Relocation white papers and global mobility articles from TRC Global Solutions
Destination Profile: Australia
From Mobility Magazine: Most employers have little difficulty in attracting assignees to Australia. Australia is politically stable and safe, with a mild climate—Sydney’s average winter high is 17oC/63oF—and locals who are friendly to newcomers. In fact, a quarter of Australians were born overseas, which may help to explain the welcoming attitude.
Domestic Culture Shock
Learn how culture shock can disrupt even intracountry moves… and what you can do about it.
Loss on Sale Assistance
As the real estate market has declined, loss-on-sale provisions have become an important policy consideration for the first time in many years. Too many transferees now find themselves “upside down”, where their home’s selling price is less than what they originally paid for it. While Worldwide ERC data indicate that the majority of companies (60%) do not offer loss-on-sale assistance, most are acutely aware of the issue and considering their options.
Domestic Relocation Policy Best Practices
A complete outline of typical domestic relocation benefits and TRC’s recommendation for their use.
Trends and Best Practices in Global Mobility
A survey of key global assignment trends, with an outline of typical global relocation benefits and TRC’s recommendation for their use.
Best Practices in Inventory Management
Clearly, the best inventory strategy is to keep properties from entering inventory in the first place. The better relocation policies today reflect current market realities, with aggressive home marketing assistance programs and incentives to employees to price realistically and to complete the relocation efficiently. Still, in today’s environment, it’s not surprising that some properties will end up in inventory. The best practices outlined in this paper will help to minimize both days in inventory and total program costs.
The Importance of Cultural & Language Training
Companies commonly invest $1 million or more in a typical international relocation assignment, yet about 30 percent of assignees end up returning early and an alarming 70 percent do not achieve all of the goals established for the assignment. Too often, we ascribe failed assignments to poor housing choices, unhappy spouses and children and misdirected emotions, but not to issues related to cultural differences. Careful cultural assessment and training, in fact, can mean the difference between a successful assignment and a costly, failed one.
What is a short sale? A real estate short sale means the lender has agreed to accept less than the total due on the outstanding mortgage. From a transferee’s perspective, if the departure home is worth less than the mortgage balance, the “least bad” alternative is often to persuade the lender to agree to a short sale.
Supply Chain Management: Avoiding a Weak Link
In considering relocation service providers, it’s important to consider how they select and manage their supplier networks. Many service failures can be averted by conscientious supply chain management. Diligent management begins with informed partner selection and relationship building and continues with frequent measurement and evaluation.
The Tax Man Cometh
Tax assistance is typically the third most expensive benefit behind home sale and household goods. It costs more to provide tax assistance than it does to help an employee buy a new home. In fact, it often costs more to provide tax assistance than to pay for an employee’s house hunting, temporary living and final trip expenses combined! By properly structuring relocation benefits, taking advantage of relocation-friendly tax laws and customizing tax assistance policy to the needs of transferring employees, companies can control, and potentially reduce, tax assistance costs.
Service is Back!
In an outsourced relocation program today, there is no need for a trade-off between service and cost. Balanced consideration of cost and service elements, along with careful weighting of those qualitative service elements that are most important, will help to ensure the success of the relocation program. In fact, proper consideration of service will likely reduce a company’s total relocation costs. With a better organizational fit, the relocation partner will be able to offer more targeted, cost-saving policy recommendations and will be able to execute the program far more effectively.
Mission Incomplete: Disaster Recovery for Your Third-Party Program
In selecting a new relocation management company, you feel like you did everything right: months of due diligence, a thorough RFP process, multiple presentations, perhaps a site visit, and a meticulous implementation process. Yet now, a few months down the road, you have a sinking feeling that you have made a mistake.
Reluctant Renters: Handle with Care
As more and more homeowners find themselves unable to sell their homes, a significant new group of renter transferees has emerged. They require a different level of support than classic renters.
When a Transferee is Part of a Same-Sex Couple
For companies, it is useful to be aware of the considerations that same-sex couples face—both familiar and unique—in deciding whether to accept a U.S. domestic relocation or an international assignment, and to learn what your organization can do to help facilitate these relocations.
Have it Your Way: Cafeteria Relocation Benefits Make a Comeback
With collapsing home values, “upside down” employees, spouse/partner career issues, and a host of other emerging obstacles to relocation, hiring managers and potential transferees and assignees alike are clamoring for a more creative, flexible approach .A cafeteria approach to policy design can offer flexibility for employee needs, aid in cost control, and allow employers to meet their business goals in a demanding business environment.