Philadelphia, PA (March 19, 2013)—Employee Transfer Corporation, a relocation management company, today announced a joint marketing partnership with retained executive search firm Salveson Stetson Group.

Employee Transfer Corporation has been in the relocation management business for more than 27 years, serving corporations and their employee mobility needs domestically and internationally. Salveson Stetson Group has 17 years of experience in the executive search business and supports clients with finance, human resources, sales/marketing, operations and general management searches.

“We are very excited about the opportunity to be able to help our clients with their executive recruitment needs through our relationship with Salveson Stetson Group,” said Frances Martinez Myers, president of Employee Transfer Corporation. “Salveson Stetson Group is a quality organization with a wonderful reputation in the executive search industry. Our companies share the same business culture and desire to help our clients achieve their goals as efficiently and cost effectively as possible.”

As corporations continue to focus on a global strategy, they are faced with challenges related to talent management and mobility. Employee Transfer Corporation and Salveson Stetson Group recognized these challenges within their client base and, through this joint marketing relationship, can bring more comprehensive solutions to their clients.

“There are many instances where our clients require relocation management assistance, and now we are able to provide them with access to this service,” said Sally Stetson, co-founding principal at Salveson Stetson Group. “Employee Transfer Corporation provides a high level of service that is customizable to meet the varying needs and cost constraints of the clients we serve. We are thrilled to have additional resources to share with our clients.”

About Employee Transfer Corporation

Employee Transfer Corporation, is based in Philadelphia, PA and is a relocation management company helping organizations relocate their employees globally. Employee Transfer Corporation is owned by Fox & Roach Trident LP, the holding company for six home services related companies.

About Salveson Stetson Group
Salveson Stetson Group is a multi-specialty retained executive search firm based in suburban Philadelphia. Specializing in $150,000+ salaried positions, Salveson Stetson Group places executives at organizations ranging from Fortune 500 companies to non-profit entities. The firm is a member of IIC Partners, one of the top ten retained executive search groups in the world with 51 offices in 37 countries.

“This select group of mortgage and housing industry leaders gives testimony to the strength of our democracy and exemplify the importance of real leadership, above and beyond gender,” says Ed Delgado, CEO of the Five Star Institute. “It is our great esteem and pleasure to recognize these trailblazers for their substantive and continuing contributions to our industry and markets at a time when we need strong leadership the most.”

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Ed Stewart is a rising star for one of the nation’s leading fast food chains. Recently, he was offered a promotion to head the company’s southwest region – an opportunity he has had his eye on for a while. There’s just one problem, however: Ed can’t take the job because he’s upside down on his mortgage to the tune of $90,000 and his employer can’t cover the loss.

Ed’s circumstance isn’t unusual in today’s market. Like many homeowners, he cashed out his home’s equity through a refinance. When property values dropped, Ed found himself owing more on his mortgage than his home is worth and so wasn’t in a financial position to accept the job when the promotion came along.

The plummet in the housing market has created financial woes for American workers like Ed and challenges for employers that need to keep their businesses growing. Until the market recovers, employers will have to accommodate employees they want to promote and move to other worksites.

The highs of massive real estate appreciation in some areas triggered a spending spree as people used their home equity like an ATM. The access to easy money backed by Wall Street and 14 rate adjustments by the Fed over a three-year period set the stage for an epic meltdown as adjustable-rate mortgages began to reset in bigger increments, causing many to default.

People who bought at the peak of the market (between 2003 and 2006) or refinanced to an exotic mortgage are now “under water” on their mortgages, owing more for their home than it is actually worth. For high value employees that tend to change jobs and relocate every three years, this trend spells trouble. Even if they wanted to accept job offers, most simply can’t.

The housing crisis has claimed victims at every economic level, including successful professionals who simply leveraged themselves with too much of a mortgage. Many people have also racked up significant credit debt as they scramble to keep up with mortgage payments and living expenses. Would a candidate disclose sensitive private information like this during a job negotiation? And, if they did, would you still want them with all their baggage?

Difficult as these situations are, employers must consider the shrinking talent pool, the competition for hires and weigh short-term solutions that bridge the hard times for transferees. One solution may include a relocation strategy that gives transferees alternatives to their real estate issues. Most employers can’t afford to foot the bill for real estate losses for their transferees and in lieu of this, companies should develop a plethora of relocation options that fit transferees’ situations within reason.

One option may be to lease their home long enough to bridge the sour market. A package may include property management fees, funds to cover the mortgage between renters, the assistance of a real estate professional to list the rental and property management services. A menu of services like this enables employees to make a choice that fits them and still preserves their privacy.

This bridge plan should not exceed a two-year term and would cancel other menu options once the term ends. This type of arrangement is a win-win for both parties because it limits the exposure for the employer, enables them to fulfill their employment needs, and frees the transferee to continue on their career path.

Finally, this is a time for employers to look at problems with a different mindset. It’s vitally important to design a custom program that reflects the market. Those companies that innovate new ways to retain and keep their best people moving now will be in a stronger position once these difficult times are behind us. This too shall pass, and when it does you want to be sure your best people know their interests were always tops in your book.

Frances Martinez Myers is SVP for Employee Transfer Corporation and its affiliate, ETCREO Management. She has 33 years of industry experience both domestically and internationally. In 2005, Hispanic Business named her one of the top 100 most influential Hispanics in the US and in 2006, Realtor Magazine named her one of real estate’s 25 most influential thought leaders.

Published in HR Management magazine