UrbanBound CEO, Michael Krasman, spoke on a panel at the Chicago SHRM chapter about what innovative HR means in the 21st century. Michael, along with other HR thought leaders on the panel, discussed the ways in which HR has changed over the years. HR, once thought to be a purely administrative function, is now considered essential for long-term business goals as it relates to hiring, employee productivity and retention. However, innovation requires change, which can be tricky. After all, it’s much easier to resist change than to welcome it. However, the panel had a few great ideas about how HR professionals can drive innovation and be a change agent at their organizations.
This phrase often rings true in both our personal lives and business. In business, change is often driven by factors like emerging trends, new market needs or changes in supply. Change is often met with resistance, but the reality is that change is necessary and often leads to positive outcomes. Recognizing change is the easy step, the difficult part is usually convincing others to accept that change.
How to Adjust Employee Relocation Policies to Control Costs
At the end of 2017, Congress passed a new tax law that among other things, slashed the tax excludable status of many employee fringe benefits—effectively making those benefits more expensive. This includes the relocation tax deduction that under the old tax law, made relocation expenses associated with moving for a job, tax excludable. Under the new law, all moving expenses are taxable, and employers would be wise to revisit their relocation policies to see how they can contain relocation spend.
The Great Recession had huge impact on the relocation industry. Between 2008 and 2010, there was a dip in the number of relocations, and an overall reduction in relocation benefits altogether. In the rarity that a relocation benefit was provided, it was often times given in the form of a lump sum or a small cash allowance. However, all that has changed in the last 5 years, and more specifically in the last year.
Over the last few weeks, the headlines have been filled with coverage about the “TaxCuts and Jobs Act” bill. Discussion has focused on issues ranging from the number of tax brackets to the child tax credit and the alternative minimum tax. The final bill is expected to pass this week, and there are a number of impacts to businesses in America—including changes to how relocation benefits are taxed.
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