What’s in a Job Relocation Package?
Moving for a job is a common practice in the United States. According to data presented by the Society for Human Resource Management (SHRM), 45% of people who relocated within a one-year period did so for an appealing job offer or more long-term career prospects. If you are thinking about taking a job in another location, the company offering the job may also offer you a relocation package.
What Is a Job Relocation Package?
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A new job relocation package is a group of benefits offered to someone in exchange for accepting employment in a location other than where they currently live. Not all companies offer relocation packages, and some only provide them to employees at certain levels. It is worth asking your new employer whether they offer a company relocation package.
What Is Included in a Job Relocation Package?
Many people wonder, what does a typical relocation package include? A company will often include several key benefits in such a package, such as the cost of selling your current home, transportation fees, temporary housing, packing and moving services, and the cost of taking a trip to the new location to find a place to live.
Selling and/or Buying a Home
If you are selling your home as part of the relocation and/or buying a home in the new location, your company may cover the costs associated with real estate transactions. Some of these costs could include real estate commissions and closing expenses.
Transportation to your new home may be included in a company relocation package. This benefit could include airfare to the new location and/or the cost of transporting vehicles.
If you do not move into permanent housing immediately, a company relocation package may cover any temporary housing costs. You might live in a hotel or furnished short-term rental home while looking for a place to live.
Packing and Moving Services
Packing up your belongings and transporting them to the new location is an expensive process. Even if you handle some or all of the moving process on your own, you would still have to pay for a rental truck and all the moving and packing supplies. A company relocation package is most likely to include moving services, and many companies include professional packing as part of the process.
If you do want to find a place to live before you relocate, your company might cover the cost of a trip to the new location to look at homes or apartments. The cost of the trip would likely include transportation and lodging fees.
When a Job Relocation Package Might Be Offered
A company can choose to offer relocation assistance to any employee, although some only offer it to those at certain levels within the business, such as executive-level positions. Relocation packages can be structured in various ways, including as a lump sum or through reimbursement. Some companies hire a third-party relocation company to handle the process directly with the employee.
A relocation package is an appealing benefit that can help cover or offset the costs associated with moving to a new location. If you are planning to take a job in another place, talk to the company about whether they offer this benefit.