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Metlife was bribed with tax incentives to move to Cary, NC. A few years ago, NC also bribed Dell to open a facility near Greensboro, NC, which they did, and promptly vacated the area within a year or two later.
Maybe you'll be lucky and Metlife will move back up north after the advantage of the tax cut wears off.
"Instead, the state is best-served by structuring packages in a way that protects the taxpayer. That means getting more than you’re giving, and ensuring the incentives are paid out slowly and only if a company fulfills its promises. The state appears to have done that with MetLife. The biggest part of the state’s offering – an $87.2 million Job Development Investment Grant – is paid out over 12 years and only if the company hits certain job-creation targets. MetLife must have 1,474 jobs in North Carolina by the end of next year and at least 2,098 by the end of 2015 and for every year through 2025. The $87 million will take the form of the state paying to MetLife 75 percent of the state income tax withholding of the new employees. The $94 million over 12 years comes to about $7.8 million per year. That’s between $3,000 and $4,000 per job per year, or about what the state would pay in unemployment benefits to one of those workers over just eight weeks.
What does the state get for that? About $125 million in investment by MetLife, and more than 2,600 jobs that probably would not have been here otherwise. Current North Carolinians are expected to fill about two-thirds of those. They’ll have incomes averaging almost $82,000 and will be paying into state tax coffers even with the grant to MetLife. The one-third who move in from out of state will buy homes, pay taxes and become N.C. consumers. And N.C. State economist Michael Walden expects an additional 800 jobs to be created by other companies in association with MetLife’s move." $3,000 per job? Beats unemployment checks | CharlotteObserver.com
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As this is a financial services company, Met will likely stay in NC or move to a lower cost area. The trend in finance is to move desk jobs away from the Northeast.
This is not news. It's been happening in Wall St. with Goldman moving desk jobs to Salt Lake, Deutsche to Jacksonville, Barclays to Wilmington and Morgan Stanley to Baltimore.
The only thing that surprises me with Met's decision is that they didn't decide to move to an even cheaper place right away, like South Carolina or Memphis. Costs in NC are rising with more people from the NE moving there.
True. At the same time BAC moved most of it's traders from Charlotte back to NYC and after their current CEO leaves there is talk that hq could move to NYC.
What is going on is a polarization (which is happening across many industries). Front office/high value/high prestige jobs/companies are moving to the city and lower value positions, ops, back office being pushed to non north-east positions.
What will be more interesting is seeing what the landscape geographically will look like if the mega banks like JPM, Citi, etc spin off divisions/break up.
The other thing i'm looking towards is what happens to the stamford UBS building when they move back to the city later in this decade. That building really was custom designed for a bank. I wonder if stamford could entice another large bank.
I hope everyone realizes that MetLife has over 60k employees. The plan is to have a majority of those jobs located in either Charlotte or Raleigh. Most of the IT jobs are being sent to Raleigh. The plan is to put all of MetLife's US Retail positions into the Charlotte location. From what they have said they estimate that a total of 15% of employees will relocate. Many jobs were posted immediately thursday afternoon after the announcement. As far as I know, alot of the jobs here in Bloomfield, CT are jusr purely being relocated. That means they are all available in NC.....that being said, most departments are allowing an internal hiring process to last 2 months before an external hiring process begins. For a lot of employees that internal process begins April 1st...that includes my current position. So my job is re-posted at a competitive grade 2 salary as opposed to my current grade 3. Most of the employees that confirm with their managers that they intend to relocate will be hired. I am one of those people, and I am truly excited to have such an excellent opportunity to do so.
This 2,600 jobs statistic reflects 2013. Meaning 2,600 jobs will be relocated to NC in 2013! The buildings being constructed in the Ballantyne Business park are 2 10 story building. MetLife will be filling a full building and 5 stories of the second. This will certainly result in more than 2,600 total employees....the buildings are gigantic. MetLife is offering decent severence packages and relocation assistance to all employees.
I have read some disparaging remarks on this thread, but judging the internet for what it is, those people are most likely disgruntled employees and/or negative people. You have to look at this for what it is, Yes MetLife is moving in order to increase their top end by 600million next year, Yes alot of people are out of a job...for one reason or a nother....the main being they refuse to relocate. This is a tremendous opportunity for a lot of people within MetLife and for the people of Charlotte, NC.
MetLife hopes to push out some of the tenured employees and work people up the ladder. This will create a younger atmosphere at MetLife. Their plan of a culture is to have motivated individuals that are looking to progress in their Professional Careers in a company like MetLife. In the long run, MetLife is doing this in the benefit of the company and its share holders, not the emplyees. This part is frustrating and totally understandable. But know this: MetLife is a great company to work for and truly gives people the opportunity to advance themselves. Now this may not be true in all places, but as far as the Bloomfield, CT location goes it is. Even with the impending relocation, employees are still acting as professionals and completing their daily tasks.
