An average relocation package’s cost depends on various factors— how newly they were employed and on the current condition they are living in. If the current house they are living in is on rent, generally, as per the best nationwide movers, the standard cost of the relocation package becomes low. However, if they own a home, the cost could be anywhere between $60,000 and $80,000. In both cases, the cost could be more or less costly, depending on how recently they are hired. 

However, there are more details and options about it. Keep reading further, to get the best understanding of relocation packages;

Definition of a Relocation Package

A Relocation Package offers long-term employment to the employee, in a location as more as 50 miles from the current residence, offered by the company. Usually, it covers the cost of moving and other work-related expenses. Employers provide monetary support and extra help in a relocation package to lower the stress and work of relocation.  When the relocation package is satisfying enough, it not only provides relief but as well as encouragement to accept the job offer.

Relocation assistance is designed to benefit the transferee and to ease the burden of moving, allowing the employee to start working as quickly as possible after reaching the new place.

What is Included in a Standard Relocation Package? 

A Relocation package may include as many or as few things as possible. Here are some of them that you can check out for sure!

• Entire packing or/and unpacking service. 
• Reasonable insurance cover with quality moving service. 
• At least one house-hunting trip (preferably two).
• Assistance for a home sale or lease-breaking penalty.
• Temporary housing. Standards include at least 30 days of temporary housing.
• Transportation (to the final destination)
• Some other Miscellaneous expenditures

A typical relocation package may include more features. It usually depends on the moving location and your industry. These may also include the below expenses covered by the company:

• Expenses of temporary living when the transferee must meet the hard deadlines.
• Assistance with Spousal employment.
• Childcare costs.
• Assistance with school location for the school-age children.
• Trips for house hunting for transferees in longer-term temporary housing.

Your relocation package may or may not include all or some of the features noted. In all cases, it’s always better to compare your package with those in your competition.

What Does a Relocation Package Job Have to Offer? 

Most of the companies and the employees they hire need help with relocation. Thus, they also need job relocation packages. 

A job relocation package covers the moving, storing costs with other goods. They also cover furnishing costs, travel costs of employees and family, and provide help with selling your existing home as well. Many job relocation packages also provide temporary accommodation if you need it.  

According to a survey report (2015) by Worldwide ERC, companies spent $71,803 in 2014 to relocate newly hired employees.  Therefore, new hires have an edge when it comes to the negotiation of job relocation packages. If you are a new hire, feel free to negotiate. The companies are ready to negotiate because it is less costly to move an employee than to pay him a higher salary in the current place.

Are Relocation Packages Widespread? 

A few years back, relocation packages were only offered to specialized or higher rank employees. However, in today’s world with better-educated people and the competition for the best talent. It is getting more common over time. This allows the smart companies to keep their best inside and grow in the competition. Companies showed an increase of 13% over three years (a recent survey by Atlas Van Lines). This shows how fast relocation packages are catching up.

In the future, relocation packages will get more widespread, helping and relieving the pressure of the modern workforce and millennials. 

Whom a Relocation Package is Offered? 

Relocation packages are offered by the companies to their employees to relieve the pressure of moving to a new location. Nowadays, it is getting more common for a company to also offer relocation opportunities for junior-level employees. Generally, the cover of the package is more extensive, when the employee is in a higher rank within the organization. A new hire may have only the basic moving expenses covered. Meanwhile, it also depends on the importance of the person in the organization, it’s obvious for a vice president to get more assistance and expenses covered. 

Conclusion: Why Does a Company Offer it?

Companies offer their employees a relocation package to help their employees and their families comfortably move to a new location. However, this not only helps the employees but also the company itself for remaining competitive in a job market. Companies try to choose a strong relocation package that makes a difference with others and to ensure attracting the best job nominees. They are good for both sides for sure!