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

2020 Best States for Homeowners

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

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

Pursuing the American Dream of Homeownership

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

Economic Reasons for Homeownership

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

Personal Reasons for Homeownership

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

The 2020 Best States for Homeowners

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

2020 Best States for Homeowners

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

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

2020 Worst States for Homeowners

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

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

What Does This Mean?

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

Conclusion

GMS’ team of domestic relocation experts has helped thousands of our clients understand how to provide solutions for their new hires and transferees who are looking to buy or sell a home. Our network of top agents market homes following industry best practices. As a result, they will help home buyers and sellers understand how to find and purchase homes in the 2020 best states for homeowners.

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

New SafeRelo™ COVID-19 Knowledge Portal

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

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

Contact our experts online to learn more about the 2020 best states for homeowners, or give us a call at 800.617.1904 or 480.922.0700 today.

We're Here to Help! Request a Courtesy Consultation

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

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

New Workspace Configurations Reinforce Employee Safety

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

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

General Guidelines for New Workspace Configurations

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

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

Phasing in New Workspace Configurations

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

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

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

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

Important Reminder from the CDC for New Workspace Configurations

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

How can GMS Help Your Company?

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

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

What Should Employers do?

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

Conclusion

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

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

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

We're Here to Help! Request a Courtesy Consultation

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

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Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips Domestic Relocation Trends Relocation Challenges Talent Mobility

Domestic Short Term Assignments: What You Should Know

Low angle view of young computer programmers brainstorming while working in the office.

Many companies are using domestic short term assignments to strategically respond to corporate growth initiatives. Some business opportunities may only require a limited focus for a specific length of time. Often companies have current employees with knowledge and experience who can effectively contribute in various capacities. The IRS defines a temporary assignment or job as lasting for one year or less.

For example, the healthcare industry increasingly uses domestic short term assignments. These roles help the industry meet the challenge of hiring and keeping talent with high levels of skills. Many of these employees enjoy going to new locations on a regular basis and thrive in the excitement and adventure of domestic short term assignments.

By leveraging its current pool of talent, a company can quickly respond to changing priorities. Also, it can place a greater focus on growth initiatives rather than recruiting for new hires.

What are the Benefits?

Company Benefits of Domestic Short Term Assignments

There are many benefits for companies that can leverage domestic short term assignments. Issues relating to skills, training, and costs can be effectively addressed, often without having to incur significant costs:

  • Easier to Attract Talent Interested in Challenging Assignments
  • Gap in Skills is Effectively Closed as Employee Fills Role and Provides Training
  • Productivity Increases
  • Talent Acquisition Costs are Reduced or Eliminated

Employee Benefits of Domestic Short Term Assignments

An employee who fills a short term assignment also benefits in several ways. Often, the employee gains problem-solving skills and they will increase their ability to communicate across the organization. From a teamwork standpoint, the employee may inspire others to participate in finding solutions:

  • Experience Increases
  • Leadership Potential Rises
  • Morale Increases with Recognition for Assignment and Achievement
  • Network of Mentors and Peers Expands

What Does This Mean?

Companies that offer domestic short term assignments often gain a significant number of benefits. They can respond quickly and effectively to changing business priorities. Additionally, they can save talent acquisition costs and close skills gaps with placement and training.

Employees also gain many benefits by taking these positions. Their skill levels increase, and they can expand their network of mentors and peers in the organization. As a result, their leadership potential rises and their productivity increases.

What Should Employers do About Domestic Short Term Assignments?

Employers with transferees that fill domestic short term assignments should work with a qualified and experienced Relocation Management Company (RMC). Often the company’s relocation policy focuses on benefits and programs for employees and family members moving to a new location.

However, employees that fill domestic short term assignments will need a different range of benefits and support, since they will return to their home after the assignment is complete. They may need assistance with travel, temporary housing options, or transportation solutions while at the new location.

