MOVING FOR WORK AND RELOCATION PACKAGES
HERE’S HOW TO NEGOTIATE YOUR RELOCATION PACKAGE.
There’s nothing more exhilarating than landing that dream job … but, what if it’s not in your city? Now it’s time to start thinking about relocation, which can be a costly affair. Luckily, more and more companies are offering relocation compensation.
Here’s how to approach negotiating a relocation package if you’re moving for work:
TIP #1: DON’T ASSUME
Though your company may offer a standard relocation package, don’t assume. Always ask!
TIP #2: MAKE A LIST OF WHAT YOU NEED
Figure out just how much stuff you need to move, and estimate what it will cost your company so you know what to ask for. There are free tools like this one from Moving.com to help ballpark expenses.
TIP #3: NEGOTIATE LIKE A PRO
Moveline has a few tips to help you get what you need:
Have another employment offer with a relocation package? Mention that to your intended future company.
If your salary offer is less than you want, see if you can negotiate a relocation package as an addition to reach your desired salary. Relocation is a one-time expense, so your company is more likely to accept this approach versus a salary increase.
Explain why a relocation package is beneficial to your company. Will it help you start your job earlier? Say that.
TIP #4: UNDERSTAND THE TYPES OF RELOCATION PACKAGES
There are a few different ways relocation packages are handled …
Lump-sum: a set, one-time payment.
Reimbursement: a maximum amount that your company will pay you once you turn in receipts.
Direct billing: your company handles moving services (and payment).
Third-party relocation: your company outsources the process to a relocation services broker.
TIP #5: READ THE FINE PRINT
When reading your relocation package contract, look out for these terms:
Payback clause: an agreement that would require you to pay back the cost of your relocation if you were to quit your new job within a set period of time.
Payback timing: a section of the contract that says when you’ll be paid (either by lump sum or via reimbursement) for your relocation.
Unapproved expenditures: there may be items that aren’t covered by your relocation package.
Moving for work and looking for a new home? We can help you find the dream house to match that dream job in Dane County or the Baraboo area. Reach out to our experts today!