I am ofcourse stressed and yet excited at the same time about the move. No one wants to leave what they have behind, something that they are comfortable with and are used to. Friends and Family and even just some of the greatness of the New England area. It is sad to leave some of this behind, but it isn't something that is necessarily permanent and has to last forever. I am sure that I am lucky to be a 'younger' employee of MetLife and I am sure than the even younger recent college grads are excited as well. Plenty of the 'older' employees are excited about the move as well. These are intersting and exciting times for MetLife.
People try and stay positive it makes life worth living.
Mr. SuitnTie, you are correct with everything you're saying. I think this will be first in a long wave of jobs moving to NC.
In my office, we aren't guaranteed jobs and will have to reapply. For my department, we don't know when that will be, but likely next year. I'm really hoping all my friends who want to relocate can and, like you said, don't get pushed out due to their years of service.
I wish you luck and hope the relocation goes well!
I don't have a dog in this issue really since I don't work for Metlife nor do I live in CT currently.
However Mr. SnT but some of the gripes I have is metlife (and other companies) shifting their middle-class employees that form the backbone (or vital part) of the business to geographic locations all across the country with only the top/bottom line in mind -- however keeping their directors, investment team(s), economic research groups, asset management side in NYC/north east.
It culturally causes a split/division within the organization as a whole IMO. Alpha tier-one cities for high-class employees/individuals.....low cost backwoods for the rest. doesn't sit well with me to be honest.
"Instead, the state is best-served by structuring packages in a way that protects the taxpayer. That means getting more than you’re giving, and ensuring the incentives are paid out slowly and only if a company fulfills its promises. The state appears to have done that with MetLife. The biggest part of the state’s offering – an $87.2 million Job Development Investment Grant – is paid out over 12 years and only if the company hits certain job-creation targets. MetLife must have 1,474 jobs in North Carolina by the end of next year and at least 2,098 by the end of 2015 and for every year through 2025. The $87 million will take the form of the state paying to MetLife 75 percent of the state income tax withholding of the new employees. The $94 million over 12 years comes to about $7.8 million per year. That’s between $3,000 and $4,000 per job per year, or about what the state would pay in unemployment benefits to one of those workers over just eight weeks.
What does the state get for that? About $125 million in investment by MetLife, and more than 2,600 jobs that probably would not have been here otherwise. Current North Carolinians are expected to fill about two-thirds of those. They’ll have incomes averaging almost $82,000 and will be paying into state tax coffers even with the grant to MetLife. The one-third who move in from out of state will buy homes, pay taxes and become N.C. consumers. And N.C. State economist Michael Walden expects an additional 800 jobs to be created by other companies in association with MetLife’s move."
[url="http://www.charlotteobserver.com/2013/03/10/3902462/3000-per-job-beats-unemployment.html"]
$3,000 per job? Beats unemployment checks | CharlotteObserver.com[
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Governor Malloy could take a lesson. Looks like NC knows how to make a deal .
Governor Malloy could take a lesson. Looks like NC knows how to make a deal .
I agree, $3-4k per job annually is chump change in todays corporate relo world. The states' ROI (NC) on this should be spectacular. Using the $80k median salary, over 12 years, 2,600 emps, if we assume discretionary spending is just 5% of the gross salary (w/o bonuses), NC has just added about $125 million to the income dedicated to discretionary spending in their state over 12 years (2,600 *80k * 12 * 5%)..and that is without factoring the supplier affect in, or the sales, income and property taxes 2,600 newly employed will add.
Most states would be hard pressed to strike such a sensational deal.
I agree, $3-4k per job annually is chump change in todays corporate relo world. The states' ROI (NC) on this should be spectacular. Using the $80k median salary, over 12 years, 2,600 emps, if we assume discretionary spending is just 5% of the gross salary (w/o bonuses), NC has just added about $125 million to the income dedicated to discretionary spending in their state over 12 years (2,600 *80k * 12 * 5%)..and that is without factoring the supplier affect in, or the sales, income and property taxes 2,600 newly employed will add.
Most states would be hard pressed to strike such a sensational deal.
myself, I am pushing to relocate to Tampa with Metlife....they are a good company to work for but in this day and age you have to be adaptable....I wouldn't be surprised if I get offered a position in Florida in a few years they move everything to Charlotte or Raleigh. CT is not proactive in keeping these companies here, but reactive when they leave. I dont blame them for the relo...it makes business sense for them. Now to find a buyer for my home...
and before people jump in, i've lived in Florida for 4 years before, know what the lifestyle is about, I can deal with palm trees and orange trees instead of evergreens and oaks for a while...
