez | CRP, GMS, SSB
Post date January 4, 2022

cityscape view at dusk — Madrid, Spain financial district skyline at twilight.

These Cities Are Offering Government Relocation Incentives

New Year’s is the time for new beginnings. It’s usually around this time of year people start to reflect and make major changes. For many, there is no life change larger than moving to a new city or state. If you’re moving for a job offer, hopefully, the new company is offering a competitive relocation package to help with moving costs. But what about the people who were informed this year that they will be working remotely full time moving forward? If you could live and work anywhere, where would you go?

Many companies announced in 2021 that they do not plan to ask employees to come back to work in an office building with any regularity. With that said, now that many employees no longer have a daily commute to a cubicle, they are starting to think about where to live. Places with good weather and affordable housing are, of course, on top of everyone’s list. Since many of these moves are the personal choice of the employee, very few companies are providing relocation benefits. However, there are numerous relocation incentives being offered by cities and states that can help reduce relocation costs. The list below is a follow-up to our previous blog about reducing moving costs through relocation incentives that are being offered by certain cities.

Moving can be expensive but taking advantage of these government relocation incentives can help ease the financial hit. Check out what these cities are offering:

Topeka, KS

A very lucrative relocation incentive deal, Choose Topeka is offering those who move to the city to work on-site up to $15,000 in funds for the purchase of a home and as much as $10,000 in funds for renters. There is also an option for remote workers who move to the area that equals $10,000 in home purchase assistance and up to $5,000 for those looking to rent.

Newton, IA

For most, one of the most costly needs involved when moving is buying a new home. Newton, Iowa is willing to help with that cost. If you move to Newton, you can receive up to $10,000 cash plus a “Get to Know Newton” package. This offer is for single-family homes that begin construction before 2023. This program is for new-build homes. Unfortunately, renters do not benefit from this relocation incentive.

Chattanooga, TN

Chattanooga, Tennessee is quickly becoming a well-known hub for entrepreneurs and innovators. GeekMove is a program designed to assist computer developers in relocating to Chattanooga. The biggest perk of this package is GeekMove’s offer to offset the initial costs of homeownership by providing a second, forgivable mortgage. This should provide more housing options for prospective buyers as it will make houses more affordable to the average buyer. The catch is that this offer is only good in pre-defined neighborhoods. On the flip-side, there are plenty of great neighborhoods to choose from, including some revitalized historic areas.

Alaska

Alaska has long been known for offering incentives to move there. There are numerous programs that help future residents reduce the cost of their move to the state. One of the more sought-after relocation programs is the Trade Act. The Trade Act offers allowances to help people move to Alaska once a position is accepted. In some cases, up to 90% of relocation costs can be covered for the employee and the immediate family. This allowance can be used towards the shipping of your household goods, one of the most expensive facets of any relocation. As a bonus, most people can qualify for a lump sum payment of $1,250 to help them get settled into their new Alaskan home.

GMS Relocation Programs

GMS is here to help you craft competitive relocation policies while taking advantage of the relocation incentives programs offered by various state and local governments mentioned above. Contact us today to talk about how your company can obtain and retain the best talent from anywhere. Don’t let location prevent your company from having the best candidate in the right position.

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Tags Domestic Relocation, Domestic Relocation Tips, Domestic Relocation Trends

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

Post author By Nancy Kritzer | CRP
Post date January 26, 2021

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.

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Tags 1 to 25 Annual Relocations, Domestic Relocation, Domestic Relocation Challenges, Domestic Relocation Tips, Domestic Relocation Trends

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Northwest Arkansas Moving Incentive Aims to Attract Talent

Post author By Sam Hoey | CRP, GMS
Post date January 7, 2021

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

What is the Life Works Here Initiative?

