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Relocation packages (1 Viewer)

Cromedog

Footballguy
Varies widely by company. Some of the best packages include reimbursement for house hunting trips (1-2) including airfare if necessary as well as meals and hotels, closing costs on the sale of existing home and purchase of new home, fees for packing, storing, moving and unpacking household goods. Some companies will also actually purchase your existing home for market value if you are unable to sell it in a reasonable amount of time (3-6 mos).

 

Gator Shawn

Footballguy
I think what's typical has probably changed over the years. I do believe though, that when they do pay for the actual move of household items, it's always a "full service" move. Packing, loading, storing, moving unloading and unpacking.

Everything else is probably highly variable.

 

Gator Shawn

Footballguy
Some companies will also actually purchase your existing home for market value if you are unable to sell it in a reasonable amount of time (3-6 mos).
I bet few do that these days, I mean, I guess they could offer but it would be salt in the wound for a lot of people.

 

koby925

Footballguy
I just got full moving (packing, moving, unpacking), temp housing for 4 months and storage. Monetary probably added up close to 15K. Then non-monetary things like help with real estate agents, info on daycare, preschool, research on the area. They initially offered 2 months of temp housing and no storage and we wanted 6 months, so 4 months and storage was the compromise. Didn't try to ask for anything on closing costs or help with sale of home, etc. since it wasn't a move within the same company - this was a new company - so I felt pretty fortunate to get what I did.

 

Arizona Ron

Footballguy
When I relocated, the company wanted to pay actual expenses. Instead, I negotiated a fixed amount (no receipts required).

 

Bob Sacamano

Marc Levin groupie
Curious the minimum relo that k4 would take.Is $10k about right for mere mortals?
For non-executive positions, something like this is pretty typical. They'll either outline a specific period of time and specific expenses they're willing to cover OR they'll offer you some kind of lump sum and tell you to use it however you like. If they're saying, "Here's 10k. Use it however you need to use it to relo-," that's probably not bad if you're not being recruited to an executive position.

For executive positions, companies that are relocating you because of their expectations/needs, etc you should probably be looking more at what cromedog laid out.

When my boss moved here for his job, the Co. bought his old house to sell themselves, paid for a couple trips out here for house hunting, closing costs on the new home, etc. Effectively they wanted him to incur no costs in the move. That's an Exec level position.

I have friends who moved to the other side of the world for a job because her company needed her to. That company (which is well-known for the way they treat employees anyway) not only took care of everything, but they ate the amount my buddy was underwater in his house, too. That's overkill, but it's a cost they wouldn't have incurred had her employer not needed them to move, so the cost is on them.

When we moved out here, it was because we were looking to relocate anyway. I didn't have much leverage since I was moving one way or the other. I did get a lump sum out of the company that hired me, though, to use as I wanted for moving costs. So, yes, it definitely varies wildly, but situation matters a lot.

 
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RUSF18

Footballguy
Your supposed to pay taxes on these relocation packages right? Is it normal for people to end up asking for more to recoup some of that expense as well?

 

Evilgrin 72

Distributor of Pain
Curious the minimum relo that k4 would take.Is $10k about right for mere mortals?
I got $12k back in 2000 in a promissory note that was forgiven after 12 months. Plus a suite at the Residence Inn and a Pontiac Grand Prix for 8 weeks.
"Back in 2000" I was offered something like $20k to move and 5400 options with a massive tech company (Fortune 20). Those days are probably gone.
yeah, I have no more recent point of reference. No idea what the going rate these days is. Sorry I couldn't be of more help.
 

Arizona Ron

Footballguy
Curious the minimum relo that k4 would take.Is $10k about right for mere mortals?
I got $12k back in 2000 in a promissory note that was forgiven after 12 months. Plus a suite at the Residence Inn and a Pontiac Grand Prix for 8 weeks.
"Back in 2000" I was offered something like $20k to move and 5400 options with a massive tech company (Fortune 20). Those days are probably gone.
Pickles - don't let the economy undervalue your worth. If you're worth it and/or your skill-set is niche enough, they'll pay it.