Companies should review their relocation policy to ensure it follows industry best practices for relocation benefits provided to employees who take domestic short term assignments. GMS tailors each client’s program based on specific budgets, needs, and compliance. As a result, clients can offer an industry-leading relocation program designed to fully meet the needs of these employees. This helps ensure successful assignments and increases employee satisfaction.

Industry Benchmarking Studies Help Employers Compare Their Relocation Program

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

Industry best practice is to schedule a relocation program and policy review every 12 to 18 months to ensure your company maintains its competitive position. This review will also help your company learn about how the relocation industry is evolving to meet increased employee demands, especially with regard to domestic short term assignments.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients understand how to leverage domestic short term assignments to meet corporate objectives. Our team can help your company design a relocation policy that provides the best experience for employees during their temporary assignments.

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

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

Contact our experts online to discuss how your company can leverage domestic short term assignments to meet corporate objectives, or give us a call at 800.617.1904 or 480.922.0700 today.

Domestic Short Term Assignments Button

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Job Market Job Seekers Labor Force Talent Mobility

What are the Fastest Growing Louisiana Jobs?

What are the fastest growing Louisiana jobs? Many job seekers look to find opportunities in regions that experience positive economic growth. Louisiana’s economy appears to be well-positioned for the coming year, according to attendee’s at the Advocate’s 2019 Economic Outlook Summit.

In general, attendees cited the following factors causing favorable headwinds for Louisiana:

  • $90 billion investments by petrochemical and liquefied natural gas firms
  • Lowest electricity rates in the nation
  • Rising home prices and residential inventory
  • Technology industry investments

Recovery from the impact of 2005’s Hurricane Katrina has seen Louisiana rebound with population growth and economic activity. Currently Louisiana and the surrounding region have seen an increasing number of jobs. Also, New Orleans continues to attract business investment, with over $7 billion in recent investment and over 14,000 new jobs.

The Southeast region as a whole continues to experience high economic growth, including Louisiana. Louisiana’s most desirable places to live include cities such as New Orleans, Lafayette, and Metairie.

Fastest Growing Louisiana Jobs

Any list of the fastest growing Louisiana jobs is subject to change, depending on economic factors including industrial production, global trade, and weather patterns (especially for Louisiana). Recent studies show the fastest growth in these Louisiana jobs:

Business Information Jobs

  • Business Analysts
  • Operations Analysts

Information Technology Jobs

  • Website Developers
  • Software Developers
  • Software Engineers

Healthcare and Medical Jobs

  • Personal Care Assistants
  • Physical Therapists
  • Home Health Aides
  • Physical Therapy Aides
  • Veterinary Technicians

Highlight on Industries in New Orleans, Louisiana

The largest industries in New Orleans include:

  • Health Care
  • Energy
  • Transportation and Shipping
  • Film and Television Production
  • Leisure and Hospitality

Types of Fastest Growing Louisiana Jobs

New Orleans has great diversity in its industrial sectors. Louisiana jobs in Health Care, Energy, and Film and Television Production require a wide range of education and experience.

In the energy sector, Entergy Corporation is a Fortune 500 company with headquarters located in New Orleans. Entergy is a fully integrated energy company that produces electric power for distribution throughout the Southern part of the nation. Entergy’s Louisiana jobs in New Orleans include:

  • Transmission Specialist
  • Engineer
  • Auditor
  • IT Analyst
  • Organizational Transformation Analyst

Ochsner Health System is Louisiana’s largest non-profit, academic, healthcare system. Ochsner administers 40 owned, managed, and affiliated hospitals as well as over 100 health and urgent care centers. The organization is also one of the nation’s largest non-university based academic medical centers, offering a significant number of medical education programs. Ochsner’s Louisiana jobs in New Orleans include:

  • Clinical Pharmacist
  • Registered Nurse
  • Physical Therapist
  • Sports Medicine Assistant
  • Social Worker

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

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

What Should Employers do to Fill the Fastest Growing Louisiana Jobs?

