How Is Worry About Home Mortgages Affecting Employee Relocation?
How is the mortgage crisis affecting corporate relocation policies? —No Movement, manager, retail, Fond du Lac, Wisconsin
Dear No Movement:
People are definitely more and more reluctant to relocate. This is reflective more of the housing market than anything else. Most companies do not have the comprehensive relocation packages of years past, and are less likely to buy the house of a relocating employee.
Companies have had to cut back on benefits to the point that relocation packages are shrinking rather than growing. There is also an issue with the current workforce, in that more and more people want to choose where to live, rather than relocate simply because their company desires it.
Overall, companies and candidates are very far apart on needs and expectations on this issue, and don’t appear to be coming together.
SOURCE: Kathy Breitenbucher, managing partner, The Pedestal Group, Medina, Ohio
LEARN MORE: Some companies are offering finance classes to help employees cope with financial anxiety.
The information contained in this article is intended to provide useful information on the topic covered, but should not be construed as legal advice or a legal opinion. Also remember that state laws may differ from the federal law.