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Mobility Master Class: The Future of Employee Relocation

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In today’s healthy job market and increasingly global economy, implementing a scalable employee relocation program has never been more imperative. But employee relocation is dynamic, constantly changing due to new players, legislation and technology. In order to stay competitive and anticipate these changes, it’s important to stay up-to-date on the relocation and mobility landscape.

Check out this presentation to learn:

How consumer trends affect the way companies relocate employees

The impact of current and future legislation on global mobility
Shifting expectations from different generations in the workforce

How relocation will play a role in an increasingly remote workforce
What the most forward thinking companies are doing to use relocation to attract the best talent

And so much more!

Published in: Recruiting & HR
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Mobility Master Class: The Future of Employee Relocation

  1. 1. Mobility Master Class Indeed RELOCATION THE FUTURE OF EMPLOYEE RELOCATION
  2. 2. MICHAEL KRASMAN CEO & Co-Founder TODAY’S PRESENTERS REBECCA STEPHENS Director, Global Mobility 2
  3. 3. ABOUT URBANBOUND CHICAGO BASED TECH COMPANY LEADING PROVIDER OF EMPLOYEE RELOCATION TECHNOLOGY WORKING WITH TA/HR PROFESSIONALS SINCE 2011 GOAL TO MODERNIZE THE RELOCATION INDUSTRY 3
  4. 4. TODAY’S AGENDA Consumer trends affecting relocation & global mobility The rise of telecommuting and the impact on relocation An update on 2018 US Tax Reform An open dialogue with Rebecca, Director of Global Mobility, Indeed 4
  5. 5. CONSUMER TRENDS AFFECTING RELOCATION Consumer trends have affected what happens in the workplace for decades—especially as it it pertains to HR. 5
  6. 6. Approximately 250,000 jobs were created in the US in October 2018 and the national unemployment rate remained unchanged at 3.7%, according to the Bureau of Labor Statistics. 6
  7. 7. OF PREMIUMS COVERS COMPANY A BOTH CLAIM TO OFFER HEALTH INSURANCE COMPANY B 100%OF PREMIUMS COVERS 25% 7
  8. 8. Common Misconception: Relocating employees only want cash to help with their move. 8
  9. 9. 01 Rising expectations for technology ● Millennials, or “digital natives,” will soon make up 50% of the workforce ● Digital natives know the difference between good user design and bad user design ● The relocation industry is moving online (finally)-—but beware of bad user design ● Millennials (and post-millenials) don’t just want intuitive software—they expect it ● It’s not enough just to offer relocation as a benefit, you must think about how it’s administered 9
  10. 10. 02 On-demand everything ● Consumers can get almost anything they want, on-demand (car rides, food, groceries, movies, etc). ● As a result, we have seen a major shift in the consumer mindset: impatience ● People don’t want to wait for anything anymore—including their relocation benefit ● Lump sums should should be disbursed into an employee’s bank account before they move ● Relocation services should be available for employees to book at all hours of the day. 10
  11. 11. 03 The desire to multi-task ● Consumers love to multi-task ● The increased popularity of audiobooks and podcasts has contributed to this idea that minds should not be idle ● Consumers own more devices than ever before—which means they are more distracted than they’ve ever been ● Employees should be able to plan their relocation at their own pace, on their own time, across multiple devices 11
  12. 12. 04 Human-like chatbots, voice assistants & software ● Consumers are less tolerant of “dumb” software ● AI is smart enough to understand a user’s intent—in some cases—before the user knows his/her own intent ● Relocation technology, and HR technology in general, should be able to take an employee’s unique data and circumstance and provide them with information that fits their exact needs 12
  13. 13. 04 Human-like chatbots, voice assistants & software 13
  14. 14. 04 Human-like chatbots, voice assistants & software ● Consumers are less tolerant of “dumb” software ● AI is smart enough to understand a user’s intent—in some cases—before the user knows his/her own intent ● Relocation technology, and HR technology in general, should be able to take an employee’s unique data and circumstance and provide them with information that fits their exact needs 14
  15. 15. Consumer trends influence the expectations employees have with their employers. When you offer relocation as a benefit, how you offer it, can impact what potential employees think of your company. 15
  16. 16. REMOTE WORK & RELOCATION It’s a war for talent, and in order to be competitive, companies must be flexible. But will remote work replace the need to relocate? 16
  17. 17. Relocation vs. Hiring Remotely ● 40% more US employers offer flexible work than they did 5 years ago...but only 7% make it available to all of their employees (Global Workplace Analytics). ● Telecommuting doesn’t work for everyone ● 57% of companies don’t have a remote work policy (Upwork). ● Major companies over the last 5 years have requested that their remote workers return to the office. (Yahoo, Reddit, IBM, Bank of America). ● Remote work comes at the expense of company culture ● Consider a flexible culture vs. a remote culture 17
  18. 18. U.S. TAX REFORM: ONE YEAR LATER The Tax Cuts and Jobs Act eliminated the moving deduction for 2018 and beyond. Making household good moves, storage and final travel taxable benefits. 18
  19. 19. As of November 28, 2018* States that have passed legislation to make moving expenses deductible or excludable* 19
  20. 20. As of November 28, 2018* States that defaulted to keep moving expenses deductible or excludable* 20
  21. 21. 2018 US Tax Reform Impact ● The cost of relocation has gone up: either for the employer or the employee ● Grossing-up provides the best employee experience ● Relocation software provides increased efficiency ● Donate and discard programs can greatly reduce the cost of a household goods move, offsetting the cost of grossing up: ○ Weight = Cost ● Managed lump sum tools can help reduce cost, without sacrificing support 21
  22. 22. Questions? 22
  23. 23. Managed Lump Sum 23
  24. 24. Managed Lump Sum Also known as a capped lump sum, is a credit that an employee can use for relocation benefits, usually managed by an RMC. 24
  25. 25. Managed lump sum ● Money doesn’t go into the employees bank account—they can use it to book preferred suppliers or submit receipts for reimbursement ● Historically, managed lump sum was too big a burden for HR and Accounting because invoices weren’t in real-time ● Managed lump sum tools solve this problem ● Benefit to employer: easy to budget, no suprises ● Benefit to employee: not held to specific use-it-or-lose-it benefits 25
  26. 26. Relocation Resources Regional Relocation Council i.e. Austin Relocation Council, Midwest Relocation Council Worldwide Employee Relocation Council (ERC): www.worldwideerc.org 27
  27. 27. What to consider when building a relocation policy ● Make sure internal stakeholders are engaged: Tax/Finance, Payroll, Benefits ● Know your company culture: is relocation considered transactional or strategic? ● Find a philosophy that aligns your company culture and goals, and stay within that framework 29
  28. 28. Questions to ask when evaluating a mobility partner ● Does their philosophy match your company’s philosophy? ● What problem are you trying to solve, and how can they help solve it? ● Are they looking at relocation with a one-size-fits-all approach? ● What size company is their sweet spot and does your program fit that sweet spot? ● Ask to speak to clients that have moved on 31
  29. 29. FOLLOW US @UrbanBound /company/urbanbound /urbanbound www.urbanbound.com Take the survey Receive a copy of the Ultimate Guide to Evaluating Relocation Partners Request a demo of UrbanBound 32
  30. 30. THANK YOU

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