By taking control early, you can change the course of your financial future.
What is a corporate relocation?
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:
- Child care and elder care assistance, using lists of providers or care centers in the new community.
- Job support for spouses.
- Reimbursement for transport via plane or other method to the new location.
- Travel back home if that family must stay behind for a length of time to finish moving details.
- Transfer of vehicles to the new home.
- Professional packing and unpacking services.
- Assistance with closing costs and commission on the sale of a home and purchase of a new one.
- Coverage for breaking a lease, if the employee is a renter rather than a homeowner.
- Storage options for those who move overseas or need to find temporary housing.
- Expenses-paid home-finding trip.
- Temporary housing if the move is short notice or a home build must be completed.
- Property management for short-term moves.
- Cultural training for international moves.
- Other expenses, such as carpet shampooing or out-of-state vehicle registration expenses.
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.
Corporate relocation example
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.