The increasing use of cross-border, intra-company transfers to meet global staffing needs is presenting new challenges to compensation professionals. Comparing the pre- and post-transfer compensation offering is generally straightforward when the move is domestic, but can become complex when two different countries are involved.
The term “Third Culture Kids” refers to children raised in a culture other than their parents' or the culture of the country named on their passport. You may not have heard of this term before, but many children can find themselves in this situation – job opportunities, especially in the technical or engineering field, are often global and expatriation is common.
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.
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.
Worldwide ERC has consistently cited high cost-of-living as one of the main reasons why employees are reluctant to relocate. This issue can have real consequences on your company’s ability to recruit and retain talent in a highly competitive labor market. You may be addressing cost differences in your global assignments, but what about in your domestic relocation program?
Do you want an employee-focused report that can be shared with a candidate to help them understand what you are offering and how that will impact them?
Will Amazon consider how the costs of housing, goods and services and taxes may affect its ability to attract and retain critical talent?