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

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

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

Eligibility requirements for the Life Works Here initiative include:

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

Career Opportunities Supported by the Northwest Arkansas Moving Incentive

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

J.B. Hunt: Lowell, Arkansas

Transportation and Logistics Industry
One of the largest road transport companies in North America
Revenue: Over $9.165B

Tyson Foods: Springdale, Arkansas

Food and Food Processing Industry
The world’s second largest processor and marketer of chicken, beef, and pork after JBS S.A.
Revenue: Over $42.405B

Walmart: Bentonville, Arkansas

Retail Industry
The world’s largest company by revenue, and the world’s largest employer
Revenue: Over $523.964B

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

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

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

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

City	Cost of Living
Lowell, Aransas	12.1% lower than US average
Springdale, Arkansas	14.0% lower than US average
Bentonville, Arkansas	4.8% lower than US average

Source: Sperling’s Best Places: bestplace.net

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

Smaller Regions Have More to Offer beyond the Incentives

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

What Should Companies do about the Northwest Arkansas Moving Incentive?

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

Conclusion

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

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

Contact our experts online to learn more about how the Northwest Arkansas moving incentive might impact your company and its workers, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Tags domestic mobility, Domestic Relocation, Domestic Relocation Challenges, Domestic Relocation Tips, Domestic Relocation Trends, Northwest Arkansas Moving Incentive

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2020 Regional Competitiveness Score Shows Maricopa County Leads the Nation

Post author By Sam Hoey | CRP, GMS
Post date December 21, 2020

Unemployed beautiful young woman looking for a job online from home using laptop and writing down the notes in her notebook

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

Top 10 Ranking

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

Maricopa (Phoenix, AZ)
Clark (Las Vegas, NV)
Collin (McKinney, TX)
Williamson (Georgetown, TX)
Riverside (Riverside, CA)
Denton (Denton, TX)
Fulton (Atlanta, GA)
Wake (Raleigh, NC)
Montgomery (Conroe, TX)
Lee (For Myers, FL)

Source: Emsi Fifth Annual Talent Attraction Scorecard.

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

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

Data Included in 2020 Regional Competitiveness Score

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

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

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

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

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

Existing talent in Maricopa County

Attracts

Company relocations and investments

Attracts

Additional talent to relocate to Maricopa County

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

What Should Employers do Regarding the 2020 Regional Competitiveness Score?

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

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

Conclusion

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

New SafeRelo™ COVID-19 Knowledge Portal

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

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

Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online to discuss your company’s interest in learning more about the 2020 regional competitiveness score for Maricopa County, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

Tags 2020 Regional Competitiveness Score, 2020 USA Job Market, 2020-21 Corporate Relocation Budget, 2020-21 Employee Relocation, 2021 Business Relocation Budget, Arizona, corporate relocation, Corporate Relocation Factors, Domestic Relocation, Domestic Relocation Tips, Domestic Relocation Trends, Economy, Job Market, jobs, Maricopa County

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What are the 2020 Fastest Growing Industries in the US?

Post author By Sam Hoey | CRP, GMS
Post date December 3, 2020

Autonomous underwater rov with manipulators or robotic arms. Modern remotely operated underwater vehicle. Fictitious subsea drone or robot for deep underwater exploration and monitoring sea bottom.

What are the 2020 fastest growing industries in the US? Although the COVID-19 pandemic dampens business and social activities, US economic growth continues its blistering pace. With 3^rd Quarter 2020 Gross Domestic Product (GDP) increasing by a record-breaking 33.1%, the US economy has been gaining ground lost to the pandemic. The initial pandemic closures resulted in significant economic losses with 2^nd Quarter 2020 GDP declining by 31.4%.

The United States Department of Commerce Bureau of Economic Analysis attributes 3^rd Quarter 2020 growth to businesses reopening and resuming activities that were postponed or restricted due to COVID-19.

