How Much Will Corporate Relocation Cost?
So, you got the job that you've always wanted. Congratulations, that's great! It's good pay, it will provide you with more work experience, and it's in a city that you've always wanted to live in. There's just one catch: The company that you will soon be working for is not offering to totally cover what it will cost to relocate and you're not sure how much to budget in.
If this is your dilemma, boy, have you come to the right place. While this article will not be able to provide you with an_ exact figure_ of what it will cost to relocate from one city to another, the intention is to list basically all of the things that you should take into account when preparing for a corporate relocation. If you're ready, here we go:
Why do a lot of companies expect you to pay to relocate? These are trying times that we're living in and not just as it relates to our individual incomes, but companies and their budgets as well. Honestly, times are so financially challenging that you should feel highly honored for being considered at all if you are living out of state because studies reflect that more businesses would rather work to retain an employee that they already have rather than to move and train a new one. Plus, with the face of technology ever-evolving, telecommute workers are also becoming more attractive. So, if you want to push the issue about being paid to relocate with your future employer, nudge, but not too hard. You may be able to get them to offer a few more bucks, but if they said "Not responsible for relocation", they probably meant it.
What do you need to be prepared to pay for? When it comes to what you need to have monies for as it relates to relocating, here are some things to definitely keep in mind: You need a place to stay, right? So, more times than not, at least until you're moved and settled, it's easier to look for apartments for rent and then check out homes once you formally arrive. Landlords usually require that you have the first and last month's rent on hand before moving in. You need to be able to move your things and so that requires renting a truck and unless you have local help, hiring movers. You need to have deposits to turn on your utilities. And if you are about to break your lease, you need money to pay your remaining rent if you live in an apartment. Or, if you have a home, you need to hire someone to maintenance the house for you while it is on the market.
What if the company does offer relocation fees? If you do happen to be one of the lucky individuals who is offered a relocation package, there are several things that you will have to provide the human resources department as they tabulate you moving costs. Aside from the things previously mentioned, you will need to provide them with how often you may need to return home as you make the move transition; any temporary housing assistance that may be required (as you're checking out apartment rentals and houses); any spousal (financial) support that may be required while you are commuting back and forth, and transportation that you may need as you tour the city in search of places to live. When you factor all of this in, it's easy to see how corporate relocation costs can easily run into the thousands. So, as you and the human resource department are coming to a total, just make sure to be really honest about what you'll need and realistic while processing what they choose to offer. They did choose to hire you and they knew that you were coming from another place. Don't put a lot of worry into it. If they really want you to work for them, you'll be able to work something out.