Relocating in the slump
The Wall Street Journal reports that "some companies are adjusting their relocation policies to provide more help to employees in troubled housing situations, including absorbing losses on home sales."
"Companies have had to change their programs and policies and step it up to keep their employees mobile," says Cris Collie, chief executive of the Employee Relocation Council, an industry group. Mr. Collie's group estimates that it cost about $62,000 on average to move an employee this year. Of that amount, $15,000 went for so-called loss on sale assistance, where companies make up the difference when employees sell their homes at a loss. Last year, loss-on-sale assistance averaged about $9,000.