What is a typical relocation allowance?

Your company should partner with a packaging service whose job is to do all the necessary packaging for you so you don't have to worry. Your company must not only hire your services, but also pay for them on your behalf. They must also pay for the unpacking service once you arrive and settle in your new location. You may be able to cover the packing service yourself if your company can cover the cost of airfare.

Or maybe your company can help you reimburse your child care costs. Be sure to negotiate within reason and understand that not all relocation packages will be negotiable. While a reasonable relocation package depends on your circumstances and a variety of factors, statistics offer an idea of what an average relocation package should look like. Since relocation costs sometimes reach the tens of thousands, you'll need to know how much the average relocation package costs.

While employers are not required to provide relocation packages, this can incentivize a valued employee (or candidate) to move to a new city and also help retain them. Today, with a more global economy and a better-educated workforce, competition for talent is stronger than ever; as a result, smart companies are jumping on the bandwagon of relocation benefits. In most situations, companies will be more willing to provide more relocation assistance to an existing employee than to a new hire. In a GBO, the relocation company buys the house from the employee at fair market value, before later selling it to an outside buyer.

Another important component that can be included in a relocation package is a paid moving company to help transport your belongings and adequate insurance coverage to cover the cost of any of your personal items that may be damaged during the moving process. Now that you have an overview of what a relocation package should include and what a reasonable relocation package should look like, it's time to get down to business and create that perfect package. There are several different ways to manage an employment relocation package and manage a relocation policy. It's an approach sometimes used when hiring a third professional company to help with relocation management.

Reimbursement relocation packages allow transferees to pay all moving expenses with the idea that their employer will reimburse them a specific amount of money after the relocation. While the final cost of an employee relocation package varies widely, there are ways companies can estimate and reduce these costs. Remember that the benefits included in an employee relocation package vary greatly by circumstance, company or employee. Companies are realizing the fact that having a strong and attractive relocation package makes excellent business and brand sense, and it becomes a reality to be competitive in today's market.

Offering employees options in relocation packages provides incentives for current and future employees to stay and pursue careers within a company.