6 Things to Look for in a Corporate Relocation Package Offer
When considering if you will accept your companies offer to relocate, it’s important to understand what the typical relocation package entails. By understanding what your company should be offering you, you can identify if you’re getting a good deal or being taken advantage of.
Don’ be Afraid to Negotiate
Don’t be afraid to negotiate your offer. It’s a good idea to delay settling for the proposed package until you know what the average relocation compensation is for the area you’re moving to and the industry you are in.
Average Relocation Package
Some companies offer to cover all employee relocation costs while other companies only allow compensation for a portion of the expenses. Additionally, others may include stipulations (for example; you must work for a company for a specific period of time) before relocation costs are reimbursed.
The average relocation package will include:
- Transportation Costs Railway, airfare, road, and any other mode of transportation are generally covered for the employee and the members of his/her family.
- Moving Costs
All expenses associated with moving including packing, movers, and unpacking.
- Housing Aid
Costs can include inspections, the cost of signing a lease, hookups for phone, cable, and utilities. They may also cover the cost of paying for assistance in finding the right house in the right neighborhood for your family.
- Documentation Charges
The cost of work permits, visas, and any other paperwork that’s associated with your relocation.
- Family Assistance
Costs associated with the admission of your children into a new school, finding day care for your children, care for aged parents, employment assistance for your spouse, and any other costs your family may occur as a result of relocation.
- Financial Aid
The cost of setting up banking, relocation services, and penalties incurred at financial institutes for paying out a mortgage early, etc.
When you have average package examples to refer to, and you are aware of all the terms that are typically included and you’ll be able to do a better job of negotiating your corporate relocation package.