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Whether you have a new job in a new-to-you location, or your current job is moving and taking you with it, you may be offered a corporate relocation package. According to recent reporting by the Wall Street Journal and Indeed.com, the number of jobs including relocation benefits were up nearly 75% over the past year.
Corporate relocation services are specifically designed to facilitate the smooth transition of employees and their families. But the types of corporate relocation packages, the benefits they typically include, and the services provided by corporate relocation movers vary, Your employer may offer you a few thousand dollars to move closer to the office or a comprehensive package of benefits that handles everything needed to make your move as easy as possible. This blog will delve into what you need to know about this type of moving service, and help you figure out which type of corporate relocation package best fits your needs.
Types of Corporate Relocation Packages
Lump-Sum Packages: Companies may provide a lump-sum amount to cover relocation expenses. This approach offers flexibility, allowing employees to allocate funds as they see fit. The only drawback is that you’ll have to figure out the moving details on your own (though you can always reach out to us at Bellhop for help!)
Full-Service Packages: These packages are the most comprehensive and cover a wide range of expenses, including moving costs, temporary housing, travel expenses, and even assistance with selling and/or buying a home.
Partial Reimbursement Packages: In this type of package, employees are reimbursed for specific relocation expenses. The company typically sets limits on the reimbursement amount for each expense category.
Benefits of Corporate Relocation Packages
A full-service package will typically include all or the majority of the below. If you’ve been offered a full or partial reimburse package, you can use this information to plan out your move. Check with your employer to see which of these services qualifies for reimbursement.
Moving Costs: Corporate relocation packages commonly cover moving expenses, such as packing, transportation, and unpacking of belongings.
Temporary Housing: To ensure a smooth transition, companies often provide temporary housing assistance, either in the form of a fully furnished apartment or a hotel stay.
Travel Expenses: Reimbursement for travel expenses, including flights, rental cars, and even pet transportation, may be included in relocation packages.
Home Sale and Purchase Assistance: Some packages provide support for selling an employee’s current home, including covering real estate agent fees, advertising costs, and closing expenses. Similarly, companies may assist in finding suitable housing at the new location.
Relocation Bonuses: To incentivize employees to relocate, companies may offer relocation bonuses, which are typically one-time payments separate from regular compensation.
Services Provided by Corporate Relocation Movers
Corporate relocation movers typically specialize in helping individuals and families move across long distances. Here are some key services offered by corporate relocation movers that distinguish them from normal movers:
Comprehensive Move Management: Corporate relocation movers handle all aspects of the move, from packing and loading to transportation and unloading at the new location. They provide end-to-end coordination to ensure a hassle-free relocation process.
Packing and Unpacking Services: Corporate movers will pack all an employee’s belongings securely before transport and unpack them at their destination.
Pet Transport Services: For families with pets, corporate movers can arrange for safe transportation of pets across long distances.
Transportation Services: Movers will transport all an employee’s belongings using specialized vehicles designed for long-distance moves.
Policy and Compliance Expertise: Corporate relocation movers are well-versed in corporate relocation policies and compliance requirements. They understand the specific needs and guidelines of the company, ensuring that the move is aligned with the employer’s policies and any legal or tax considerations.
Temporary Storage Solutions: In some cases, employees may need temporary storage for their belongings during the relocation process. Corporate relocation movers can provide secure storage facilities for short or long-term storage, ensuring that items are kept safe until they are ready to be delivered to the new location.
Transportation Logistics: Corporate relocation movers have expertise in managing logistics for long-distance or international moves. They arrange transportation, coordinate with customs if necessary, and ensure that goods arrive at the destination on time and in good condition.
Destination Services: Upon arrival at the new location, corporate relocation movers often offer destination services to help employees settle in. This may include services such as finding temporary housing, assisting with rental or home purchase, school searches, area orientation tours, and other support services tailored to the specific needs of the relocating employee.
Movers that work with the general public may offer one or two of the services listed above, such as storage solutions. But overall, corporate relocation movers go beyond the basic moving services provided by regular movers. They understand the unique requirements and challenges of employee relocations and offer a range of specialized services to ensure a successful transition for both the employee and the employer.
Questions to ask, requests to make
Your employers may be open to adding additional compensation to your relocation package. You may want to ask about:
Temporary housing: If you need time to find a new home in the destination city, request assistance with temporary housing such as a furnished apartment, extended-stay hotel, or corporate housing.
Home finding assistance: If you’re relocating to an unfamiliar area, request help from a relocation specialist or real estate agent who can assist in finding suitable housing options that meet your requirements.
Rental assistance: If you’re planning to rent a property, request support with the costs of rental application fees, security deposit, or first and last month’s rent.
Home sale or lease break assistance: If you currently own a home or are under a lease, request assistance with expenses related to selling your home, terminating a lease early, or covering any penalties involved.
Visa and immigration assistance: If you’re relocating internationally, request support for visa applications, immigration paperwork, and any associated fees.
Considerations when Accepting a Job with a Relocation Plan
Clarify the package details: make sure you’ve got a full understanding of what expenses are covered, any limitations or caps, and what you need to supply.
Moving company selection: If the company allows some flexibility in choosing a moving company, research their reputations, experience in corporate relocations, and insurance coverage, and reviews.
Spouse/partner employment: Your new employer may be able to offer support for your spouse or partner in finding job opportunities in the new location.
Destination services: Ask about destination services, such as assistance with finding housing, schools, healthcare providers, and other essential local amenities.
Do the math: Before accepting a corporate relocation offer, research the cost of living in the new location and ensure your salary aligns with your new reality. If not, you may be able to negotiate a salary adjustment or a one-time bonus to help offset the increased expenses. Also check with a tax professional to see if there are any tax implications to be aware of when accepting a corporate relocation offer.
Making the move
Overall, corporate relocation can be an excellent opportunity for employees to advance their careers and try new experiences. However, it’s essential to consider all aspects of the move before accepting a job with a corporate relocation plan. By understanding what types of packages are typically offered by companies and what services are provided by corporate movers, you can make informed decisions about whether such an opportunity is right for you.
If your company isn’t covering the full costs of a relocation, or you’re moving on your own, we’d love to help make your move as stress-free as possible. We’re Bellhop, a national moving company focused on making moving simple and as enjoyable as humanly possible. We coordinate local, state and long-distance moving services and can help find you a local mover, along with any other moving services you may need. From easy booking to skilled moving professionals who actually care about you and your stuff to the best customer service in the business, we’re here for you. Book your move with Bellhop today!
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