Workforce Relocation Services Make Moving Easier

In his book Good to Great, noted author Jim Collins stresses that getting the right talent on the bus is a critical component for successful corporate growth and culture. With unemployment at historic lows in many parts of the country, employee relocation and workforce mobility continue to be necessities for companies looking to grow. According to the Federal Reserve, unemployment in Boulder County in September 2019 was 2.0 percent, the lowest rate since December 2000. Broomfield County was also at 2.0 percent, and neighboring counties are similar: Larimer 1.9 percent, Jefferson 2.1 percent, Adams 2.4 percent, and Weld 2.0 percent.

Additionally, many millennial and Gen Z professionals now demand flexibility in their work location, with more workers choosing to work and reside remotely from employers’ headquarters and office locations. Companies increasingly understand that their ability to draw top talent depends on providing opportunities
for good quality of life for their employees.

However, the Tax Cuts and Jobs Act of 2017 changed everything in corporate relocation. Prior to that, even employees who didn’t itemize could still deduct moving expenses, but with the current law, those deductions are no longer available. As a result, many companies now offer what is called a “lump sum” relocation benefit—essentially a one-time up-front cash payment.

The employee can use the lump sum for any expenses incurred and is left to navigate relocation on their own. This can result in the loss of weeks of productivity and paid time off as employees spend partial or entire workdays dealing with relocation-related tasks. And if not managed carefully, the lump sum often won’t cover the total cost of expenses incurred.

If you know someone who is relocating for work, or if your company is looking to attract top talent to the Boulder, North Metro Denver, or Northern Colorado area, give us a call. WK Real Estate’s full-service relocation department provides an array of local destination and departure services to help employees optimize their lump sum benefits. In addition, through our affiliation with Leading Real Estate Companies of the World®, we are able to connect our relocating friends and clients with exceptional partner firms across the globe that provide similar expertise and services.