The regional relocation of workers within firms is examined. This aspect of migration has received little attention, in spite of the routine occurance of employee transfers. The existence of such transfers suggests that a portion of each worker's human capital is employer-specific and readily transferrable across locations. Thus a different age profile for transfers than that for conventional migrants may be expected. Specifically, a model of employee relocation and the consequences of relocation on post-transfer earnings is examined. © 1992, Taylor & Francis Group, LLC. All rights reserved.