Category: Workplace Policy

While there is no one-size-fits-all approach to job interviews, one strategy that benefits everyone is to give examples that are specific and complete. In interviews, you will often be asked for examples of your work:

• Tell me about a typical project at Company X;
• Tell me about a project where you managed people/ presented to senior management/ impacted the bottom line;
• Tell me about an analytical/ research/ strategy project; or
• Tell me about your favorite/ least favorite/ most difficult/ most rewarding project;

To be a prepared candidate, therefore, you need a list of projects that showcase different points you wish to make different skills, different scopes, different expertise. You also want to be able to describe your projects comprehensively enough so that the interviewer has a clear sense of what you can do and what you have accomplished.

Many candidates make the mistake of getting bogged down in the minutia of the project. They regale the interviewer with a lot of history and background research that usually doesnt give the interviewer a sense for their active role. Remember, you are not trying to make the interviewer an expert on the project. You are selling your skills and expertise, and therefore you need to make the interviewer understand the scope of the project and your role therein.

Be able to answer these five questions for any project you discuss in an interview and you will have a comprehensive answer:

Who sponsored the project: CEO, department head, line manager? This gives the interviewer a sense of the projects importance.

What was the objective? This is where you showcase your business sense. Give a clear and concise answer as to why this project was undertaken. It boils down to revenue generation or cost savings, so know this and frame your answer accordingly.

What was the deliverable: Powerpoint presentation, white paper, presentation to senior management, Excel model? Give the interviewer a tangible sense of the result of the project.

What actually happened? Let the interviewer know that you know your impact on your companys business. If the company benefited, quantify this. If the company didnt move forward, explain why not.

What did you do and what did everyone else on the team do? Be specific about your role so you dont come across as overreaching and so that the interviewer doesnt assume you did more or less than you did. At the same time, being clear about what everyone else did shows that you are a team player and are aware of what is going on around you and what other people contribute.

Craft your project descriptions so that the above five questions are answered seamlessly therein. Dont wait for the interviewer to prompt you. Most interviewers will not and will just rely on the incomplete information you volunteer and then will not credit you with a comprehensive answer.

By Pat Thompson

A Substantial And Often Hidden Expense

Tax assistance is an expensive and sometimes hidden cost of corporate relocation programs. In fact, its the third most expensive benefit in a relocation program, on average, after home sale and household goods. More specifically, the 2008 Worldwide ERC Transfer Volume and Cost Survey reported that it cost an average $76,600 to move an existing employee, of which more than 10% was spent on employee tax assistance benefits. It can cost more to provide tax assistance than to pay for an employees house hunting, temporary living and final trip expenses combined! Since relocation tax assistance is a corporate benefit and not a legal requirement, we often ask our clients if their companys tax assistance policy is one size fits all or if their policy takes into consideration key factors such as employees unique tax profiles such as annual salary, filing status, the number of dependents they have, and the ages of their dependents.

The Importance Of Proportional Relocation Compensation

Companies with a one-size-fits-all tax assistance policy apply the same tax rates to entry-level, middle management and executive transferees. This can result in paying an entry-level employee too much, which puts a burden on the companys bottom line. Conversely, this approach can result in compensating an executive too little, which places a burden on human resources and payroll departments. While theres no single correct way to calculate tax assistance, this is an area where employers can strive for a company policy that is accurate, fair and cost-effective while taking into consideration other important factors such as corporate culture, industry norms and budgetary issues. Generally speaking, the more accurate a tax assistance policy is, the more cost-effective it will be.

Minimizing Your Companys Relocation Tax Exposure

Company-paid relocation is a substantial benefit for your employees on multiple levels professional, personal and financial. But every benefit has a cost, and in the case of corporate relocation, these costs can be considerable. Although relocation tax costs are unavoidable, they can be minimized with a properly structured relocation policy and compliance with basic IRS guidelines.

Using Tax Laws To Reduce Moving Costs

Its a fact that tax assistance benefits cost an average 55-60 cents for every dollar of taxable relocation expense. In other words, a $10,000 lump sum payment could result in $5,500 to $6,000 of tax assistance costs. While potentially substantial, these charges can be mitigated: By properly structuring relocation benefits, taking advantage of relocation-friendly tax laws and customizing tax assistance policy to the needs of transferring employees, companies can control and potentially reduce tax assistance costs.

Closing Cost Reimbursement: An Easily Reduced Expense

While structured home sale programs have become the norm, many companies still take the more traditional approach of reimbursing their employees for closing costs after the home is sold. This is the most expensive and most easily avoided tax approach a company can take: Considering the average cost of tax assistance, a direct reimbursement program can result in $14,400 in unnecessary tax assistance benefits on the sale of a $300,000 home.

How Qualified Home Sale Programs Can Lower Unnecessary Tax Benefits

In November 2005, the IRS validated the long-held relocation industry position that qualified home sale programs result in no taxable income to relocating employees. However, this ruling came with 11 key elements that must be followed in order to qualify. Corporations can meet IRS guidelines for qualified home sales by using an agent to facilitate two separate and distinct real estate transactions that comply with the key elements addressed in the IRS ruling.

About the Author: If youre looking for professional corporate

business relocation services

, TRC Global Solutions offers comprehensive employee

corporate relocation

packages for companies of all sizes for over 25 years.

Source:

isnare.com

Permanent Link:

isnare.com/?aid=1377649&ca=Business

byAlma Abell

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