You’ve found the perfect engineering job. One problem: it’s located in Bend, OR. You’ll have to move to take advantage of the opportunity. How do you know what’s reasonable to ask for in a relocation package?
As the COVID restrictions lift, these questions will become more relevant. During the pandemic, the rise of the work-from-home trend made it seem like formal relocations would become a thing of the past.
However, a return to normal will bring back old-school concerns about geography. Are you ready to grab your dream job, even if it means relocating?
What is the average relocation package in 2021?
The amount of support you can expect for relocation depends on the particular job involved. For an entry-level engineering position, you might need to cover the expenses yourself. Meanwhile, for an executive position, the support might tally up to a significant amount.
Realizing that every case has its unique combination of factors, let’s put some numbers on it just to provide a frame of reference.
One study showed that the average lump-sum relocation package amounted to $7,200. Again, put that in a broader context. Another estimate put the range of relocation expenses anywhere between $2,000 and $100,000.
Obviously, that opens up a lot of room for negotiation. Only your specific circumstances will decide what you can expect from any particular employer.
What is a generous relocation package?
A lot will depend on your negotiating leverage and on the company’s expectations. If you have rare engineering talents, your employer will likely roll out the red carpet. The firm might be ready to match any requests you make.
At the same time, a company that routinely facilitates relocations will be more likely to have programs in place. On the other hand, if your move represents something unique in the firm’s experience, you might run into more snags along the way.
In other words, the definition of “generous” will depend on the situation. See what support you can get. Whatever happens, factor in your overall cost of relocation into your deliberations when weighing whether to accept a job offer.
What to look for when you get relocation assistance for work
Cash is the key to any relocation program. However, it isn’t the only factor to consider. Here are five components to consider in any relocation assistance:
- Cash for Expenses: This can come as a pre-set lump sum or as reimbursement for individual expenses. The key is to avoid paying out of pocket for as many of the costs as possible. Make sure to discuss when the relocation bonus is paid. Ideally, it will be paid on your first paycheck.
- Help Selling Your Current House: When you sell a home in order to facilitate a career move, you won’t get much chance to time the market. Also, you might not have the time to conduct a proper sale process. As a result, if your employer can provide some resources or support, it can significantly smooth the unloading of your old home.
- Flexible Onboarding Expectations: You’ll have a lot to deal with just getting physically to the office. Ask your employer to build some flexibility into your early days in the new location that don’t eat into Paid Time Off.
- Temporary Housing: It might take time to find a new home. See if your company will provide a temporary place to live in the meantime.
- Logistical Support: Every step of the move requires time and effort. This can range from the obvious stuff (like packing up your home and transporting your belongings) to sometimes under appreciated details (like sorting through your child-care options). Ask your employer if they can take some of the burden off you by providing logistical support.
Finding a great job is possible in almost any location. You just need the right help to do it. Working with a top recruiter, like PrideStaff, lets you find your ideal situation.
Contact PrideStaff Bend today to learn more.