After you read this article you can get even more insight by reading Typical Relocation Packages - What They Include. You’re finally getting that job offer you want, but there’s a catch. The company wants you to move cross-country. You have to leave the life you lived and all the people you have in it. While it sounds scary as it is, don’t worry. You’re not starting from zero.
The company will offer you a relocation package. Aside from a moving truck, there are lots of things that can help you bear the inconvenience with ease. Find out more about common relocation packages in 2019 and everything that your company might include in it:
How much is the average relocation package?
According to a Workforce Mobility Survey that Allied conducted in 2012, the average relocation package cost is at $21,033. The average relocation lump sums vary from company to company in various states.
How long do companies give you to relocate?
Companies usually give their employees about 2 weeks to accept a formal transfer offer. For a decision that could change your life, it might seem like a short period of time to decide. That’s why it’s important to know what you can expect to be part of your relocation package offer.
Before you officially say yes to move, double-check specifics of your relocation package. Know what will be reimbursed or covered. Save yourself from being stuck with expenses for items that you though part of the coverage.
There are companies that usually deal with the relocation of their new employees. The might connect you with their sub-contracted companies. Other companies might give you a lump sum for the relocation. There are those who will ask you to keep all receipts for reimbursement. Make sure to ask for specifics.
What's included in a common job relocation package?
Relocation packages include various benefits depending on the needs of the employee. There’s what you call executive relocation package for company executives. Also, international relocation packages are for those assigned in a short assignment abroad. Depending on your position and assignment, yours may or may not include the following:
Family relocation assistance
Aside from having a list of local daycare providers, you might also enjoy reimbursement for special situations.
Elder care assistance:
You might also have a list of nursing homes or care centers.
Spousal job support:
Some companies also extend their relocation benefits to spouses and partners.
Transportation Whether you’re traveling by plane, train or automobile, your expenses will be reimbursed.
Your airfare will be paid every time you travel for a short unaccompanied assignment.
Your company will cover the transfer of your vehicles. Note that there might be restrictions on the number of vehicles to be covered.
From packing to transporting to your new home, all your household goods will be taken cared of a moving company. For special moving needs, you have to discuss them prior.
Aside from packing, the van line will also unpack them at your new home. From unloading to putting the furniture where you wish, everything will be covered.
Home Sale Services:
Your company will help with the payment of closing costs and commissions on the sale of your property.
Lease Break Coverage:
If you’re a renter, your company will cover the penalty charges for breaking a contract.
If you’re going to live in temporary housing for a few weeks for a short assignment, your company will pay to have your items safe in a storage facility.
Home finding trip:
Visits in your future city will be covered. From airfare, hotel, rental car, and meals, everything might be covered.
During your move or home finding, all the costs for hotel stays will be paid.
Furnished housing will be provided in case your new home isn’t ready right away.
Home Buying Services:
You’ll also receive help with the payment of closing costs and mortgage points buy down. No problem with other fees on the purchase of a home too.
If you’re on an international or short term assignment, your company will have a property management company to take care of your rental and upkeep.
Other relocation services common relocation packages might include:
If you’re moving internationally, you might need to join a class on what to expect in the new culture you’ll be exposed.
Out of pocket expenses like drapery installation, utility hook-ups, carpet cleaning, vehicle registration, and other incidentals might be reimbursed.
Make sure to contact your HR department for the specific benefits included in your relocation package.
Tips for negotiating a relocation package
Ask your company if it provides relocation services to employees. Know what the most common inclusions are. Even if the company doesn’t offer full moving expenses, it pays to know what expenses will be reimbursed.
Know your numbers.
If your company offers relocation packages, they may already have a sense of the overall costs. If not, you’ll have to provide your employer with a clear picture of how the move will affect you at all. Make sure to review different relocation services. Let them know what you want by giving a detailed request.
Get the details in writing.
Like any other job-related benefits, it’s proper to have all the relocation package details in writing. Having clear expectations and coverage is important for both you and your employer.
Other questions you have to ask your HR when relocating includes:
• What is the office environment like?
• Will you get a lump sum payment or reimbursed for certain expenses?
• What is there to do in the city/state?
• How long will you have to make your move?
• What is the cost of living differential?
• How are nearby schools?
• Will you be set up with a realtor?
• What are the current population of the city and other statistics?
Before you sign anything related to your relocation, make sure you know the answer to the question:
Do you have to pay your employer back for the relocation costs if you resign from your job due to quality of life issues?
If you’ve signed a relocation contract that requires you to pay if certain conditions aren’t met, then yes. Some relocation contracts require employees to pay their employees back for the moving costs if the employee wishes to leave their employment before the agreed schedule. Have a clear vision about this matter before you jump head first.
Since relocation costs are a one-time expense for a company, you need to negotiate a relocation package with clear points. Negotiating for your ideal relocation package might even be easier than negotiating a higher salary.
Some companies think that covering relocation services is a smart and cost-effective recruitment tactic. For internal candidates, having relocation services are often cheaper than hiring and training new employees.
If you find yourself having to move for a job, know that you can contact a real estate agent who specializes in helping people relocate. Find your eyes and ears in the community through a seasoned relocation specialist.