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Career and Family Considerations for International Assignment

It’s a pretty typical scenario. You are in the throes of a thriving career, when all of a sudden, your spouse or partner is offered an international assignment. You know that it’s a great opportunity for his or her career, and your friends and family reinforce this by saying that it’s a chance of a lifetime, and one that you just can’t afford to pass up.

While all of this might be true, the idea of leaving everything behind, even temporarily, can be a scary one, underscored by your personal feelings of anguish about your own career.

At the same time, if you have children, you have to think about how the move will impact them as well. So, rather than approaching this opportunity from a mere career perspective, you have to examine how it will impact your entire family. There is obviously much to consider for you to be able to make the best decision for your family.

Let’s take a closer look at some of those considerations.

 

Career Considerations

First of all, it’s okay to ask, “What about me and my career?” Dual-career families are extremely common today, and one career isn’t necessarily more important than the other. However, according to a recent Harvard Business Review article entitled, “Talent Management and the Dual-Career Couple,” dual-career couples are often faced with having to decide which career will lead and which one will follow.

If you and your spouse or partner determine that yours is the one that will follow, it’s important that you are prepared for the potential impact the international assignment could have on your career.

So, you have to ask yourself some critical questions, such as, will I be able to continue working while on assignment, or will I have to put my career on hold?  And, if I do have to put it on hold, will it be waiting for me when I return?  What challenges could I face as a result of interrupting my career?

Ultimately, you have to be confident in your decision, and know the challenges and implications before you go. That will make it that much easier for you to resume your career when you return.

And the good news is, you can still network and stay up-to-date with your profession or industry while you’re away. This is important, because staying professionally connected can go a long way in easing your repatriation and re-entry back into the workforce upon your return. Not only that, but your international experience can give you a unique, professional advantage.

It is a distinguishing factor that you should leverage and emphasize on your resumé.

 

 

Educational Considerations

The number one consideration when moving to a foreign country with children typically revolves around their education.  As such, you will want to find out what educational options are available while on assignment.

The last thing you want to do is to disrupt your children’s school curriculum without knowing how they will best reintegrate into the school system upon your return. You want to ensure that they will not fall behind.

Sometimes it is best to engage the services of an educational consultant who can advise you and answer the many questions you might have.

 

Making It Work

For an assignment to be successful, it’s important that you have a buy-in from the whole family.  Yes, there will be disruptions and different ways of doing things, but remember, you will be doing it all together. And, at times, it will be stressful. But, there are ways to proactively combat some of that stress. Here are a few suggestions:

  • Research before you go. This will help to manage expectations, and give you and your family specific things to look forward to in the new location. Be sure to include your children in the research.  This helps them to feel a part of the process before you even move.
  • Keep it fun. Look for family activities and sites to visit shortly after your arrival. Encourage your children to take photos and keep travel journals about their experience. Remind them that they are having an adventure.
  • Stay in touch. Technology makes it possible to stay in touch with family and friends no matter where in the world your travels might take you. Take advantage of that, and encourage your children to do the same. It can make a big difference.

 

We Are Listening

International assignments are a complex undertaking, and require the careful planning of all parties involved.  At VERSA, we have the experience and know-how to provide the best solutions to our corporate clients and their employees based on their unique needs.  How do we do this?  By truly listening to what they have to say.

To learn more, please contact us anytime!

 

HopDoddy Press Release

VERSA Adds Rapidly Growing Retail Restaurant Organization to Portfolio

(COPPELL, TEXAS – AUGUST 17th, 2018) VERSA Relocation is happy to announce the addition of a new retail restaurant client to its diverse portfolio. This client, known for delivering a unique and innovative dining experience, is rapidly growing and expanding in the U.S. market. This organization’s culture parallels that of VERSA Relocation, which makes the partnership a great fit for both organizations.

Due to rapid growth and the increasing need for relocation assistance, this client was looking for a partner to help with policy consultation and relocation program development. The client will also rely on VERSA to provide high-touch support and expert guidance for their employees during the entire relocation process.

“It is really exciting to see this partnership come together,” said Charles Wolchansky, National Director of Sales for VERSA Relocation. “This is a great opportunity for both companies to work together and achieve a critical business goal for the client. The client is fun to work with and this partnership will grow and expand with their needs and long-term goals.”

 

About VERSA Relocation

VERSA Relocation, Inc. assists clients with moving employees across the country and around the world. We listen to what clients need and design exceptional programs from an array of relocation services. Aside from being top-notch listeners, we are experts on policy review and design, best-in-class practices, on identifying challenges and unique problems, and working with clients to develop inventive and intelligent solutions. VERSA is one of four companies under the banner of international household goods mover Daryl Flood, Inc. This means two things: VERSA is backed by a financially sound and organizationally constant company – and one with a deep understanding of mobility needs. To find out more about our company, please visit our website at VERSArelocation.com.

