In some cases, the company will pay the full cost of the move. In others, you may be given a fixed dollar amount to cover your expenses. If you join as a new employee and a relocation package is not offered, you may be able to negotiate reimbursement of expenses as part of a counteroffer. But as we've mentioned, in a competitive job market, a smart employer will do whatever it takes to recruit and keep quality employees.
Before signing your employment contract or letter of agreement, carefully read your company manual or human resources guide to see if they offer relocation packages (you should read the manual anyway, of course, as part of assessing whether a job is right for you). And the company may not offer unsolicited relocation assistance if you don't request it, so again, it's important that you do your due diligence. An employee relocation package is a benefit that companies use to help new and current employees move from one location to another because work requires it. 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 marketplace.
But for a rough figure, we estimate that the typical relocation package ranges from a couple thousand dollars to many, many thousands of dollars more for high-level executives (who often successfully negotiate for their new company to even buy the house they are vacating). Offering employees options in relocation packages provides incentives for current and future employees to stay and pursue careers within a company. In order to get the best talent for the job, it has become essential for companies to have a global relocation program that adheres to current best practices while keeping up with tax and legal requirements. 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.
That's why it's so important to know that relocation packages vary a lot from company to company, and some of them include some very good advantages to make moving easier. The relocation industry exists to help you manage and move your best and brightest talent to wherever they need to be to increase personal performance and company revenues. Other expenses that could be included in a relocation package include school relocation assistance for employees' children, temporary storage of household items that cannot be transported immediately, or payment of state driver's license fees. This type of relocation package is when a company gives a transferee a fixed amount of money to help them with moving expenses.
If you take the time to review the terms of your relocation package, you can identify possible areas that you feel your company is not adequately covering. Although most companies have a relocation package mostly resolved by the time they offer a job, employees may have individual needs or requests to make the move as simple as possible. Reimbursement relocation packages allow transferees to pay all moving expenses with the idea that their employer will reimburse them a specified amount of money after the relocation. While it is increasingly common for new junior level employees to also be offered relocation opportunities, typically the higher the employee's rank within the organization, the broader the covered expenses of a relocation package.
This gives you the opportunity to advocate for your company to adapt to your specific needs in order to relocate with minimal stress. .