With respect to US domestic transfers, state and local income tax differences are of particular relevance for determining an equitable cost adjusted salary. Two individuals within the United States can have the same salary and family size and earn vastly different spendable incomes because of the different tax rates throughout the states and cities.
AIRINC's Domestic Transfer Reports now include home values. These values can be used to calculate:
Diana Caicedo leads Clorox’s Global Mobility program (among her many other roles). Clorox recently transformed their US domestic mobility program by expanding their Lump Sum program and introducing a Lump Sum calculator configured to their program specifics. We sat down with Diana to hear how Clorox uses Lump Sums and what advice they would offer others that are interested in Lump Sums.
Do you want to deliver equitable lump sums that are rooted in reality? Data driven relocation lump sums can help you:
1. How has COVID-19 impacted buying and selling real estate in the United States and Canada? Typically, the hope is for a linear path for the homebuying and home selling process. Most of the time, there will be at least slight deviance from the path during the process. Currently, there’s more deviation than is standard, but the real estate market is resilient and somewhat surprisingly resilient in the current times.
1. What is the most common question you are facing with home sales/purchases and how are you addressing it? Are things still closing? The resounding answer is ”yes, they are, but…” We’ve seen some declines and many delays year-over-year in home sales and home purchases, but closings are happening and prices remain steady because of the historically tight inventory availability.
I relocated to San Francisco in 2013. As someone who lives here and works in the cost-of-living industry, I can confirm that SF is one of the most costly places in the world. But, I'm also here to tell you that living here is worth the cost. The Bay Area is a truly wonderful place to live. But organizations often have a hard time relocating talent here due to the cost. But even when we do convince people to move, relocations often fail because organizations don't help relocating employees understand the nuances of the Bay Area and find the right housing fit for them.
May 7, 2020: Join us for a 30-minute webinar to learn more about: Trends related to domestic cost-of-living adjustments as well as lump sum payments for moving costs Case studies — how to leverage cost of living data to communicate the impact of a move to key audiences such as assignees, businesses, and recruiters Tools that can assist you in calculating accurate and location-specific cost differences
What is the best solution for your company: full-service relocation, lump sum amount, or a hybrid approach? It’s a hotly debated topic within corporate relocation programs and is discussed at almost every industry event. Companies must weigh their budget against the level of support they are willing to provide transferees. There’s no easy answer, no one-size-fits-all.
My first domestic relocation happened on Valentine’s Day 2010, a few months after my college graduation. At the time, I was living at home with my parents in Central Mass when I accepted a job offer in Minneapolis. Although I did not know anything about the Midwest, I was beyond excited for my first real (i.e. salaried) job and the adventure that awaited living in a new state.