Several industries also act as growth engines for the US economy. The 2020 fastest growing industries in the US reflect the impact of the COVID-19 pandemic, and to a lesser extent technology trends. IbisWorld reports that the top 10 as measured by revenue growth include:

Consumer Market

Massage Business Franchises
Grocery Store Sales via Online Portals
Pet Food and Supply Store Sales via Online Portals

Energy

Hydraulic Fracturing Services (also known as “fracking”)

Finance

US Stock Exchanges and Commodity Markets

Manufacturing

Autonomous Underwater Vehicles
3D Printing and Prototype Services

Medical

Medical and Recreational Marijuana Farms
Thermometer Manufacturing
Medicines for Colds and Coughs

2020 Fastest Growing Industries on both 2019 and 2020 Lists

Interestingly, the only two industries that were at the top of the list in both 2019 and 2020 are:

Massage Business Franchises
Medical and Recreational Marijuana Farms

These two industries benefit from consumer’s shifts in perceptions. Many consumers spend more on luxury goods, and enjoy the therapeutic benefits of massage therapy. Consumers are also more accepting of legal access to medical marijuana.

The 2019 industries that dropped off the list in 2020 include:

Social Networking Platforms
Solar Power Installation and Production
Wind Turbine Installation
Online Mortgage Brokers
Peer-to-Peer Lending Platforms
Automated Guided Vehicle Manufacturing
Telehealth Services
Medical and Recreational Marijuana Retail Stores

What Trends Drive the 2020 Fastest Growing Industries?

One major trend drives most of the 2020 fastest growing industries: the COVID-19 pandemic. Online shopping accelerated dramatically in 2020. As retail stores closed or limited hours, consumers turned to online portals. Online shopping lets them avoid contact with other people. They can also find products that could be delivered right to their front door, so there is no need to travel to retail locations.

Medical product sales rose as consumers stocked up on medicines, thermometers, and other items to help them with illnesses as they avoided going to doctor offices. A major trend is for businesses and offices to take temperatures of staff and visitors, since that is an early sign of exposure to coronavirus.

Highlight on Autonomous Underwater Vehicles

What is an Autonomous Underwater Vehicle (AUV)? These are vehicles for conducting underwater research that are not manned by a pilot, and are not physically connected to another vessel with a line or tether. They operate independently, and some fully autonomous vehicles carry their own power in the form of batteries, fuel cells, or rechargeable solar power

The top AUV manufacturers include several with US locations, such as:

Boston Engineering Corporation (Waltham, Massachusetts, US)

Fugro (Nootdorp, the Netherlands)

General Dynamics Corporation (Reston, Virginia, US)

Graal Tech Srl (Genoa, Italy)

International Submarine Engineering Limited (Port Coquitlam, British Columbia, Canada)

Kongsberg Maritime (Kongsberg, Norway)

Lockheed Martin Corporation (Bethesda, Maryland, US)

Teledyne Technologies Incorporated (Thousand Oaks, California, US)

The ECA Group (La Garde, France)

What Should Job Seekers do About the 2020 Fastest Growing Industries?

People seeking a job should look into the 2020 fastest growing industries opportunities. A number of resources are available to learn about jobs in the AUV Industry. Professional networks such as Linkedin also have useful information on companies and contacts in this industry.

Job seekers may want to focus on a specific location such as Boston or Washington, and then target companies in those cities. It is a good idea to leverage professional career services to enhance job searches. Job seekers are more likely to find success in their search and objectives.

What Should Employers in the 2020 Fastest Growing Industries do?

Employers in the 2020 fastest growing industries should look into their needs for employees. Continuing economic growth creates stiff competition for job seekers with the necessary experience, education, skills, and training. They should review their relocation program to determine if the program supports their specific talent acquisition goals and corporate objectives.

Employers should work with a Relocation Management Company (RMC) that has knowledge and experience helping companies in the 2020 fastest growing industries. RMCs will help employers develop a relocation program that follows industry best practices and promotes their talent acquisition goals.

Industry Benchmarking Studies Help Employers Ensure Competitiveness

GMS has several Industry Benchmarking Studies that describe industry-specific best practices. These studies will help employers in the 2020 fastest growing industries learn if their company’s relocation program is designed to support their corporate objectives.

