What is a typical relocation fee?

What is a typical relocation fee?

If the transferee is a renter at the time of the move, the standard cost is generally in the low to mid-$20,000s. If they are a homeowner, the cost will be substantially higher – anywhere between $60,000 and $80,000. In both cases, current employee moves are more costly than those for new hires. An average relocation package costs between $21,327-$24,913 for a transferee who is a renter and $61,622-$79,429 for a transferee who is a homeowner. Of course, this number is just an average of what larger corporations are spending on employee relocation – the relocation amount can be anywhere from $2,000 – $100,000. Of those companies, most companies are providing anywhere from $2,500 to $4,999. If the company was going to cover the entire relocation, they’d offer anywhere from $10,000 – $14,999. So if your company is going to offer you a lump sum, you should expect to see somewhere within that range. Ordinarily, to estimate the relocation costs, you take the estimated time to complete the move and multiply it by the moving company’s hourly rate. Then, add the charge for other things like packing material, travel time, and tips if you work with movers. Though it’s not a requirement, many companies offer some sort of job relocation package to employees. A job relocation package typically covers part or all of an employee’s moving expenses when moving for work-related reasons. Oftentimes, these packages can be negotiated. The full costs and figures can vary depending on the individual and their package however, as an example, payments are typically between $2,000 and $100,000.

What is a good relocation fee?

Relocating an employee can be a costly endeavor for companies. The average relocation package costs between $19,309 and $24,216 for renters and between $72,627 and $97,116 for homeowners, according to American Relocation Connections (ARC), a corporate relocation group. Anything you can do to ease the burden and stress of a move, financially and otherwise, you should do. But perhaps more important than saving you money, a relocation package is a recruiting perk your company offers as an investment in you. You can expect a 5% to 10% increase in salary to relocate for a job. This is the estimated average for most current companies that offer an increase in salary for relocation. When it comes to relocation, negotiating a better deal is good for all parties. It’ll keep you and your family happy if there’s less for you to do, and it’ll give your employer a new team member who’s ready to work sooner than later. Moving companies have to pay more money to hire movers: to recruit, build, train, keep the best moving crews and compete for labor. Remember, movers have to pack, load, unload, climb flights of stairs, lift heavy objects, and do it all day, every day. So this is one area that makes a lot of sense.