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Tax Cuts Law

How the Tax Cuts and Jobs Act of 2017 Impacts Your Company Sponsored Relocation

The Tax Cuts and Jobs Act of 2017, which went into effect January 1, 2018, includes a major change for the relocation industry, more specifically, household goods moving. This new act only affects individuals relocating on behalf of their employer, when the employer is funding the relocation. Prior to this newly enforced act, household goods moving, household goods storage, and the final trip for the employee, and their family to the new destination were not treated as income to the employee and, therefore were not taxable. The Tax Cuts and Jobs Act of 2017 states the amount of money paid for the household goods portion of the relocation, related storage and the final trip to destination is now treated as income and, therefore is taxable to the employee. If the relocation is personal, and not paid for by an employer, these new rules do not apply.

The employee is responsible for paying federal taxes on all aspects of the relocation, including; house-hunting trips, temporary housing, household goods moving and household goods storage. This change has prompted companies to “gross-up” taxable dollars on behalf of the employee, but this is costly and adds to the overall expense of the relocation. A tax gross-up is when a company increases an employee’s salary, bonus or any other taxable income so the employee does not pay his or her estimated tax. If a company does not “gross-up” the tax dollars for the employee, those tax dollars are due from the employee immediately following the relocation event. This applies to all forms of support to the employee; lump sum, reimbursements, direct paid expenses, etc. All are considered taxable income to the employee.

It is very important for relocating employees to know how their relocation tax dollars are being handled. Is the company “grossing-up” relocation expenses or is the employee responsible for them?

Employees need to understand if the entire expense of the relocation will be added to their taxable income on their federal Form W2 at the end of each year. If an employee’s income is $75,000 annually and the expenses for their move total $20,000, their annual taxable income is now $95,000 for the tax year in which they relocated.

This is a big change in relocation for both the employee and the employer. It is important for each to understand how this will financially impact the relocation. If you have questions, our team is happy to help answer them. Contact us today!

Gyrodata Press Release

VERSA Relocation Signs Global Oil and Gas Drilling Company

(COPPELL, TEXAS – AUGUST 7th, 2018) VERSA is proud to announce the addition of a new corporate client in the oil and gas drilling industry. With nearly 50 locations worldwide, this client has the need for an extensive global mobility program. VERSA will provide domestic and international relocation services for this client out of the corporate headquarters in Coppell, TX.

David Bradstreet, National Director of Corporate Sales, led the sales effort for this opportunity.

“We are so excited about this new partnership! This company is so great to work with,” said Bradstreet. “They needed help and we were able to step in present solutions and solve problems immediately. This client really felt great about the way their employees were being handled by the VERSA team; That was one of their biggest compliments.”

VERSA’s ability to be a great business partner impressed this client during the pre-contract phase of the engagement, and the reputation for excellent service and cultural match made VERSA the perfect fit for their relocation program.

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VERSA and PricePoint Take International Household Goods Pricing to the Next Level

(COPPELL, TEXAS – AUGUST 6th, 2018) VERSA Relocation and PricePoint, a leader in international household goods pricing, have entered into a joint agreement to ensure corporate mobility programs receive high quality moves at market competitive pricing.

“PricePoint’s innovation is taking the pricing of shipping household goods internationally to the next level.  By providing transparency into market pricing and streamlining the pricing process for everyone, we can provide our clients confidence that they are paying a market competitive price on every move,” said Todd Messerle, Director of Corporate Sales.  “The cost savings that we have been able to realize for our clients using the PricePoint solution is substantial.”

“Our partnership with VERSA provides their client’s a better solution for moving,” said Ben Heller, CEO of PricePoint. “By measuring performance and pricing against a market of over 700 movers, we can ensure their clients get high quality moves at a fair price, every time.  VERSA already provides an exceptional customer experience, and this solution helps them maximize value for their clients.”

Restaurant Employees

VERSA Welcomes National Restaurant Chain to Portfolio

(COPPELL, TEXAS – July 31, 2018) The VERSA Relocation team is excited to announce the addition of a new client that operates a national fine dining restaurant chain in all major U.S. metropolitan markets.  This client, headquartered in the Dallas/Fort Worth marketplace, is growing rapidly, both organically and by recent acquisition.  This client needed a relocation partner that could grow with their increasing relocation needs; providing policy consultation, structured relocation program guidelines, as well as the opportunity to deliver a better overall relocation experience for their employees.

 

“This client is a perfect fit for both parties and we are thrilled that they have trusted us to serve their employees.” said Cindy Salter, Senior Director of Relocation Services for VERSA Relocation.  “The VERSA team has a passion for providing excellent service to all of our clients. We are grateful for the opportunity to partner with a premiere restaurant operation.  As this organization grows, so will VERSA – taking the ride together will be fun!”