Whether you are relocating to a new city, state, or country, it is one of the most rewarding, at times life-altering, and challenging experiences that you might have. It takes a lot of courage and work to uproot yourself from the existing set-up, known people, friends, and family. While it gives you a fresh start, or hike in the salary, or a job that satisfies you, it can be daunting too.
So, if you are committed to moving somewhere that is no longer your hometown, there are few things that you should consider before barging in. However, if you follow our four easy steps for relocating, you will find the entire process relatively easy and make a success of it.
But before we divulge these four steps, let’s look into some figures about job relocation.
Statistical Figures on Job Relocation
A survey conducted about job relocation with 1,000 respondents revealed the following:
- 3% relocate for higher-paying jobs or to advance their career
- 5% seek transfer to have a family
- 1% moved within the existing company to a different location
- 2% reported miscellaneous reasons for moving
- 7% relocated because the business or the company moved to a new place
- 2% relocated for company acquisition
According to Business News Daily a company is likely to spend between $21,3127 and $24,913 on you for a relocation. This can go higher for homeowners between $61,622 and $79,429.
While both the figures are pretty significant, as an employee you have earned these expenses. So, whether you are relocating as a newly hired employee or an existing one, the process needs to be handled carefully.
If anything goes wrong, you will not only end up paying more, but your employer might refuse to bear the extra cost. The best way to combat this hassle is for your company to hire a professional employee relocation company like WHR Group, Inc. (WHR), and outsource the whole process.
In case you are wondering what steps you can take for easy relocation and be an expert in it, here are the solutions for you.
Four Easy Steps To Become Expert In Relocation
It is exciting to get a promotion or new position in a new city, state, or country. But making a move can be quite a hassle, mainly if your employer has set an aggressive deadline. While there is no such timeline as how much time a company will give you to relocate, according to an HR service company, AB Personnel Services, typically, the time is between 2 and 4 weeks. So, how to move within these few weeks efficiently? The simple answer is you need a plan of action. So, follow these four simple steps.
Step 1: Build A Budget
One of the main stressors of moving to a new place is the logistics and the expenses that will ensue with it. The best way to combat it is to start listing the potential costs and make a budget. In the list, you should include the following:
- House hunting in the new place
- Lease termination or selling of the current house
- A security deposit or down payment for the new house
- Closure and set-up fees for utilities, cable, internet, etc.
- New furnishing and new utensils expenses
- Expenses for potential fixing or upgrading the new home
- Moving expenses
Even a rough estimate will help you in understanding the upfront cost of relocating. However, if you find doing it by yourself hard since doing all the research can be pretty time-consuming, find a professional like us who will help you with the budget and other logistics of moving.
Step 2: Look Into Long-Term Expenses
After you have finished with your initial budgeting, it’s time for you to dig into a bit more details about the new place. First, you have to review the cost of living in that place and the taxes.
Cost of Living: Even if you are getting a relocation package for moving, you must weigh in on the cost of living in the new city. There will be a substantial change in the living cost even if you move to a similar size city. You can hire a professional who can give you a cost of living estimate in the new place.
Taxes: One of the biggest botherations is the requirement to file partial-year tax in both the places, i.e., the place you lived and the place you relocate. This can be quite a challenge when there is a different income tax rate, policy, and regulation. Consult with a professional to know how much you have to set aside for taxes while relocating.
Step 3: Ask for Relocation Assistance
Generally, an employer will provide you with assistance when relocating. However, in case you are not aware of it, ask for help and do not be afraid of negotiating. The best way to negotiate with the employer is to be ready with the details like moving costs. Get quotations from professional movers, transport expenses, storage and temporary housing. Getting this information and presenting it to your employer can be crucial in getting support.
You can also ask for preferred relocation companies that the business uses. At times the reimbursement of the move can be contingent on using the company’s preferred professionals.
Step 4: Know the Benefits Available To You
Many organizations offer employee relocation services to their employees. Learn what is available to you. Sometimes you can get reimbursed for your house-hunting trips, get assistance finding a rental property, and even get career assistance for your spouse.
Another benefit that many ignore is a partial reimbursement of income tax in case of relocation. Though there are rules and norms on who can get the reimbursement, knowing about it and availing it can be quite beneficial.
While you can always get ready and move to a new place by yourself, we can assure you that it will be stressful. So, why bother with all these troubles. The best way to go about it is to know the details about how to navigate the process and to ask for the assistance of a relocation company, like WHR, to do the job for you and your employer.