Louisiana employers should examine their employment needs as economic growth fosters competition for job seekers with requisite skills and training. They should review their relocation program to determine if it benefits their talent acquisition goals and corporate objectives. Employers should work with a Relocation Management Company that has the knowledge and expertise to help them design a relocation that promotes global talent acquisition. Exciting cities such as New Orleans that draw many visitors also need job seekers to fill local employment opportunities in other industries.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients develop hiring and recruiting programs to attract highly skilled job seekers. Our team can help your company determine how to attract prospects looking for Louisiana jobs.

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

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

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

Request your complimentary relocation policy review

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Global Mobility Relocation Best Practices Relocation Management Talent Mobility

What are the Top 5 Reasons to Outsource Global Mobility Management?

Business team discussing global expansion plans looking at globe, Indian, Caucasian, Chinese and Indonesian people

There are several reasons why a company would move to outsource global mobility management. Often these programs require a level of expertise that is not inherent within an organization. Issues regarding international visas and work permits can be particularly vexing and cumbersome. Consistency in application across departments, divisions, and throughout locations is an important consideration for fair and equitable treatment of all employees.

The Top 5 Reasons to Outsource Global Mobility Management:

1. Compliance

Companies that choose to outsource global mobility management gain significant advantages in tax and compliance related to national regulations.  Programs may offer benefits to both employers and relocating employees. The importance of compliance cannot be understated, as noncompliance may include penalties.

2. Cost Management

Relocation Management Companies (RMCs) may offer industry-leading technology solutions that provide easy and simple tracking and reporting capabilities for mobility costs. Companies gain accuracy and simplicity for reporting and budgeting purposes.

3. Core Responsibilities

When a company chooses to outsource their relocation program, it frees internal departments to focus on corporate objectives. Mobility management often is not a core competency within a company. Eliminating costly and excessive administrative burdens by moving to outsource global mobility management lets organizations pursue valuable goals.

4. Courtesy Enhancements

RMCs with significant knowledge and experience will offer a number of complimentary solutions that are extremely valuable to companies and their relocating employees. Programs such as Pre-Decision Services result in employees that start work sooner, stay longer, and are a better fit in the company’s culture.

5. Cost Savings

RMCs can help a company identify a number of cost savings upon their move to outsource global mobility management. Relocation Policy recommendations from courtesy mobility consulting often generate significant savings in areas such as in-house costs versus fees, household goods moves, and home sale programs.

What Does This Mean for Companies That Want to Outsource Global Mobility Management?

Companies can achieve significant operational improvements and cost savings when they outsource global mobility management. As a result, internal departments can focus on achieving company objectives while reducing administrative costs and burdens.

What Should Employers do to Outsource Global Mobility Management?

Employers should work with a qualified Relocation Management Company (RMC) that can provide a full range of relocation programs. Employers should consider a move to outsourcing their relocation program to achieve significant operational and cost advantages. This will help increase relocation success.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients manage the transition to outsource global mobility management. As a result, our team can help your company understand how to benefit from the advantages such a move affords.

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

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online to discuss your company’s need to outsource global mobility management, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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Choosing a Relocation Company Corporate Relocation Corporate relocation tips Relocation Best Practices Relocation Management Relocation Policy Review Talent Mobility

The Future of Corporate Headquarters

Many companies face challenges when considering where to locate their corporate headquarters. Major global companies such as Amazon, Apple, General Electric, and Google have recently announced expansion or relocation efforts that will take them to their next-generation workforce.

Recent expansion and relocation efforts for corporate headquarters have focused on major metropolitan areas.

Corporate Headquarters of Major Companies

Amazon

Amazon plans to create a second corporate headquarters location in Arlington County, Virginia’s Crystal City neighborhood. The location is across from Washington, D.C. The company said it will receive $573 million combined from Virginia and Arlington in performance-based direct incentives. These incentives include Amazon creating several thousand jobs at the new location. Notably, although Amazon had originally also chosen a second location in Long Island City, Queens, New York for another headquarters, mounting opposition led the company to pull out of its plans. This speaks to the importance of building local support among all stakeholders for any new corporate headquarters development.

