Joseph P Henchey
Old Bridge
Summary
Accomplished professional with hands-on experience leading expatriate tax and relocation teams in multi-national corporations. Thrives in high-volume, fast paced environments with ability to navigate ever-changing customer needs; demonstrated expertise in pay delivery mechanisms and incentive compensation for international executives. An effective communicator with strong interpersonal skills and proven success translating complex technical tax matters into common language. Recognized for Subject Matter Expertise across Team Leadership, Relocation, Project Management, Global Mobility, International Payroll, Strategic Tax Consultation, and Cross-Functional Collaboration. Adept at cultivating and managing partnerships with vendors while building trusted relationships with clients to ensure a smooth relocation experience Exceptional ability to lead diverse teams and ensure a high level of performance standards while simultaneously enhancing operations focused on the needs of the client.
Overview
24
24
years of professional experience
Work History
Global Mobility Tax & Relocation Expert
Bloomberg, L.P.
New York, NY
01.2012 - Current
- Assist current team leader in several areas including overseeing household goods vendor relationships, managing tax issues for senior level international relocators, assisting with technology identification and selection, help with new office build out and ensuring tax compliance in the relocation expense reporting process. Previously oversaw relocation program for both international and domestic employees and new hires transferring on a local-to-local basis across 80 countries; primary focus had been on creating a positive employee experience throughout the relocation process while managing program cost.
- Notable Contributions:
- Managed a global team of 4+ employees, and relocations for 700-800 new hires and transferring employees each year; coordinate with tax and relocation vendors to ensure employee expectations are properly managed and exceeded.
- Collaborated with Payroll, Finance, and HR colleagues on year-end compensation determination, bonus delivery and reporting, remote worker tax compliance, and short-term business traveler compliance; additionally, worked across functions to determine whether we could/should transfer an employee to a country where Bloomberg didn’t have a corporate presence, but the highly rated employee requested to move there for personal reasons.
- Ensured consistent service levels, and continuous improvement of employee communications and employee experience.
- Led an extensive policy review for our program to determine if appropriate relocation benefits are being offered and discuss modifying the relocation benefits to better serve the relocating employees and new hires.
- Oversaw external tax vendor on return positions in numerous countries, tax preparation issues, compensation-related queries, and engagement management. Also engaged with tax vendor to confirm taxability of relocation benefits offered under Bloomberg’s relocation packages.
- Partnered with Engineers and HR colleagues to develop a relocation tool that assists in managing the relocation process by incorporating the relocation cost estimate, compensation determination in origin and destination currencies, automation of the relocation agreement & electronic approval process, including ongoing enhancements.
Tax Consultant (via Ernst & Young)
Goldman Sachs & Company
Jersey City, NJ
01.2012 - 01.2012
- Led several compensation-related initiatives focused on improving year-end wage reporting and tax compliance with an emphasis on internal processes and data controls.
- Notable Contributions:
- Managed detailed process-mapping project to document the computation, payment, and processing of cash mobility allowances, tax equalization settlements, and relocation expenses (including technology identification for each function to achieve process enhancements, improve efficiencies, and increase controls).
- Provided progress reporting of ongoing initiatives at semi-monthly Steering Committee meetings with senior executives in HR, Tax and Finance.
- Oversaw review of mobility-related compensation that was reflected in earnings to ensure accurate reporting of tax settlements, relocation expenses and cash relocation allowances. Acted as the tax vendor’s point of contact for resolving compensation queries through research and coordination with mobility and payroll colleagues.
- Assisted in collecting outstanding receivables from tax equalization settlements by contacting current and former employees regarding balances due to them, resolving concerns by liaising with the firm’s tax vendor, and arranging payment.
Tax Consultant (via Adecco USA)
Thomson Reuters
New York, NY
01.2009 - 01.2010
- Conducted detail review of Polaris PCI’s Expatriate tax software (now Topia) for international assignees requiring detailed examination of the income and social tax rates, tax logic, and available totalization agreements for 40+ countries.
Director, Global Mobility
Marsh & McLennan Companies Inc.
Hoboken, NJ
01.2007 - 01.2009
- Oversaw management of relocation population of 250+ assignees, working with four distinct business units that were based in 35+ countries under a variety of mobility packages, including tax equalized and “local plus” packages.
- Notable Contributions:
- Improved service delivery by reintegrating previously out-sourced compensation administration and assignment counseling functions; recruited and hired 11 new team members in the US and UK due to in-sourcing. Reviewed and approved split-pay delivery analyses, multi-cycle payroll reconciliations, and international payroll instructions.
- Collaborated on the comprehensive review and redesign of company-wide mobility and relocation policies with an external consultant, HR colleagues, and business leaders in each operating company to ensure consistency across the operating companies; managed assignment package costs, reduced program administration, and minimized the frequency of policy exceptions.
- Oversaw the selection and implementation of expatriate management software from a third-party vendor that enabled the department to track assignee population, compute assignment allowances, project assignment costs, and report annual compensation of assignees.
Director, Transferee Tax Group
McKinsey & Company, Inc.
New York, NY
01.2003 - 01.2007
- Managed five tax professionals and provided the highest level of client service to 300+ management consultants on international assignment (ranging from Associate to Partner levels).
- Notable Contributions:
- Coordinated with colleagues and team members to provide services tailored to senior executives, including review of local office compensation delivery strategies, preparation of localization analyses and consultation with senior management and transferee regarding the financial implications of the assignment.
- Improved tax equalization expense accrual process to ensure an adequate reserve for the anticipated tax obligations arising in connection with its international transferees. Determined efficient tax method for delivering compensation and paying assignment/relocation allowances.
Senior Manager, Transferee Tax Group
McKinsey & Company, Inc.
New York, NY
01.2002 - 01.2003
Education
Bachelor of Business Administration (BBA) - Management
Pace University
Skills
- Global Mobility
- Relocation
- Expatriate Tax
- Customer Service
- Interpersonal Communication
- Streamline Operations
- Tax Withholding Compliance
- International Payroll
- Creative Problem Solver
- Coaching
- Customer Engagement Strategic Planning
- Client Relations
- Negotiations
- Tax Acumen
- Global Mobility Software
- Compensation Reporting
- Remote Worker Compliance
- Receivable Collections
- Compensation Delivery
- Vendor Management
- Project Management
Timeline
Global Mobility Tax & Relocation Expert
Bloomberg, L.P.
01.2012 - Current
Tax Consultant (via Ernst & Young)
Goldman Sachs & Company
01.2012 - 01.2012
Tax Consultant (via Adecco USA)
Thomson Reuters
01.2009 - 01.2010
Director, Global Mobility
Marsh & McLennan Companies Inc.
01.2007 - 01.2009
Director, Transferee Tax Group
McKinsey & Company, Inc.
01.2003 - 01.2007
Senior Manager, Transferee Tax Group
McKinsey & Company, Inc.
01.2002 - 01.2003
Bachelor of Business Administration (BBA) - Management
Pace University
Additional Professional Experience
Vice President, Global Tax | Global Tax Associate | Tax Accountant Goldman, Sachs & Co., New York, NY 1996 – 2001 Manager, Expatriate Tax Services | Staff, Expatriate Tax Services Ernst & Young LLP, New York, NY 1989 – 1996