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More and more companies and candidates are open to exploring the relocation route. This is evidenced by a recent study that came out citing that 18.2% of job seekers who found employment in Q2 of 2009 relocated for their positions. This is the highest rate since the second quarter of 2006. When unemployment is high, people will go where the jobs are thus making it easier on employers to move in this direction. The barriers and flight risks of candidates are considerably lower due to market conditions.
In today’s ever more mobile society, this trend is likely to continue as the nature of our work becomes more and more niche and candidates with very specific skill sets become more in demand. If you are considering relocating for a new job here are some of the things you should start considering right away.
What kinds of relocation assistance should I expect? The answer is actually a question. How badly do you want or need this job? Some companies offer no relocation assistance but will consider out of state candidate’s willing relocating on their own. Some companies may offer as little as $3,000, which, if you are renting and relocating to an inexpensive market place, may get the job done. More commonly relocation packages range from around $7,500 to $15,000 for a senior, non-executive level position. The relocation money may be paid in several different ways and almost always comes with commitment not leave the organization within a certain time frame, a year is common but this can be as much as three years. The expenses may be handled directly by the company or by a vendor hired to manage the relocation process. The most common way this is handled is as an expense reimbursement. Often relocation is part of the sign on bonus and combined in one lump sum. The important factor to understand is whether the amount being offered is before or after taxes. Relocation expenses are a tax deduction so the taxed amount may be recouped at the end of the year.
How will it affect your family and friends? Relocating might cause concerns if you have elderly family that you like to be close to and could also have an effect on other members of your family, too. Carefully consider any family issues that might arise. Will your new company reimburse you for trips home or do you need to cover this cost yourself?
What is the value of my home? Considering the recent economic flux in home prices, we recommend contacting a real estate agent before committing to a fly out interview. Countless numbers of offers have been rejected within the past year due to a lack of understanding of the true market conditions in the candidate’s living area. This often will lead the client to having a bad impression of the candidate as they have already extended considerable resources into an interview process which ended up wasting everyone’s time.
How will your spouse or significant other be affected by the move? If your spouse or significant other works or goes to school, how will they be accommodated? Are they ok with moving out of your current home to a new city or state/province if it involves them giving up their career?