Domestic Relocation Policy. Best Practices
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1 Domestic Relocation Policy Best Practices
2 At TRC, we believe relocation policies should be living documents, updated and refined regularly to reflect current trends and evolving Introduction best practices. As the U.S. economy and real estate market continue to improve, the best practices that served us well during the recession may no longer be best in today s environment. If you are not monitoring industry trends and taking measures to strengthen the overall relocation experience for your employees, beware, because your competitors surely are. You could find yourself at a disadvantage in sourcing and retaining the talent your company needs to grow. While cost control remains a critical consideration, more companies are taking a fresh look at the competitiveness and effectiveness of their policies overall.
3 Trends Influencing Mobility We will detail some policy specifics below, but here are several other overarching trends and best practices that relocation policies do not always address but are important considerations nonetheless: A more flexible definition of family, to include same-sex couples, single-parent households and multigenerational families, and the extension of mobility benefits to meet their needs. The inherent ties between the talent and mobility departments within organizations and the strategic partnership between the two. Dramatically fewer exceptions due to greater policy flexibility. The rise of Millennials. According to Richard Fry of the Pew Research Center, Millennials have surpassed Baby Boomers as the nation s largest living generation, according to population estimates released by the U.S. Census Bureau. The Millennials have a different view of workplace norms, including the place of technology and the ability to work remotely. Going forward, some Millennials will see some potential relocations as remote work opportunities.
4 A tiered policy structure is still the most common model, with Policy Structure the tiers defined by job levels and homeowner/renter status. Companies today are striving to create policies that allow increased flexibility and decision making for the employee. The Managed Lump Sum and Core/Flex policies have emerged from the traditional Lump Sum approach. These programs allow the transferee to use benefits in a way that is most important to him or her, but typically also include caps to support the employer s cost containment objectives.
5 Home Disposition In assessing a company s home disposition strategy and programs, it is in the best interest of corporate mobility managers to study their worst performing departure markets and to strategize accordingly. During the real estate crisis, many companies distanced themselves from traditional homesale programs. Some companies transitioned from a Guaranteed Buyout (GBO) to a Buyer Value Option (BVO) program, greatly reducing potential inventory risk; others removed any type of homesale assistance from their policies altogether. Today, most companies do offer homesale assistance, with best practice being either a BVO program or Direct Reimbursement up to a capped amount. Most companies reserve GBOs for senior level executives or use them by exception only. Similarly, homesale bonuses are no longer common. If they are offered, it is usually as part of a GBO program to potentially avoid an inventory property. Strict marketing guidelines are standard with any type of homesale policy, including agent pre-approval, two Broker Market Analyses (BMAs), and a listing price capped at 105% of the average of the BMAs.
6 Loss on Sale With a largely recovered, and in some places, booming real estate market, the Loss on Sale benefit is no longer a best practice. Most companies have removed Loss on Sale from their policies entirely; some review it as an option on a case-by-case basis. Most relocation packages include destination home finding assistance. The main differentiator is the number of days and trips allowed. Best practice for renters is normally 3 days / 2 nights, while for a homeowner, the norm is 7 days / 6 nights. Occasionally, employees will allow homeowner transferees to split the homefinding trip into two, in the hope that the transferee will append the homefinding days to weekends and will not have to miss an extended amount of time in the office. Destination Home Finding
7 New Home Purchase/Mortgage Assistance Home purchase and mortgage benefits are normally limited to those transferees who were homeowners in their departure location. Reimbursement or direct billing of reasonable and customary closing costs up to a capped amount of either 1% or 2% of the new mortgage amount is standard. Mortgage Assistance is usually offered as well. Companies or their relocation management company typically have relationships with lenders who are experienced in working with relocating employees. As an added benefit, these mortgage lenders can usually direct bill closing costs, which helps to reduce the transferee s out-of-pocket expenses. With today s historically low mortgage rates, it is no longer necessary to cover the 1% loan origination fee.
