In his new book “Hit Refresh”, author and CEO of Microsoft Satya Nadella shares a story about transformation at Microsoft and the quest for new energy, new ideas, and renewal. When you hit refresh, it’s not about starting over, but “clearing the clutter” for a refreshed update.
Since the elimination of the moving deduction in the recent “Tax Cuts and Jobs Act”, it’s time to refresh your relocation policy. One suggestion is to remove the moving deduction language being an “IRS requirement” since it is no longer a tax deduction. However, you may want to keep the “time and distance” content as a parameter as a guide for mobility benefits. Based on feedback from WorldwideERC members on the community forum, many plan to keep the time and distance content as a guide for their program as you can see from a few examples below:
- We are still using the distance test as an eligibility requirement.
- We are still using it as an eligibility for relocation benefits. The business needs some sort of guidance so easier to just maintain it irrelevant of tax ability.
- Most of our clients are electing to leave the distance test in their policies, removing all reference to IRS guidelines and calling it a company requirement for eligibility of relocation benefits. They are also keeping in the 1 year from the new job start date for completion of benefits also as a company requirement.
It is getting more difficult to hire the best candidates and employee relocation will continue to be a significant part of the process to attract and retain key talent. What will your company be doing to elevate the onboarding experience for your relocating employees in 2018?
If you would like to access this information or more on the moving deduction feedback, visit WorldwideERC community https://www.worldwideerc.org
Call to Action: Review your relocation policy with your partners to confirm the verbiage that you would like to communicate with your candidates as well as other potential changes in 2018. It’s a great idea to review or HIT REFRESH on your policy each year…
Quote of the week: “A team is a not a group of people that work together. A team is a group of people that trust each other.” (Simon Sinek)
This has been A Relocation Minute on “Its time to hit refresh on your policy” with Bruce Waller, For more information, call 972-389-5673, or email firstname.lastname@example.org or check out our my social media Facebook and Twitter page.
Also, check out http://www.BruceWaller.com for review my latest leadership book “Find Your Lane” on sale at Amazon!