Apple

Apple is planning to expand its presence in Austin, Texas with a $1 Billion new corporate headquarters campus. Apple’s future plans will eventually make it the largest employer in Austin. The new campus will accommodate 5,000 employees to start, and feature capacity for up to 15,000 employees.

General Electric

General Electric relocated its corporate headquarters to Boston, Massachusetts in 2016 and instantly became the state’s largest public company. Company officials noted that the Boston metropolitan area’s concentration of top universities and startup technology firms was the main attraction for their relocation. The move is seen as a way for the industrial conglomerate to rebrand itself as a forward-looking technology company. Although GE continues to face challenging markets and a changing economic future, the fundamental reason for the company’s move is shown in their intent to remain in Boston.

Google

Google plans to spend $1 Billion to expand the company’s New York City Hudson Square facility. The campus will be the main corporate location for its New York-based global business organization. The company will double its New York City workforce.

Corporate Headquarters Require Workforce with Significant Skills and Education

Companies looking to expand or relocate their corporate headquarters require employees with skills and education. Typical functions at these locations may focus on executive and managerial roles, product engineering and development, talent acquisition and talent management, sales and marketing, corporate communications, legal concerns, and finance. Many of the positions within these functions require degrees from institutions of higher education. Employees must be proficient with technology across multiple platforms. They must also display a broad range of soft skills including verbal and written communication, coaching, and leadership. Any company looking at a new location should work to keep current employees with desired skills and education during the relocation.

What Should Employers Seeking to Expand or Relocate Their Corporate Headquarters do?

Companies that are looking to expand or relocate their corporate headquarters should work with a Relocation Management Company (RMC) that has expert knowledge and extensive experience in corporate relocation services. Corporate relocation programs provide companies and employees all of the resources and tools they need to ensure a smooth and successful relocation process.

Choose an RMC that provides ongoing employee support services, supplier management, relocation benefits, and expense management. Employers should provide many resources for their relocating employees and their families. As a result, they will feel confident in accepting their new assignments and enthusiastic about the company’s corporate headquarters relocation.

Conclusion

GMS’ team of corporate relocation experts has the knowledge and expertise to help your company manage its corporate headquarters relocation budget. We will also offer your employees the best relocation experience during a corporate headquarters expansion or relocation. This will increase your company’s ability to retain current employees as well as attract new hires at your new location.

Contact our team of experts to discuss how we can help your company’s corporate headquarters relocation budget stay within company guidelines, or call us directly at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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Corporate Relocation Corporate relocation tips Domestic Relocation Domestic Relocation Tips Global Mobility Global Relocation Global Relocation Tips Relocation Best Practices Relocation Management

The Real Truth: Managed Cap vs. Lump Sum

Managed Cap vs Lump Sum – Key Things You Need to Consider

As a mobility manager, lump sum payments might seem like the fastest and easiest method of providing your employees with the funds they need to move. However, when looking at managed cap vs lump sum, lump sum payments come with their own unique set of problems. Some of the challenges include:

  • Transferees often left alone in the relocation process
  • No cost controls and often budgetary overages
  • Limited process or service structure
  • Non-taxable benefits are lost
  • Frustrated transferees mean elevated HR involvement and escalations

Fortunately, a managed cap program alleviates many of the problems associated with a lump sum. It also provides:

  • The desired simplicity and predictability of a lump sum program
  • Enhanced employee tax benefits, resulting in more dollars for relocation.

Let’s see the difference between a $15,000 lump sum payment and the same $15,000 from a managed cap program:

GMS-Managed-Cap-vs-Lump-Sum-Chart

A Winning Scenario

The Managed Cap Program provides the transferee with $4,351 more for relocation services!

