Executive Relocation Risks, Mitigation Strategies and Terms to Seek in Your Relocation Package
On Sunday February 20, 2021, CEOWorld magazine published an article I wrote on “Executive Relocation Risks, Mitigation Strategies and Terms to Seek in Your Relocation Package.”
This new article is designed for CEOs, C-level and senior executives, who at some point are presented with an attractive career opportunity, where the new position is in a geographic location that is not near home, and would necessitate some form of relocation or adjustments away from working from your current location at or near your permanent residence.
My article does not discourage relocation and points out many benefits that can arise, including career and professional benefits, if you are willing to relocate. However, the article does not take this relocation issue lightly and raises the important issues that permanent relocation can pose to your spouse and family. Furthermore, the article balances benefits with many professional risks you also face in relocation.
Thus, at its core, the article generally advises caution and suggests use of a mitigation strategy with focus on temporary relocation that includes these key elements:
- Temporary Residence — with the company providing a suitable allowance for a furnished apartment or other residence,
- Transportation — local car rental and air transportation to and from your permanent residence.
- Commuting — allowance for sufficient periodic visits home,
- Remote Service — allowance for services to be performed from a home office in or near your permanent residence,
- Tax Structure or Gross-up — utilization of IRC Section 119 and other provisions of the tax code to structure temporary residence as company lodging so that it is non-taxable or otherwise providing you a tax gross-up, so you have zero net new taxes for company relocation.
My article concludes with discussion and listing of important executive contract terms to seek with your permanent relocation package if, after consideration and perhaps use of the mitigation strategy, you do determine that the position is long-term, or the new locale is advantageous or otherwise the family decision in favor of permanent relocation.
To see my full CEOWorld magazine. article, go to LINK: https://ceoworld.biz/2022/02/20/executive-relocation-risks-mitigation-strategies-and-terms-to-seek-in-your-relocation-package/
This was my 36th article published in CEOWORLD since 2016. Previously, the editor advised that I can use “Featured in the CEOWORLD magazine” and the CEOWORLD “Logo” on my website and add CEOWORLD magazine in my LinkedIn profile’s “Experience Section” as an “Opinion Columnist.” and authority in the field.
On its own initiative, CEOWOLRD magazine created on their website a library of Robert Adelson published articles. You can peruse this library and/or read as many of my 36 published articles as you wish. See https://ceoworld.biz/author/robert-adelson/
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