Preparing for a Job Related Move
We live in a time of change. Changes are common in the business world also. With the current corporate consolidation climate of mergers, acquisitions and buy-outs; many dedicated employees can find themselves being asked to relocate for a job related move.
There are an estimated 43 million Americans who move annually and approximately 40% of those moves have historically job-related. This shows no sign of changing in the near future. If your company is in the midst of change, its in your best interest to proactively negotiate the terms of your relocation package up-front as many employers are able to offer comprehensive moving assistance. Consider the following advice:
Confirm Cost Coverage Early
When going through the interview process, be prepared to ask your prospective employer about the company’s relocation policy. This is the best time to address and prepare for the negotiation of relocation expenses. To confirm covered expenses, check to see if the human resources department can provide a written copy of the company relocation policy.
Does Your Company Have Standard Relocation Package
You will find that many larger companies have an existing policy that offers a more standardized relocation package than smaller companies tend to. It’s important to determine the flexibility of your prospective employer. Another item you need to research will be the cost of living and compensation in the area to which you will be relocating. As you can imagine, the costs of living vary widely by city, also rate of compensation for the position. Do your research and confirm the salaries offered are comparable in your new market.
Compare similar industry firm’s packages
Shop around to get a sense of other company’s relocation policies. Speak with associates employed at similar firms about their relocation experiences and their employers moving benefits and policies.
Know what options will cover moving expenses
Ask how expenses will be covered (usually as a reimbursement), this is usually done in one of 3 ways:
- Company pays a flat or lump-sum payment that may be offered to cover expenses associated with relocating, including the moving company, hotels, meals, and mileage.
- You pay up front and all expenses are reimbursed up to a certain amount, provided you turn in all receipts.
- Company pays all expenses and move is coordinated through the company’s moving services provider.
Expenses commonly covered in a corporate relocation
Typically covered in a corporate relocation:
- Short term lodging costs –Some circumstances during a move are difficult to control. Be sure to negotiate short term lodging costs up front with as much flexibility as possible. For example, you can’t know how long it will take to buy and then move into a new home. It’s also a wise idea to try to include the option to extend temporary living arrangements if needed after 30, 60, or 90 days.
- Additional travel costs – Most moves are not done all at once, some will separate you from family for a time. If you do have to relocate before your family does, find out if costs for traveling between your old and new location will be covered during that time apart.
- Locating a home – Research has found that approximately 46% of companies will cover the expenses for one house-hunting trip to the destination location & additionally 49% will cover two or more trips. Verify that expenses for your spouse to travel with you are included.
- Packing up and moving costs – Many businesses have working relationships and agreements with moving companies that specialize in corporate relocations. Make sure you find out what all is covered; this can include the cost of hiring a van line, packing and transporting your belongings.
Final things to consider
Based on your new position, the size of the company and their flexibility, it is not uncommon to request additional perks such as:
- Assistance with selling your current home – This “perk” can vary greatly, mostly depending on the new company’s policies, but there are some benefits that can be found in many relocation packages:
- You can request that the new firm will assume responsibility for monthly payments, taxes and insurance until the old home is sold.
- Request a “Price Guarantee” – If you sell your house yourself, the company will pay the difference between the net selling price and a specified price.
- Alternative to the price guarantee – If you cannot sell your home within a pre-set period of time, your new company will purchase it at a specified price.
- Your company will pay realtor commissions and other costs of sale.
- Additional paid time off for traveling and house hunting in your new location.
- Shipment of your vehicle at the company’s expense.
- Cover the payment of closing costs on your new mortgage or have company buy a percentage point off of interest rate of new home.
- Provide a one-time payment to cover additional expenses including utility hook-up deposits, appliance installation, auto registration and cleaning your old house to get it ready for the market.
- Job placement assistance for a spouse/partner – Almost 1/2 of U.S. companies will include assistance for a spouse/partner who needs to find a new job — typically through a referral to a recruiter or job placement agency.
Most Important! Get it all in writing
Once you have completed the negations be sure you get all the agreements discussed in writing. Take the time to review and examine the fine print to ensure that everything is understood.
When you are ready for your move, hire a mover you can trust!
When you’re looking for a name trust, look to The Liberty Group! With nearly a century of continuous operation we take our business and your needs very seriously. Liberty Moving offers international moving services to more than 180 countries around the world. Our international move team can provide you with a moving plan customized to your personal specifications and budget. They will assist you through the entire process and can consult on matters of travel, customs and culture. Learn more at https://thelibertygroupcompany.com/residential-moving/