 

Modern Mobility Made Easy™

What this means for you and your relocating employees

A Managed Cap program will ensure that your transferees get the most out of their relocation dollars and that you will reduce the amount of administrative burden dealing with exceptions. Global Mobility Solutions – a leader in mobility management since 1987 – has expert relocation consultants who understand how a Managed Cap program can benefit you and your company. Contact Global Mobility Solutions and learn how we can quickly implement a managed cap program custom-tailored for your needs. Request your complimentary managed cap program demo to see how much you can be saving.

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Corporate Relocation Domestic Relocation Domestic Relocation Trends

50 U.S. Cities with the Most New Jobs

Portland Oregon in spring. A snow covered Mt hood in the background

Big opportunities in relatively small towns. 

With unemployment near a ten-year low and new jobs surpassing monthly expectations, one might be wondering, “Where are all of these opportunities, what are the 50 US cities with the most jobs?”

In an article for msn.com this July, writer Michael B. Sauter composed a comprehensive list of the top 50 cities for job growth in the United States. The data was tracked from 2012 through 2017 and details the percentage of employment increase, the number of new jobs, the industry (excluding agriculture) contributing most to the growth in opportunities, as well as other key factors.

The top ten cities experienced job growth from 18% to over 30%. Here is a sampling of the top ten cities from Mr. Sauter’s article:

TOP-GROWTH-CITIES-2012-2017

Not surprising, early 50% of the cities on the comprehensive list were from states that have the highest inbound relocation activity1. Fort Myers, FL earned the number one spot on a list of the top U.S. cities for relocation, as posted by US News & World Report.

 

Modern Mobility Made Easy™

What this means for you and your relocating employees

 

Global Mobility Solutions (GMS) has destination spotlights for many of the cities mentioned in the overall list. These spotlights contain information about a city’s climate, geography, transportation, entertainment, culture, sports, schools, and more. GMS spotlights are great tools for helping mobility managers explain the benefits of a relocation assignment and for transferees to become accustomed to an area before actually moving there.

Destination-Spotlights-Button

  1. Miami Herald, January 5, 2017
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Corporate Relocation Corporate relocation tips Domestic Relocation Domestic Relocation Tips Household Goods Relocation Best Practices Relocation Management

Best Practice for Relocation: Multiple Bids for Mortgage Services

small business owner working with employees

Very few people will walk into a car dealership, point to a vehicle, and say “Let’s sign a contract.” Most of us will compare the prices offered by a few area dealerships. When the salespeople know that they have competition, they begin reducing the initial price of the vehicle.

However, a lot of relocation management companies (RMCs) either own, or are owned by, mortgage companies. Therefore, when a client company wants to move its employees, the employees do not have a choice of lenders. The RMC and the mortgage lender know that the transferee is at their mercy with regard to price, scheduling, and customer service.

On the other hand, some RMCs use a multiple bid process in order to ensure that transferees are getting the best price and service. There are some significant benefits to going through an RMC and having their mortgage lenders compete for relocation business:

  • It encourages the lenders to provide the lowest reasonable rates and closing costs
  • Lenders provide very lenient underwriting guidelines to applicants coming from an RMC
  • Access to discounted rates and programs only offered to RMC-referred borrowers

This is all accomplished by having at least three lenders provide bids for the transferee to create mortgage estimates based the transferee’s ability to repay the loan, the amount borrowed vs. the cost of the property, and the terms of the mortgage programs available, as a best practice.

Each lender understands that its objective is to win the business. Therefore, they try to provide mortgage estimates that are fair and accurate with relatively no cushion to the costs.

When utilizing multiple bids for mortgage services, transferees save an average of .32% on their mortgage rate. What does this mean for transferees? Based on information at the time of this article, the average 30-year fixed mortgage rate in the United States is 4.16%. Having lenders compete can get that rate down to 3.84%. Let’s see what happens with a $285,000 home loan:

Global Mobility Solutions - Savings realized through multiple mortgage bids

The lower rate will allow transferees to explore more options like larger houses, better neighborhoods, or simply enjoying the monthly savings.

