If the transferee can travel by auto, reimbursing for mileage expenses is common. Transportation to the final destinationĪverage relocation packages include reimbursement for transporting your transferee and his/her family to the new location. Standard relocations include at least 30 days of temporary housing for transferees. House-hunting expenses incurred during this process can entail transportation, lodging, meals, and childcare (according to the Illinois-based search firm Witt Kiefer, companies are increasingly encouraging families with younger children to leave them home, and reimbursing them for the expense, while looking for a new house.) Temporary housing Standard relocation programs commonly include at least one (preferably two) company-paid house hunting trips of short duration to give the transferee and family opportunities to find new homes. Renters can expect employers to pay contractual penalties for early lease termination. Home sale assistance can come in a variety of forms, including company-sponsored reimbursement for money lost on quick home sales, and professional marketing to accelerate the timing of sales. Home sale or lease-breaking penalty assistance Since moving charges are usually based on total weight, insurance for damaged or lost goods should be equal to your goods’ value. Insuring goods during the move is essential. Quality moving company service with reasonable insurance coverage After arriving at the new destination and home, moving company personnel unpack the household goods. The employee’s household goods are packed by a moving company, saving the employee time and stress. If interested, you can find more company relocation package examples and features in our free guide. You may be wondering – what does a standard relocation package include? You can check out a few examples of average relocation package features below including temporary housing, pack/unpack services, miscellaneous expenses, and more. What Does A Standard Relocation Package Include? Regardless of the type and number of relocation package components, those that meet the needs of both the employer and employee will be most effective. These should be compliant with IRS regulations and also align with the organization’s goals and objectives. Successful assignments and transfers depend on attractive, comprehensive relocation packages. Many organizations designate an in-house relocation manager to help oversee the move from beginning to end or increasingly turn this complex job over to a professional relocation management company. What Relocation Expenses Are Covered By the Average Relocation Package?Įmployers can tailor their relocation programs to offer the most competitive packages to attract and retain talent. ![]() Relocation assistance companies may provide support in different areas, including packing and unpacking services, transportation and moving costs, temporary lodging, disposition of a residence, acquisition of a new residence, mortgage assistance, cultural training, and language training. It is a benefit designed to help ease the financial burden of moving and get the employee started in their new position as quickly as possible. Relocation assistance occurs when a company assists new hires or current employees with relocating for work from one location to another, whether it’s a new city, state, or country. A well-designed employee relocation package provides peace of mind and incentives to accept the job offer, while also reflecting positively on the company’s reputation for attracting top talent. This usually covers the employee’s reasonable moving and other work-related expenses, to relieve the employee and their family of the expensive burden of relocation. When a company offers an employee long-term employment more than 50 miles from the current work location, a company may offer a relocation package. Keep reading to find out how to build the best employee relocation package and plan for your business. In both cases, current employee moves are more costly than those for new hires. If they are a homeowner, the cost will be substantially higher – anywhere between $60,000 and $80,000. If the transferee is a renter at the time of the move, the standard cost is generally in the low to mid-$20,000s. ![]() The cost of an average relocation package hinges on the employee’s current living situation and how recently they were employed.
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