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A relocation package is an offer that a company gives to their employees (usually new ones), requesting them to work at a far-off site which will necessitate the person to reside there. This is common for multinational companies that have various satellite offices throughout the country and the entire globe.
What the Average Package Entails
The larger the company, the more elaborate the relocation package is. Smaller firms usually have simpler offers. The most typical relocation packages usually involves the following provisions:
This includes fees for any mode of transportation used by the employee and their family. (Road, railway, air fares etc.)
This covers the entire moving cost for the family- from packing the entire household, transporting them, right up to unpacking everything at the new location.
Relocation packages often include some assistance for the employee in finding a suitable house and neighbourhood. Some companies also help out in signing a lease, inspecting the home, making arrangements for phone service, and other housing assistance. Others offer a special compensation for housing allowance.
Family Setting Assistance
This ensures that the employee and his or her family gets conveniently settled in their new home. It covers assistance in helping the employee’s children get admitted into a school, employment assistance for the spouse, or getting day care facilities for little kids.
A company can help the employee obtain the proper documents needed for the move and for working at the new location. This may include visas, work permits, and other paperwork.
An employee who’s offered a relocation package can receive financial assistance that equates to briefing regarding the country or state’s financial structure and systems. They can have new bank accounts opened for them and get assistance with other financial issues.
How to Properly Negotiate a Relocation Package
Now that you have an idea of some of the benefits you can get out of a relocation package, here are some tips on how to make the best out of their offer.
- Gather information on the previous relocation packages that your company has given. Find out if there is a standard package and if you are getting the same benefits. You can also ask this during the interview.
- If you have been planning to relocate to the area, or have always been fond of the place, don’t let this information reach the company. If they find out, they can make the offer less enticing since they know that you will take it anyway.
- If you feel that you’re in a position to ask for more, do so. Let them know about the offers of other companies or any offers that you have already received in the past. Let them know that in the case of several offers, you will of course choose the best relocation package.
As a last note, think things over and seek the opinions of your family. If you already have a spouse and children, relocating the entire household will be a big decision not just for you but for them as well.
Weigh your options in terms of career advancement, financial gain and family life as well.