One of the buzzwords I hear often is “Disruption”. According to Mr. Webster, it means “a disturbance or problem that interrupts an event, activity, or process”. Many industries are experiencing disruption including the mobility industry. However, disruptors can lead to innovative ideas and breakthroughs for companies that turn into a next level company or experience for a customer. Consider these companies that have disrupted our economy: Airbnb, Lyft, WeWork, and so many more… I really think that when we look back 10 years from now, 2017 might be tagged as the year of disruption.
• 2017 Tax Cuts and Jobs Act which impacted the moving deduction and other areas aligned with relocation.
• The driver shortage in the household goods industry
• …and Tariff / Pricing Model changes to simplified tariffs
We enjoyed discussing these disruptors and more led by a block buster panel of experts which included Dalia Begin (Cartus), Kathy Trachta (Altair Global), and Rick Bruce (CapRelo), and facilitated by Bruce Waller (Armstrong Relocation).
Our NTRP theme this year is “Driving Mobility with Purpose in North Texas” and this panel was ready to tackle tough questions to help corporations better align their programs for best candidate experience when relocating talent.
Some of the questions were centered on the following:
- Can you share what impact the new tax laws are having with your clients regarding the elimination of the moving deduction?
- WorldwideERC recently shared a survey showing 50% of companies plan to gross up household goods moving expenses, but there are some that are still undecided on how they will handle tax… For clients that make the decision to not gross up for the employee, do you anticipate “push back” to relocate since this will be counting as income to pay additional taxes for the transferee?
- Since we understand that Home purchase programs have not been affected such as Guaranteed Buyouts, Buyer Value Options, do you anticipate more clients adding these programs to save costs?
- Considering the increasing government regulations on drivers, e.g. electronic logging device (ELD) or increasing emission standards, and the decline of the 401N tariff, do you see more lump sums as a relocation solution?”
- Have you seen any impact on international relocation?
- How do you envision the landscape of RMC’s will change, if any, over the next few years?
- Are there other mobility services you see clients requesting or possibly need to consider as we continue to look into the crystal ball for HR and Talent Management leaders around the world?
We all had some great dialogue around these questions with excellent insight and perspective from our outstanding panelists. Some of the panelists talked about how change has impacted budgeting tools since tax reform, which has created some challenges. We also heard about future trends such as flex programs, and being focused on a person to policy vs the policy to person approach. Change in technology with a self-serve options will play a role for some levels, and the ability to be more agile and compliant with emphasis on data analytics to drive programs as we move forward. What does the crystal ball say in your industry?
Thanks again to our panelists for helping us “Drive Mobility with Purpose in North Texas.
Quote of the week: “When you learn, Teach. When you get, Give.” (Maya Angelou)
Call to Action: What questions would you ask to continue the conversation? We would enjoy hearing from you. Reach out to your partner and ask how they would answer these questions. It might be a great opportunity to start some dialogue about disruptor’s in mobility to help you drive your program with purpose when relocating talent.
This has been A Relocation Minute on “Disrupting Mobility in North Texas” with Bruce Waller, for more information, call 972-389-5673, or email email@example.com or check out my social media Facebook and Twitter page.
Also, check out www.BruceWaller.com for review my latest leadership book “Find Your Lane” on sale at Amazon, or Barnes and Noble. Available on Kindle edition too!