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Corporate relocation is a money term you need to understand. Here’s what it means.
Corporate relocation is a situation in which an employer transfers an employee and pays moving expenses.
Often corporate relocation is referred to as a “relocation package,” which incorporates all of the components of an employee’s relocation as well as the financial incentive or expense coverage that this type of benefit entails.
Specific employers offer different types of expense coverage for corporate relocation. These include:
Most companies only offer some of these perks for a corporate relocation and some do not offer any relocation assistance at all.
If you are considering a job move or need to relocate to accept a promotion, ask your human resources department what relocation services are available for you and your family.
If you are assigned to manage a new branch that your company is building out of state, your company may offer you a corporate relocation as incentive to help you make the decision.
This package would likely include assistance with selling your home and purchasing a new one in your new locale.
Your employer also may offer assistance for your spouse to find a new job and provide you with a list of child care centers or school information for your children. They also may connect you with professional movers to help you with packing and moving.
Curious about the cost of living in your new locale? Use our cost of living calculator to compare figures.