When you’re moving to a new city, it can be challenging to find your way around. That’s why so many people choose to take advantage of relocation packages that come with freebies like furniture and professional movers.
These packages are usually sponsored by a company looking for employees in the area or giving back to the community.
So how do you know which offer is right for you?
If you are looking for a job, you may want to consider relocation packages. These assist with moving and settling into your new location and help with the transition period of finding a new home in an unfamiliar city.
If you have never been through this process before, it can be challenging to know what is included in such packages or which type would suit your needs best.
This blog post will explore these questions and more so that you can find the perfect package!
What is Relocation Assistance?
A relocation package is a comprehensive offer that provides grants for moving expenses to settle into your new location. They may include temporary housing, help to find employment, and accommodations for the transition period of getting settled in an unfamiliar city.
They are often sponsored by companies who want employees or just giving back to the community.
Relocation Assistance refers to the various types of help an organization offers to employees who are being transferred for work or by their employers.
Relocation Assistance may include housing assistance, temporary living expenses, and transportation allowances.
It is often offered in a relocation package as an incentive for those transferring or accepting new jobs at a different location.
Why Would You Need to Relocate for Work?
Due to a job offer in another state or country, the company may require that you relocate to benefit from their new business venture. They want someone who is invested in their success and can make an impact on it.
A relocation package could be offered as well, but there isn’t always one available, making this decision important.
A move is also necessary when relocating for family reasons such as divorce, marriage, or death because the person might need to change schools and find employment where they now live with said spouse/parent(s).
Many factors go into deciding whether to stay put or pack up your life again; these should all be considered before making any final decisions about moving away from home.
How Do I Know if My Company Will Offer Me a Relocation Package?
A company will offer moving grants for relocation to an employee if the following applies:
- The position is newly created.
- There’s significant uncertainty about the difficulty of finding qualified local applicants for this new role.
- This job has been advertised outside of your city or state, but not internationally.
- It’s in a high-cost area like Silicon Valley, New York City, Honolulu, and so forth, where it would be costly to live without some form of assistance (like being able to make more than what you need).
This is just one piece of information that can influence whether or not your employer offers you a relocation package. If you want to know how much they’re willing to give up.
What Should Be Included in the Relocation Package?
Relocation packages should include:
- A moving allowance. The amount you get will depend on the size of your family and how far away you are from where you’ll be working. It can range anywhere from $0 (if it’s within 50 miles) to $30,000 or more if it’s across the country.
- Temporary living expenses. This is what helps cover housing costs while looking for a place near work.
- Relocation services. To find an apartment, research schools for children, arrange utilities, etc. This service can cost between $500 and up to tens of thousands of dollars, depending on the complexity. If your employer offers in-house help with relocation, they should pay these fees too!
- A sign-on bonus. This can be a lump-sum payment in addition to your salary at work when you start. It could also take the form of an annual bonus specifically designed to offset your initial moving expenses.
- Assistance with the relocation of personal property. This includes shipping storage fees and other transportation costs.
The rules governing whether employers offer relocation packages or if the employee is responsible for paying these costs depends on company policies and labor agreements.
When Can I Expect to Receive the Reimbursement for My Expenses?
The best time to ask your employer about the reimbursement of expenses is when you’re negotiating your relocation package. They may want documentation from you first or agree to reimburse anything over and above what was listed in the contract.
Still, it depends on the company policy and who will be moving with you, for starters!
If they provide a monthly stipend as part of their offer, determine how much this amount would be before deciding if it all makes sense financially.
Will an allowance help with additional costs like storage fees? And more importantly: What kind of store do I need because there are so many options now – U-Haul vs. Penske vs. Budget Truck Rental?
A relocation package is a financial incentive that your employer can offer when you need to move for work. Suppose you are considering relocating shortly.
In that case, it’s important to know what kind of benefits and incentives will be available from your company to have an idea of how much time off or other perks might come with the offer.
You should also consider whether there would be any costs involved with moving on top of your expenses like travel, lodging, meals, etc., making working remotely more appealing if transportation isn’t paid for.
Remember to ask about reimbursement timelines too!