While cost is very important, so is the transferee’s experience. By allowing the transferee to meet with multiple mortgage lenders, he or she will feel more engaged in his or her relocation process. This promotes an overall good experience, because transferees tend to be happier if they feel that they are being heard throughout the relocation process. And we all know that happy employees are productive employees.

Global Mobility Solutions (GMC) is the pioneer of the “Freedom of Choice” model in relocation. By providing multiple bids for an array of providers, client companies and their transferees have saved money on services like household goods movement and, of course, mortgage loans. GMS continues to be an innovator of best practice workforce mobility programs in an effort to make relocations easy and practical for clients and their employees.

Learn more about the multiple bid process for mortgage loans, as well as other relocation services.

Need to include multiple bids in your relocation policy? Ask for a complimentary policy review.

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Corporate Relocation Corporate relocation tips Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips Global Mobility Global Relocation Global Relocation Challenges Global Relocation Tips Relocation Best Practices Relocation Challenges Relocation Management

Managing Mobility Costs

Businesspeople in a meeting

Department heads all over the globe are constantly asked to identify cost-saving opportunities within their departments. Human resources, employee mobility, talent acquisition, and procurement are no exceptions. As you scrutinize your budget, try utilizing these three steps to help better manage and ultimately reduce your relocation expenses:

Cost Estimates

Managing mobility costs starts with understanding what those expenses are. First estimate what costs should be involved with your vision of a successful mobility program. A cost estimate will provide you with a clear picture of the potential costs of individual relocation assignments. You can then use these cost estimates to correctly establish a budget prior to initiating any relocations.

One effective way to determine your cost estimates is by utilizing cost estimate technology. There are many software programs that by using the latest upgrades will help you:

  • Save time
  • Reduce human error
  • Ensure compliance

Policy Reviews

By reviewing your relocation policies, either internally or with an outside relocation management company (RMC), you will be able to identify cost-saving opportunities and eliminate expensive exceptions. When reviewing your mobility management policies, you should:

  • Do so in conjunction with cost
  • Benchmark against other companies within your industry
  • Leverage technology for key services (i.e. Virtual destination tours, online school reports, etc.)

Example:

Using online language tools can reduce relocation costs by roughly $5,000 - $20,000.

Tracking and Reporting

Lastly, you want to ensure that you are continuously tracking all expenses and reporting any overages or savings. Get a detailed account of how your cost estimates match up with your actual spending. Then the whole process repeats itself. Once you have your data:

  • Take action – Make any necessary adjustments to your budget, policy, or both
  • Review – Go over the detailed reports to identify more cost-saving opportunities
  • Incorporate technology – Save time and money by offering key services online

Global Mobility Solutions (GMS) is an award-winning RMC and, since 1987, has been helping companies save time and money with regard to their corporate relocations. As a courtesy service, GMS will review your current relocation policies and provide expert feedback to ensure that your policies are competitive within your industry and to identify any cost-saving opportunities, so you can focus on managing mobility costs.

Click here for your free relocation policy review

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15333 N. Pima Road
Scottsdale AZ, 85260

1.800.617.1904 

Available 24/7/365

About

Contact Us

About Us

GMS Client Login

Privacy Policy

Other Services

Our Technology

Global Relocation

Group Moves

U.S. & Canadian Relocation

Address

Global Mobility Solutions
15333 N. Pima Road
Scottsdale AZ, 85260

1.800.617.1904
Available 24/7/365

About

Contact Us

About Us

GMS Client Login

Privacy Policy

Address

Global Mobility Solutions
15333 N. Pima Road
Scottsdale AZ, 85260

1.800.617.1904
Available 24/7/365

Accessibility by WAH

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