We all know that moving is expensive, especially if you’re planning to move to another city or state. You’ll have to think about hiring a moving company, finding a long-term storage solution, and potentially even shipping some items. Believe it or not, there are quite a few employers that are willing to help cover relocation expenses for new top-quality candidates. In this article, we’ll go over some of the ways you can negotiate relocation expenses with your employer. Let’s get started!
What is an Employee Relocation Package?
LinkedIn and Spotify are two examples of tech companies that offer relocation assistance to their employees. This type of perk is becoming increasingly popular as businesses look to attract top talent from a wider geographic area. An employee relocation package can cover a variety of expenses, from moving costs to temporary housing. For businesses that are looking to build their workforce outside their local area, this type of perk can be an important tool in attracting great candidates. By offering an employee relocation package, businesses can make it easier for talented individuals to make the move to a new city or state. As a result, they can tap into a larger pool of potential employees and improve their chances of finding the best possible candidates for open positions.
The results of the 2019 Robert Half survey indicate that a majority of workers would be willing to relocate for the right job opportunity. This is good news for businesses who may have difficulty attracting candidates to their location. However, it is important to note that the decision to relocate is not always an easy one. Many factors must be taken into account, such as the cost of the move and the leaving behind of family and friends. For businesses looking to attract out-of-town candidates, it is important to offer a competitive relocation package. This may include assistance with moving costs, housing costs, and job search assistance. By offering a comprehensive relocation package, businesses can make the decision to move easier for potential candidates, increasing the likelihood that they will choose to relocate for the job.
Most recently, Upwork’s (a freelancing platform) new data report on remote working trends is sure to cause a stir among employers and employees alike. The report found that 9.3% of people—representing nearly 20 million Americans—are planning on moving because of remote work. This massive survey conducted with more than 23,000 people in the United States shows that the greater ability to work remotely is leading to new migration patterns for Americans. Although the ability to work remotely has been increasing for years, this is the first time that such a large percentage of people are considering relocating because of it. Employers will need to grapple with the potential implications of this trend, such as increased turnover and difficulty attracting top talent. Meanwhile, employees will have to weigh the pros and cons of uprooting their lives in order to take advantage of the ever-growing number of remote work opportunities.
Key Takeaway: Candidates are most likely to consider employers that offer relocation packages, remote work, or both! There are many employers in Wilmington, North Carolina that offer relocation packages. In fact, Wilmington, NC has become one of the top cities in the United States to relocate to!
What Does An Employee Relocation Package Typically Include?
When it comes to employee relocation packages, there are many approaches and options to consider. The individual benefits may determine how attractive the package is for candidates. If you’re not carefully planning your relocation, you might run into a lot of surprise costs. It’s in the best interest of the employer to ensure that the relocation goes smoothly.
An employee relocation package can include a variety of options. Here are some components to consider:
- Housing allowance or assistance
- Paid moving expenses
- Home-finding assistance
- Temporary living assistance
- Mobile self-storage assistance
- Spousal/partner employment assistance
- Language training
- School search and placement assistance
- Cost-of-living allowances
- Family support services
These are just some of the options to consider when reviewing relocation benefits at various employers. If you have already been hired at a new company and your move is already in the works, you still have the opportunity to bring up and negotiate a relocation package. Keep reading to learn more about how a negotiation can work.
Negotiating A Relocation Package
If you’re already employed and your employer is asking you to relocate, it’s still possible to negotiate a relocation package. The best way to approach this negotiation is by being prepared. Do your research on the current market rates for relocation packages. This will give you a good starting point for what to expect in your own negotiations. When you’re ready to have the conversation with your employer, be sure to emphasize the added value that you’ll bring to the company by relocating. For example, if you’re relocating for a job that requires bilingual skills, be sure to mention how your language skills will benefit the company. If you’re relocating for a job that requires specific technical skills, be sure to mention that too!
It’s no secret that the job market is competitive. With so many qualified candidates vying for the same position, it’s important to make sure you stand out from the rest. One way to do this is to negotiate your employee package. While it’s true that many companies are willing to negotiate, it’s also important to remember that they are more likely to agree to terms that benefit them as well. For this reason, it’s essential to anticipate their needs and present your ideas in a way that highlights the advantages for your new management team. By taking the time to prepare in advance, you’ll increase your chances of securing a deal that meets your needs and benefits your employer.
It’s a good idea to go into the meeting with your supervisor having a detailed budget in hand. Showing a cost detail spreadsheet to your supervisor will not only make you look efficient and organized, but it will show your supervisor that you’ve done your research. They will be able to clearly see that there is definitive validity to your need for relocation expense coverage, and they can then present this document to accounting if they decide to offer you a relocation package.
If your relocation has already begun, you should also think about bringing any invoices or receipts related to whatever you have spent so far. Some relocation packages can also reimburse you for what you’ve already spent to move.
Get It In writing
The most important part of any relocation negotiation is to get the terms in writing. Once you’ve come to an agreement with your employer, make sure that the relocation package is detailed in your contract. This will protect you from any surprises down the road and will give you a clear idea of what expenses are covered. It’s been said that if it’s not in writing, it never happened. Don’t be the one left with an unexpected bill! Get it in writing! Get it in writing! Get it in writing!
With that in mind, you should also keep track of all that you spend throughout the process. Remember that some relocation packages might be based on a reimbursement rather than an upfront payout. Because of that, you’ll need to keep track of what you’re spending by maintaining invoices and receipts. Even if you are offered an upfront payout for moving, you may still want to maintain receipts as proof just in case you have to present it in the future.
There are a lot of fantastic and free receipt/expense tracking apps that you can use for this that even allow you to scan receipts directly into your phone for safe keeping. You can store these invoices and receipts on an app, or throw them into a Google Drive folder. It’s recommended that you hang on to these for at least 90 days to a year before deleting them, just in case.
Moving can be a costly endeavor, but if you’re strategic about it, you can negotiate a relocation package with your employer that will help offset some of the costs. By doing your research, being prepared, and getting the terms in writing, you’ll be one step closer to making your move a success.
If you’re preparing to relocate to Wilmington, North Carolina or a surrounding area, feel free to reach out to Badger Box Storage for all your mobile storage needs! Contact us today to book your mobile unit!