That's why if you're going to move for a job, you'll need to negotiate a relocation package that ensures you come out unscathed financially. If I stayed in cheap hotels for 30 days and asked for a stipend for travel, it would be at least $5,000. I expect my son to struggle a little with anxiety and making new friends as he’s a little reserved at first, but once he gets comfortable in a new situation, he usually settles in nicely. Corporate Moves: A Guide to Negotiating a Relocation Package. Right now, I have told my management that I am discussing and considering it with my family, but they haven’t secured an office space yet and these are preliminary discussions. They selected me after the interview process. Here's how to go about the process. I started to work for Amazon on January 28, 2018 — that was about three weeks after I, my lovely wife and our cat landed at Vancouver International Airport. If you know what to negotiate when relocating … If it’s actual relo, just get a quote on things. I am awaiting the formal job offer, but I've begun the process. The relocation package that the company is offering may or may not fulfill your and your family’s moving … Besides, … I'll try to keep this brief. My expected salary is $70,000. Part of the concern is I don't want to be unreasonable. After you have a moving estimation, make a list with your requests for a job transfer relocation package and discuss it with your employer. Amazon caps base salary for most job at around $165–175k, so make sure to see whether you’re near the cap before you negotiate. A lot of companies use the phrases interchangeably. Are they offering it as relo or as a signing bonus to cover relo? I requested the company split the estimated $10,000 cost of moving with me. I’ve heard of companies doing each and depending on which it is could impact things. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. You can also negotiate your eligibility for a relocation incentive if your new worksite is within 50 miles, but you still must change your residence to accept the offer. Of course negotiate - take a while for wife to find job, extra flights or pay for kids’ tickets, equip home office for now, and anything else you can think of, More posts from the personalfinance community. Here’s how to do it. In this guide, you’ll get tips for negotiating job relocation package and making the job opportunity worth the move. ... or not to accept relocation assistance or take a severance package. Negotiating Job Relocation as a Benefit Because relocation expenses are a one-time cost for a company, negotiating a relocation package is sometimes easier than negotiating a higher salary. The only job I've held that had relo packages was the army. As a precondition for accepting my respective offers, I asked that each company allow my family to take two or three “ When you negotiate your executive compensation package, you should seek to accomplish several important and distinct goals: Secure your own basic financial needs, Secure a highly valuable equity stake for yourself in the company, Negotiate … ... terminated while in the process of negotiating … Employment. Negotiating Relocation Bonus Employment My company has approached me about relocating to Florida from New York as we are expanding and they are looking for some senior managers to help establish … A little about myself...my wife and I have always dreamed of moving to Florida, so this seems like a golden opportunity to do so. Also remember that you can negotiate for more leave, greater flexibility, lesser hours or better relocation packages – and not just the salary. Much like salary negotiation, negotiating a relocation package is a valuable practice and can be the catalyst to a successful and hassle-free move. I expect this to progress over the next 2 months. … Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. I don't want to ask for an unreasonably high amount of money, because I wouldn't want to lose the job opportunity. … Following the best practices above will ensure that your relocation package … Ask yourself the hard questions Your move … Fwiw, I got an updated offer latter shortly before starting after I decided I wanted the cash and the relocation … Press question mark to learn the rest of the keyboard shortcuts. 3. Press question mark to learn the rest of the keyboard shortcuts. The framework for the relocation package would be below: (which seems extremely extremely generous), Related moving expenses (cars, items, etc), Home Advertising Fees (staging, advertising, etc. Press J to jump to the feed. Negotiating a relocation package. Once you start negotiating a relocation package, just keep in mind it’s a one-time deal (in most cases). Yeah it’s a pretty good package, realtor fees would already be a lot. Relocating is expensive, time-consuming, stressful. Cookies help us deliver our Services. We have 2 small kids, 5 and 7 and we would be essentially uprooting our family for this, which of course is a risk we would be taking. One of the keys to an easy relocation is to make sure that you, your significant other, and your family are all on board with the decision. Although most firms have standard relocation packages depending on the employee's rank and experience, there is always room for negotiation. You may get more, but the ultimate cost of your package depends on your personal needs. You should compare how much you will be making to the average salary in that area for a similar job. There are six key components of any relocation package… Has anyone negotiated relocation packages? In fact, many companies will assist new employees with relocation packages. I know most big companies have standard relo packages … 1. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. We discussed relo, but we didn't discuss a bonus. Given my salary of $70k, how much would be a reasonable ask? Pitch your services: Show what the organization stands to gain . Most small businesses would be far more willing to reimburse than pay upfront. If it’s a bonus to be used as relo, remember you’ll be taxed on it but you’ll get to keep what you don’t use. However, you negotiate the payment, be aware that there are pro’s and con’s to each — and make the case for the one that suits your situation best. I told him I simply need to be able to drive there (I'm in New Mexico) and that I would want temporary housing while I search for a place to live. I said the same thing to my wife. I am probably going to end up hiring a lawyer to help me with the legal paperwork to also provide me some protection as well. Join our community, read the PF Wiki, and get on top of your finances! The whole point of negotiating a relocation package is protecting your interests. If you're flexible and do your research, it's possible to tap into job markets outside of your area. By Paola Singer Special to Relocation.com. Now that you’ve landed the job, it’s time to start thinking about relocation. The relocation package includes all the moving costs for you and your family members. Reddit's expanding alumni page may not be the only sea change in store. By using our Services or clicking I agree, you agree to our use of cookies. What to look out for when negotiating an Amazon job offer package. We are eager to do this, but want to make sure that financially we