Finding a new job come with the best feelings one can have. Still, when it means relocating, it may become a little tricky, especially if it means abandoning one’s residence, selling things, or moving with every household stuff and family. The biggest problem faced here is the moving cost, which varies with the distance and luggage.
1. Relocation package this may be meant cater to;
The cost of movingTemporary housingTravel cost of the employee together with his familyThe temporary storage of household goods House hunting costsInitial home setup
2. Lumpsum
Sometimes, the company may choose to give an employee an estimated amount of money required for the whole process of moving. When this is the case, the new employee is provided with an estimated amount of money. They are thus expected to organize their movement from their old homes to a new home and cater to everything in between using the onetime payment provided by the company. This lump sum is between $20,000 and $40,000, and reimbursements may be made when the lump sum is insufficient, and the employee had to use their own money; this is, however, subject to unquestionable proof of spending.
Every new employee is eligible for relocation assistance but needs a written down application indicating all the details that may be used to calculate the amount to be paid to aid a smooth transition. Therefore, it is essential to consider all the factors when applying for relocation assistance. To apply, the successful candidate has to write to HR giving them exclusive details
Can the relocation assistance fee be paid back?
When an employee is signed and offered relocation assistance, it is common to assume they are there to stay for a reasonable period. However, this may not always be the case as some circumstances such as;
Under unfortunate events when an employee is unsatisfied with the job and decides to quitWhen the employee is terminated within a year of employmentWhen the employee fails to turn up even after being paid a lumpsum
Then, they will be required to pay back the relocation fee advanced to them. Otherwise, relocation fees are not expected for employees who last more than a year in the company.
Conclusion
How much is a good relocation package?
A good relocation package can enable a new employee to wholly and comfortably move from his old home to the place of work. Thus should range between $20,000-$100,000
Is it reasonable to ask for relocation assistance?
Can you negotiate a relocation package?
It is always good to express oneself in situations that might compromise your pocket at the expense of your company. Negotiating for a custom relocation package is, therefore, no crime. The final price should, however, favor both parties