HTH

 

Bob Sacamano

Marc Levin groupie
Arizona Ron said:
Mr. Pickles said:
Evilgrin 72 said:
Mr. Pickles said:
Curious the minimum relo that k4 would take.Is $10k about right for mere mortals?
I got $12k back in 2000 in a promissory note that was forgiven after 12 months. Plus a suite at the Residence Inn and a Pontiac Grand Prix for 8 weeks.
"Back in 2000" I was offered something like $20k to move and 5400 options with a massive tech company (Fortune 20). Those days are probably gone.
Pickles - don't let the economy undervalue your worth. If you're worth it and/or your skill-set is niche enough, they'll pay it.

HTH
This is what it really boils down to. If you're in high enough demand, you can get whatever you need to be comfortable in the move. It's a total comp thing, really, though. If salary is better than anything you can get anywhere and they know it, then relo package might not be as good. If it's just competitive or below market and you have your choice of employers, then you can probably get more. If you're limited in your options or they have many options themselves, then asking for so much as an extra dollar might be a bad idea.

 

17seconds

root of all aliai
Mr. Pickles said:
RUSF18 said:
Your supposed to pay taxes on these relocation packages right? Is it normal for people to end up asking for more to recoup some of that expense as well?
You do pay taxes, yes, so I would imagine that people factor that in.
It's pretty normal for the company to pay the taxes for you. "gross up"

 

Mr. Pickles

Footballguy
Countered with $10k. This is $10k in real money as it will be grossed up. The guy didn't tell me to get the hell out, but now we'll see what comes back. I have a feeling it will be no problem.

 
Mr. Pickles said:
Curious the minimum relo that k4 would take.Is $10k about right for mere mortals?
My wife got a large bonus, plus a bump in pay, 2 house hunting trips, full service moving company, and an interest fee loan. Relocation was to a place with a higher cost of living.

 

Drifter

Footballguy
Mr. Pickles said:
RUSF18 said:
Your supposed to pay taxes on these relocation packages right? Is it normal for people to end up asking for more to recoup some of that expense as well?
You do pay taxes, yes, so I would imagine that people factor that in.
It's pretty normal for the company to pay the taxes for you. "gross up"
?

You have to pay income tax on money given to you by your employer. Money given to you by your employer would be considered taxable income. Do they also pay you for that?

And for the record, I know of one very large company that does not pay the income tax on relocation reimbursements.

 

RUSF18

Footballguy
Mr. Pickles said:
RUSF18 said:
Your supposed to pay taxes on these relocation packages right? Is it normal for people to end up asking for more to recoup some of that expense as well?
You do pay taxes, yes, so I would imagine that people factor that in.
It's pretty normal for the company to pay the taxes for you. "gross up"
?

You have to pay income tax on money given to you by your employer. Money given to you by your employer would be considered taxable income. Do they also pay you for that?

And for the record, I know of one very large company that does not pay the income tax on relocation reimbursements.
They obviously can't make you perfectly whole, but if the intent is to cover $10K in expenses, they could give you ~$14K where, after paying taxes on it, you'll have around $10K left over.

 

17seconds

root of all aliai
Mr. Pickles said:
RUSF18 said:
Your supposed to pay taxes on these relocation packages right? Is it normal for people to end up asking for more to recoup some of that expense as well?
You do pay taxes, yes, so I would imagine that people factor that in.
It's pretty normal for the company to pay the taxes for you. "gross up"
?

You have to pay income tax on money given to you by your employer. Money given to you by your employer would be considered taxable income. Do they also pay you for that?

And for the record, I know of one very large company that does not pay the income tax on relocation reimbursements.
They obviously can't make you perfectly whole, but if the intent is to cover $10K in expenses, they could give you ~$14K where, after paying taxes on it, you'll have around $10K left over.
Exactly. Just google "gross up". I didn't say every company does it, but it is fairly routine. It's not a rare thing. Sounds like pickles got it.

 

Guster

Footballguy
Cromedog said:
Varies widely by company. Some of the best packages include reimbursement for house hunting trips (1-2) including airfare if necessary as well as meals and hotels, closing costs on the sale of existing home and purchase of new home, fees for packing, storing, moving and unpacking household goods. Some companies will also actually purchase your existing home for market value if you are unable to sell it in a reasonable amount of time (3-6 mos).
This is what my work does
 

krista4

Footballguy
Mr. Pickles said:
Curious the minimum relo that k4 would take. Is $10k about right for mere mortals?
Mine cost the company a bit over $200K. They did the house buy-out, too. Minimum I'd take? For that job, that. :)
 

matuski

Footballguy
We generally budget in $80K for director level people and $25K for manager level.
Are these numbers allocated to certain expenses or just flat amounts?

