What is the general average relocation bonus?
You just got a job and the employer told you to relocate. Or maybe you’ve been working for a while and for a project, you are being asked to relocate to the client location by the company that you are working for.
In a case like this, some people relocate, some people don’t and some of them don’t have a choice to say no. People who say no to relocation don’t have to worry about it (obviously). Talking of those falling in the first and the last category, there are several things which need to be known. For now we are talking about Relocation bonus, expenses, reimbursement and how you can expect your employer to take care of your needs during the relocation process.
Moving further, here is everything you need to know about relocation bonus and provided privileges. But before that, let us know more about why will your company do that for you?
Why would your company do that for you?
Relocation is something that doesn’t always favour the employ being relocated. Whether you live alone or with your family, relocation takes investments of both time and money. Not everyone can afford that. Specially if you are a college graduate, bearing expenses of relocation will seriously put a burden on you.
Companies understand this. For the sake of the goodwill and gratitude, they might offer you reimbursements.
Also, if you are a valued employee and have been working at a dignified position, the company might offer you additional financial help considering the efforts that you’d have had to put in while relocating.
What is the general average relocation package and bonus?
As mentioned above, companies might generally bear some or all of the relocation expenses for their employees. This is a way of favouring and helping them. But what all does it cover? What all is actually included in a relocation package? Well, that is for us to find out in the sections below.
1. House Hunting
A relocation package can include house hunting for the employee. Generally when a company is expanding and needs to send the best of their employees to the new location, they would either help the employee find a new home or simply hire a relocation firm, which will help them with everything else as well.
Some companies might even bear your hotel and food expenses for around a month. This is done in order to provide you with some time for finding a permanent home where you can move in as soon as possible, if in case you are unable to find a house right away.
Companies also might take care of your travelling expenses as you look for properties to move in. This is all because of the inconvenience that you might have to face while relocating.
So, you know you and your partner can go around and look for the perfect house with no worries. Also, if you have a child, you might be reimbursed for child care so you can leave your child at home and go for house hunting.
As mentioned above, they might also help you find or suggest new properties which you might like.
3. Transportation and moving charges
Whenever you move out, be it inside the city or to some other city or state, you need to either sell your stuff, or move it with you. Both of these will need money and time. Good news for employees who are to relocate is that companies may take up your expenses for the same.
As long as it is not something as huge as a grand piano or as unnecessary as a collection of pots or plants, your company will fund the transportation. The point is that it should make sense. If it seems wasteful to the company, chances are they are not going to pay for it. While, if it is really important, Cheers! You are covered.
4. Job hunting for your partner
In 61.9% of the families in US, both the partners are working. This means that relocating one of them would either result in them living away from each other or making the other partner quit the job. Although, both the cases will cause chaos, the latter one is more probable to happen.
In such cases, companies might help find Jobs for your partner. They might provide assistance with Job leads, Resume building and counsellings as well. So, if you are in such a situation, you should check out with your company for these facilities.
5. Packing and Unpacking
If all of your relocation expenses are on your company, they will then send movers and packers to your place. These people will pack everything (all of your important stuff that has to be transported) and deliver to your new house/location.
Also, the unpacking of your stuff will be taken care of by them only. All you will have to do is walk out of your new house, stuff the key into the new one and walk in to feel home. Again. This is another facility provided along with the relocation package.
6. Salary Hike
Well, it might come as a disappointment but not all companies provide you with amenities as mentioned above. While expenses and the whole relocation process would become easy when taken care of by the company, some companies would simply offer you a higher salary for relocating.
They might also come up with a special bonus to help you settle in the start. And that too is some sort of help but not really enough, as you might have to loosen your pockets to successfully move in.
Also, if you are a highly valued employee of the company and are being relocated to carry out some important operations, a salary hike or a monetary bonus might be an addon along with all the other facilities as mentioned in the sections above.
But before you Sign up for it, check out what’s in there!
Well, this goes without mention. Whenever you are asked to relocate, before you actually sign up for it, do read what all is in there. Getting all hyped about moving out and signing off without even figuring out what the company has to offer might itch you in the back.
For the sake of prevention, safety and security you need to be sure of your decision. And before you are really sure, you need to be really aware of the package. So, make sure that you read each and every paper that comes to you, regarding your relocation.
Is there scope for negotiation?
Well, yes! There is always scope for negotiation. Remember the time when you were hired? The Human resources manager would sure have asked you about your salary expectations and if it is negotiable. Just like that, your relocation bonus or package is negotiable too. But how to actually do it? Well, let us figure out in the sections below.
And how is it done?
Well, you are not dealing with a client here. It is just your manager and you, the employee who is to be relocated. For that reason, all you have to do is ask questions and be reasonable (not that you can be unreasonable while dealing with a client). The purpose is to make sense and put forward all the points and questions that are on your mind.
Also, try to give them reasons why you would need a higher reimbursement or bonus or salary hike than what they are offering currently.
Relocation is something which is crucial for companies. For the times when an expansion of the organization to new locations is needed, the company might have to send off some of their employees to settle in other cities in which they plan to expand.
For the sake of the goodwill and with a purpose of helping their employees relocate, companies provide relocation bonuses and reimbursements for different sorts of expenses. To make the right and best use of your rights, you first need to be aware of what all will you be getting.