Q:   I’m currently employed but actively looking for a better job.  I’m willing to relocate, but would like to know, what exactly does it mean when a company says on their website that they offer a relocation package?

A:  Most medium to large companies have their own relocation policy which determines what moving assistance they offer.  Although policies vary, they generally have a few things in common.  For example, the higher the position –like senior managers, executives- the richer the package.  Benefits will diminish for middle managers and lessen even more for entry-level hires.  There are some exceptions: those in high-demand, popular industries with a shortage of applicants might be offered additional relocation enticements even at entry level.

So, what does a relocation package consist of?  It ranges from the “economy” to “luxury” plan, depending on the position and situation.  I’ve compiled a list starting with the most basic.

Capped payment or reimbursement for:

• Do-it-yourself moving truck or trailer rental
• A moving company handling your move, packs, unpacks, stores stuff as needed
• Travel, meals and lodging for one (or more) house-hunting trips with spouse
• Temporary housing for employee to start new job while spouse is left behind to sell home.
• Closing costs to buy new home, and/or loss on sale of home
• Relocation bonus (just ‘cuz)

Exactly how many of these benefits will be available to you is hard to know until you have a job offer in hand.  However, you should know that generally, relocation packages offer some room for negotiation.

As an aside, don’t be surprised if you’re asked to sign a document stipulating that if you leave the company before two (or more) years, you’ll be asked to repay a pro-rated amount of the relocation costs.  Companies do this to protect their investment and discourage unscrupulous folks who might accept a job with relocation benefits, only to quit soon after.

Lastly, take into consideration that mental health professionals cite moving as one of the most stressful events that an individual or a family can experience, so make very sure that the job, the salary, the company and the new location are to your liking.

© Copyright Eva Del Rio