Corporate relocation policy benchmarking provides many benefits for employers. By benchmarking their relocation policy, employers can ensure their policy is comparable to their industry competitors. As a result, this will help them attract and retain talent with the highest level of skills and experience.

Industry best practice is to schedule a relocation program and policy review every 12 to 18 months to ensure your company maintains its competitive position. A thorough policy review will help your company learn how the relocation industry continues to evolve to meet increased employee demands. During the COVID-19 pandemic, the demands of compliance for safety leads to rapidly changing requirements for both employers and employees.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients develop hiring and recruiting programs to attract highly skilled job seekers. As a result, our team can help your company determine how to attract job seekers looking for employment opportunities in the 2020 fastest growing industries.

Contact our experts online to discuss your company’s recruiting, hiring, and relocation program needs as they relate to the 2020 fastest growing industries, or give us a call at 800.617.1904 or 480.922.0700 today.

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Tags 2020 Fastest Growing Industries, 2020 USA Job Market, 2020-21 Employee Relocation, domestic mobility, Domestic Relocation, Domestic Relocation Tips, Domestic Relocation Trends, employee relocation, Job Market, Job Seekers, jobs

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Remote Worker Expenses: What is the Expectation?

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

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

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

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

What are Remote Worker Expenses?

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

Direct Expenses May Include:

Voice Communication: cell phone or direct line
Computer laptop, desktop, or tablet, with cords and monitors, mouses and mousepads
Computer software and licenses including security setups
Office supplies such as paper, pens, and folders

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

Indirect Expenses May Include:

Electricity to run computer equipment
Internet access and use
Noise cancelling headphones
Cell phone or direct line charges relating to increased work use
Lighting for the home workspace
Masks and safety equipment
Heating and cooling of the home workspace during normal working hours
Furniture used as office equipment on behalf of the employer

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

Work from Anywhere Policies may Impact Remote Worker Expenses

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

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

Thoughtful Consideration on Remote Worker Expenses is Important

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

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

What Should Companies do?

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

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

Conclusion

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

New SafeRelo™ COVID-19 Knowledge Portal

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

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

Contact our experts online to learn more about how your company might address the issue of remote worker expenses, or give us a call at 800.617.1904 or 480.922.0700 today.

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

We're Here to Help! Request a Courtesy Consultation

Tags COVID-19, COVID-19 Travel Recommendations, Domestic Relocation, Domestic Relocation Tips, Domestic Relocation Trends, Move During COVID, Move During COVID-19, policy review, relocation expense management, Relocation Expense Reporting, relocation expenses, Relocation Policy Review, relocation technology, Remote Worker Expenses, Top 5 COVID-19 Risks

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Expedited Bidding Benefits: How Your Company Can Gain Immediate Results

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

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

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

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

Top 5 Expedited Bidding Benefits

1. Cost Savings Right from the Start

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

2. Complimentary Consulting

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

Policy development and revisions
Relocation program design
Current policy reviews

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

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

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

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

4. Process is a Better Fit for Buying Solutions

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

5. Frees up Administrative Burden of Formal Requests

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

What Should Companies do to Gain Expedited Bidding Benefits?

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

Conclusion

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

New SafeRelo™ COVID-19 Knowledge Portal

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

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

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

We're Here to Help! Request a Courtesy Consultation

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

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Relocation Mortgage Application: Top 5 Questions for Transferees

Post author By Nancy Kritzer | CRP
Post date November 3, 2020

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

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

What is a Relocation Mortgage?

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

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

Relocation Mortgage Application Top 5 Questions

Question #1: Employment

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

Question #2: Timeline/Goals/Awareness

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

Question #3: Departure Home versus Destination Home

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

Question #4: Assets

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

Question #5: Credit Report

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

Reviewing the Answers on the Relocation Mortgage Application

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

What Does This Mean?

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

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

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

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

Conclusion

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

New SafeRelo™ COVID-19 Knowledge Portal

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

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

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

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