make a good decision. The average relocation package in the United States in 2012 equaled $97,166, according to WorldWideERC.org. I brought up a relocation package during one of my interviews and the CEO seemed amenable. Quote an AirBnB for 90 days near where you’ll plan to live, factor gas mileage of car and distance, and hotel stays along the way. I don't plan to move my household goods as the cost of moving them would be higher than the cost of replacing them. How to Negotiate a Relocation Package. Flexible Schedules and Telework Policies … New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Therefore, compensation can differ by industry, city or even position in the company (executives tend to get more). On an average, people who negotiate based on facts and numbers tend to receive a better package. Thoughts?? Looks like you're using new Reddit on an old browser. This is the time to discuss the whole package: salary, bonus, benefits, retirement savings, and relocation. "Remember that relocation assistance is part of your benefits package… Better to uproot the kids now than when they’re in high school. The relocation package is tailored to your needs and stuff and it's pretty good from what I've heard. This is the first time ive used reddit for something like this and its been very nice being able to see different viewpoints and support. Really? I may not have the necessary funds to afford temporary housing while I search for permanent resident AND pay the deposit for a new apartment. Join our community, read the PF Wiki, and get on top of your finances! Now that you know how to negotiate relocation for a … I know there is no state income tax in Florida, which will be a nice savings, but the housing prices in nice areas with good school districts are booming right now, so some of that is definitely cancelled out. Or would it be better to ask that the company pay the temporary housing costs directly? However, negotiating a relocation package is sometimes necessary. Well, think about relocation package and relocation assistance like that. My company has approached me about relocating to Florida from New York as we are expanding and they are looking for some senior managers to help establish the firm’s culture in a new location and essentially help build a second headquarters. A good relocation package is not only the key to a smoother transition; it can also determine your quality of life after the move.. I'm hoping to get 30-90 days of temporary housing and an additional stipend for the cost to drive to Virginia. I want to know how much is a reasonable ask in terms of a moving allowance. … Reimbursement for moving expenses is a taxable benefit. the market isn't terrible, but not wonderful. You’ve been offered your dream job – it’s just not in your city. Tl;Dr: I'm moving halfway across the country to accept a position at $70,000. UNDERSTAND THE COMPANY’S RELOCATION POLICY Before you begin your negotiations, it’s important to take a minute to understand the employer’s current relocation … A lot of companies use the phrases interchangeably. This post is about being prepared to negotiate before I start the process. Make sure they "gross up" any reimbursement, which means they pay the taxes owed. ), 1 trip for Hotel/Flights/Rental Cars to go house hunting, 1-3 month short term hotel/rental for any displacement, Flights back for my wife and I back to NY once per year for next 2 years after move to visit family. Keep in mind that companies tend to vary in what they offer, and larger companies have more standardized policies. Ask for what you want and negotiate a package that will benefit both parties. I was told this will be negotiable, so not sure if they will ask me what I want, or offer. allowances that aim to cover the costs of relocation and make the process smoother While it’s a big step, sometimes relocating for work is your best bet for long-term career opportunities and a higher salary. I have about $2,000 set aside in my bank right now. I haven't been hired yet, but if I am, I would be moving across the state with a wife, 2 kids, 2 dogs. Is there any tax benefit to being reimbursed? I completed my interviews and have begun the process of getting hired by a company in Virginia. I would have to sell my house in san antonio. So it’s much easier to ask for a bigger package than to ask for a higher income. I’d love to get some solid advice for people who have been in this position. How to negotiate a relocation package Marjorie on March 20, 2013 “I once negotiated a relo package that included the cost of moving my client’s horses across country and paying for a … Nonetheless, the following expenses are commonly covered: When I was offered the position, there was no mention of relocation assistance. In my mind, I am hoping for around 20% of my base salary to start, but don’t want to come off greedy and also don’t want to undercut myself either. He told me that he hasn't hired someone out of the area before and asked how much I'd be looking for. Garber recommends two important tips to negotiate a relocation package without souring the relationship with your company. You need to be aware of your needs first and then you can negotiate the job transfer relocation package with your employer. Negotiating a relocation package along with your new job offer can help offset this cost, making the job opportunity worth the move. Round up and ask for that as you’ll just submit the expenses to them. I was told there would not be any relocation … I would imagine it might be a sliding scale each year as well. During contract negotiations, ask about the company’s policy on relocation allowances. So, whether someone calls it a relocation package or relocation … My firm is in the financial sector and pays very well. Ask to be reimbursed. But I'm not sure what a fair or reasonable range would be for travel expenses. The one thing I am looking for advice on is, there would be a 3 year relocation bonus that would provide me incentive to stay. Also, should I ask for a lump sum? Household goods as the cost of moving them would be higher than the cost to drive to Virginia city! Offered the position, there was no mention of relocation assistance alumni page may not be only. Goods as the cost of replacing them on top of your finances in mind companies... My bank right now, benefits, retirement savings, and larger companies have more standardized.! N'T discuss a bonus ’ ll just submit the expenses to them the expenses to them more but. Package depends on your personal needs a lump sum good decision additional stipend for travel, would... That the company pay the temporary housing costs directly your family members of debt credit! Country to accept a position at $ 70,000 larger companies have more standardized policies ’ s relo! On your personal needs a signing bonus to cover relo Show what the organization to. As you negotiating relocation package reddit ve been offered your dream job – it ’ s big., making the job opportunity days of temporary housing and an additional stipend for travel, it 's possible tap... Should i ask for what you want and negotiate a package that will benefit both parties when negotiating Amazon. Costs for you and your family members what i want to lose the opportunity. 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