8 Temporary Living Furnished accommodations with a full kitchen are typical, with 30 days for renters and 60 days for homeowners being the best practice. Whenever possible, it is best to present several options to the transferee, to allow him or her to pick one that best meets his or her needs (i.e. proximity to the office, a gym, nearby amenities, etc.). Most companies no longer offer per diems for days spent in temporary living apartments. With a full kitchen available, the assumption is that the majority of meals will be cooked at home. Duplicate housing, when offered, is extended to the transferee as a benefit to be used in lieu of temporary living. It is normally capped at the same number of days that are offered for the temporary living. Duplicate Housing
9 Rental Assistance Once associated primarily with new college graduates, the renter population continues to grow rapidly. According to Runzheimer, 61% of current domestic transferees are renters and only 39% are homeowners. Most companies provide some Rental Assistance benefit along with Lease Cancellation penalties up to two months rent. Beyond college graduates, a growing number of transferees are selling their departure home but for any number of reasons, cannot purchase or do not want to purchase in the new location. According to The State of the Nation s Housing 2016, a report from Harvard University s Joint Center for Housing Studies (JCHS), since 2010 there have been virtually no mortgages given to applicants with credit ratings below 620. Further, homeownership correlates directly with income, and JCHS notes that from there was an 18% drop in income for the age group and a 9% drop for the age group. So it is not surprising that a significant number of transferees have a difficult time purchasing a home. Repayment Agreement Financial considerations aside, some current homeowners simply do not want to want to take on new home ownership burdens once they sell their current home. It is in the employer s interest to be flexible to make the transition from homeowner to renter easier; for example, offering Rental Assistance benefits in lieu of Home Finding.
10 Best practices in the household goods industry have remained Household Goods Transportation relatively stable. Contracting with a professional, national van line, and full packing, partial unpacking and third-party appliance servicing are all standard. Storage has remained the same at 30 days for renters and 60 days for homeowners. Car shipments remain the norm, but with mileage limits. For example, one car can be shipped if the move is less than 500 miles. Two cars may be shipped for a move greater than 500 miles. Discard and Donate Programs are an emerging best practice. Professional organizers work directly with the transferees in the departure location to discard, sell or donate items before the move. This is a win for all involved as the shipment size is reduced, the donated items go to worthy organizations and the transferee gets a tax deduction for the charitable donation. There is a 5-15% average moving cost savings, which offsets the cost of the service.
11 Final Move For those not covering the final move as part of a lump sum, the best practice is to cover coach airfare or mileage at the current IRS rate (if driving). Best practice also provides for one night s hotel stay in the departure location and one night s hotel stay in the destination location, meals (often with a daily per diem) and one rental car for up to 10 days, if the transferee has shipped both cars. Relocation Allowances are included in most packages and are to be used specifically for miscellaneous expenses that arise over the course of a move. Best practice is to provide a flat amount dependent upon policy tier, with no tax assistance. Companies usually provide the allowance to the transferee outright, without any receipt requirement. Most companies distribute the allowance as soon as they receive the signed Repayment Agreement so that the transferee has access to the funds as needed during the relocation. A few companies do not release the allowance until the transferee s relocation is complete. Relocation (Misc.) Allowance
12 Tax Assistance Some form of tax protection (gross-up) is best practice for any corporation that relocates employees. Employees receive a year-end gross-up summary to assist with their tax preparation. A two-year repayment agreement is best practice, with the repayment being the full amount of the relocation during the first year and a pro-rated amount during the second Repayment Agreement
13 About TRC Global Mobility TRC Global Mobility is a U.S.-based, 100% employee-owned employee relocation company focused exclusively on US, international and government relocation services. A nimble talent mobility specialist, we bring creative, yet pragmatic thinking to every client relationship. We help our clients to use talent mobility to achieve their strategic business objectives. By ensuring our clients have the right talent in the right place at the right time, TRC empowers them to realize their full, global potential. TRC s eclectic client base represents a wide variety of industries, products and services, and ranges from smaller, start-up firms to Global 1000 companies. That gives us a broad and deep perspective on the shape of global business today, and equips us with the practical experience to help our clients to succeed. Get more information about how TRC can help your company with their employee relocation needs. CONTACT US
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