What is Relocation Assistance and Why Should You Want it?
Don’t want to deal with moving? Your employer might be able to help. It doesn’t matter if you’re moving across the country or just to the next state, relocation assistance can be used to help out with the costs.
Relocation assistance is a benefit that is provided by your employer, like health insurance and vacation days. It can be given to you, and used, in a few different ways. Let’s dig into how it works.
What You Need to Know About Relocation Assistance
In the past, relocation assistance was only offered to high-level employees, but with the influx of fewer employees being willing to move for work and the trend of robust benefit packages in modern workplaces, some companies have opened these benefits up to employees at any level. According to the SIRVA Mobility Report, 80 percent of companies think that deploying talent is important to the success of their organization.
While it isn’t often the most advertised part of a benefits package, it’s a great thing for new and existing employees to have. Relocation assistance offers a sense of security for employees that they’ll be able to cover the costs of their move. And for companies, it’s a great incentive for potential employees to accept a job offer and can create a better environment for attracting top talent.
Companies give relocation assistance to new hires and existing employees who are moving to a new location. So, for example, if you take a job in Atlanta when you’re currently living in Chicago, or if your organization offers you a promotion to head up the new London office, your relocation benefits will kick in to help you pay for your move.
How much money you receive typically depends on your position within the company. The longer you’ve been there, or the higher the position you hold all come into play. If you’re a new mid-level hire you might receive less money than an executive level employee, but more than an entry-level employee.
The size of your company can affect the amount that you receive as well. Large companies might have more to give, but they’ll also have more employees to move, so they might have more restrictions on the amount they give out and how it’s used. Small companies tend to lean toward more flexible packages, like lump sums, that allow employees to manage the money how they want because they don’t have enough team members to oversee every relocation.
Your company may set guidelines for what you can use your money on or allow you to use it on whatever costs you incur during your move. Some of the guidelines might include only packing and unpacking services. Or they might also include transportation costs, like paying for your flight or your gas, or temporary lodging if you have to stay in a hotel or apartment while you wait for your home to be ready. You might also be able to use the money toward a service that can help you find a place to live.
Many companies will work with relocation management companies to outsource their employee relocations. In these situations, you’ll work with someone at the relocation management company to understand your benefits and how you can use them. You’ll often be directed to a portal where you can look through vetted service providers to help cut down on time for your move.
What is Relocation Assistance? It’s a Great Opportunity for Employees
Relocation assistance is a great incentive for employees at any level. It can help you get a job in a city where you want to live or make it financially feasible to move your family somewhere new. With relocation assistance, you can also get to where you need to be faster. Your company might give you anywhere from two to four weeks to start your new job but cramming an entire move into that timeframe can be tough.
That’s where Dwellworks Direct comes in. We’ll match you with a local expert who can help you find the right place to live in an area where you want to be and that’s near your new job. Moving to a new country and worried about fitting in? We can help with that too. We developed our services to help anyone who’s moving get their easier and faster. On average, we save people about two weeks of time — time that you can spend on getting settled in your new place, having a going away party, and not worrying about how you’re going to get to your new job on time. Interested? Check out our site to learn more about how we can help you with your next move.
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