Anyone here ever initiated a relocation within a company on their own? I am about to close a monster account in Dallas and have brought up the idea of moving there in the near future to better support the new business... they did not say no, but they also did not seem prepared to negotiate. Trying to figure out my next move.

 

matuski

Footballguy
We generally budget in $80K for director level people and $25K for manager level.
Are these numbers allocated to certain expenses or just flat amounts?

Anyone here ever initiated a relocation within a company on their own? I am about to close a monster account in Dallas and have brought up the idea of moving there in the near future to better support the new business... they did not say no, but they also did not seem prepared to negotiate. Trying to figure out my next move.
They are ready to talk, has anyone gone through the process of researching the cost of a move? Moving company recommendations?

 
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krista4

Footballguy
We generally budget in $80K for director level people and $25K for manager level.
Are these numbers allocated to certain expenses or just flat amounts?

Anyone here ever initiated a relocation within a company on their own? I am about to close a monster account in Dallas and have brought up the idea of moving there in the near future to better support the new business... they did not say no, but they also did not seem prepared to negotiate. Trying to figure out my next move.
They are ready to talk, has anyone gone through the process of researching the cost of a move? Moving company recommendations?
Sorry, I didn't see your question from September before now. At the higher levels they are usually allocated to certain amounts, but at the lower levels the company would generally just offer a flat amount in cash to the person and have them make their own arrangements. This can be really advantageous to you if you can keep the costs down from what they expect.

On a different front (not a company relocation), I recently moved...well, a few times. Where are you relocating from? I found in my research that mover recommendations really are local as one franchise of Atlas, for instance, might be much better than another.

 

matuski

Footballguy
We generally budget in $80K for director level people and $25K for manager level.
Are these numbers allocated to certain expenses or just flat amounts?

Anyone here ever initiated a relocation within a company on their own? I am about to close a monster account in Dallas and have brought up the idea of moving there in the near future to better support the new business... they did not say no, but they also did not seem prepared to negotiate. Trying to figure out my next move.
They are ready to talk, has anyone gone through the process of researching the cost of a move? Moving company recommendations?
Sorry, I didn't see your question from September before now. At the higher levels they are usually allocated to certain amounts, but at the lower levels the company would generally just offer a flat amount in cash to the person and have them make their own arrangements. This can be really advantageous to you if you can keep the costs down from what they expect.

On a different front (not a company relocation), I recently moved...well, a few times. Where are you relocating from? I found in my research that mover recommendations really are local as one franchise of Atlas, for instance, might be much better than another.
San Antonio to Dallas (Plano/Allen area)

 

fantasycurse42

Footballguy Jr.
My company is headquartered in Cali and has offices in NY.

They pay for all moving fees, airfare (or per mile for driving), & 2 months rent.

From what I understand, it is a sliding scale depending on size of household.

 

krista4

Footballguy
We generally budget in $80K for director level people and $25K for manager level.
Are these numbers allocated to certain expenses or just flat amounts?

Anyone here ever initiated a relocation within a company on their own? I am about to close a monster account in Dallas and have brought up the idea of moving there in the near future to better support the new business... they did not say no, but they also did not seem prepared to negotiate. Trying to figure out my next move.
They are ready to talk, has anyone gone through the process of researching the cost of a move? Moving company recommendations?
Sorry, I didn't see your question from September before now. At the higher levels they are usually allocated to certain amounts, but at the lower levels the company would generally just offer a flat amount in cash to the person and have them make their own arrangements. This can be really advantageous to you if you can keep the costs down from what they expect.

On a different front (not a company relocation), I recently moved...well, a few times. Where are you relocating from? I found in my research that mover recommendations really are local as one franchise of Atlas, for instance, might be much better than another.
San Antonio to Dallas (Plano/Allen area)
Ah, for an intrastate move you probably have lots more options. I can't really say for that area, but just recommend you do your research. There are sites out there with tons of info, ratings, reviews, etc.

 

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