I hope everyone realizes that MetLife has over 60k employees. The plan is to have a majority of those jobs located in either Charlotte or Raleigh. Most of the IT jobs are being sent to Raleigh. The plan is to put all of MetLife's US Retail positions into the Charlotte location. From what they have said they estimate that a total of 15% of employees will relocate. Many jobs were posted immediately thursday afternoon after the announcement. As far as I know, alot of the jobs here in Bloomfield, CT are jusr purely being relocated. That means they are all available in NC.....that being said, most departments are allowing an internal hiring process to last 2 months before an external hiring process begins. For a lot of employees that internal process begins April 1st...that includes my current position. So my job is re-posted at a competitive grade 2 salary as opposed to my current grade 3. Most of the employees that confirm with their managers that they intend to relocate will be hired. I am one of those people, and I am truly excited to have such an excellent opportunity to do so.
This 2,600 jobs statistic reflects 2013. Meaning 2,600 jobs will be relocated to NC in 2013! The buildings being constructed in the Ballantyne Business park are 2 10 story building. MetLife will be filling a full building and 5 stories of the second. This will certainly result in more than 2,600 total employees....the buildings are gigantic. MetLife is offering decent severence packages and relocation assistance to all employees.
I have read some disparaging remarks on this thread, but judging the internet for what it is, those people are most likely disgruntled employees and/or negative people. You have to look at this for what it is, Yes MetLife is moving in order to increase their top end by 600million next year, Yes alot of people are out of a job...for one reason or a nother....the main being they refuse to relocate. This is a tremendous opportunity for a lot of people within MetLife and for the people of Charlotte, NC.
MetLife hopes to push out some of the tenured employees and work people up the ladder. This will create a younger atmosphere at MetLife. Their plan of a culture is to have motivated individuals that are looking to progress in their Professional Careers in a company like MetLife. In the long run, MetLife is doing this in the benefit of the company and its share holders, not the emplyees. This part is frustrating and totally understandable. But know this: MetLife is a great company to work for and truly gives people the opportunity to advance themselves. Now this may not be true in all places, but as far as the Bloomfield, CT location goes it is. Even with the impending relocation, employees are still acting as professionals and completing their daily tasks.
I am ofcourse stressed and yet excited at the same time about the move. No one wants to leave what they have behind, something that they are comfortable with and are used to. Friends and Family and even just some of the greatness of the New England area. It is sad to leave some of this behind, but it isn't something that is necessarily permanent and has to last forever. I am sure that I am lucky to be a 'younger' employee of MetLife and I am sure than the even younger recent college grads are excited as well. Plenty of the 'older' employees are excited about the move as well. These are intersting and exciting times for MetLife.
People try and stay positive it makes life worth living.
Yes Met Life is a great company. The whole point of this thread was to point out why MetLife & others are choosing to move.
CT is run by liberals who spend & tax too the point where companies are being chased out of the state. Malloy wants to increase the budget by 10% over the next 2 years. He will bankrupt the state and I am thrilled to be getting out of the disaster that is CT.
Liberals are responsible for the bloodbath
Last edited by DaytonSailor; 03-13-2013 at 06:46 PM..
Yes Met Life is a great company. The whole point of this thread was to point out why MetLife & others are choosing to move.
CT is run by liberals who spend & tax too the point where companies are being chased out of the state. Malloy wants to increase the budget by 10% over the next 2 years. He will bankrupt the state and I am thrilled to be getting out of the disaster that is CT.
Liberals destroyed CT
"...to point out why Metlife & others are choosing to move."
Really? Do you think that people haven't already heard your opinion as to why this is happening? Because they have. Everybody's pretty familiar with this whole line about "DA LIBERULS R DRIVING AWAY BUSINESS!"
So for whose sake are you REALLY posting this thread? It can't be everyone else's, because we've heard it all before. So it's probably your own. It looks more like you only posted this thread in a weak attempt to rile people up. Every time someone says something outrageous and backs it up by saying "I was only trying to point it out," it almost always means that their real intent was to rile people up.
"Liberals destroyed CT." Yes, even though students of CT public schooling systems are in top demand nationwide and worldwide by elite universities and major companies alike. If you lived in NC and your son or daughter were rejected from an elite university, then do you want the honest truth? It probably would have been a CT or New England student who beat him or her. Students from all over the globe practically kill each other (and themselves) for the opportunity to get a New England education.
"Liberals destroyed CT." Even though according to numerous credible sources (which I'll just have you Google; I'm not interested in doing your homework just because you neglected to do it yourself before making extremely ignorant statements), CT has the best quality of life for people of all levels of income, in pretty much every important area.
Metlife can go to NC with the rest of the money-chasers and illiterate conservative bigots. No intelligent person cares. We CTers never needed Metlife.
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