It’s not uncommon for working professionals to move for a new career every so often. Switching positions and/or employers every few years has now become an effective strategy for career growth and success.
If you’re moving for a new job, it’s likely that a company relocation package is involved. While there’s no such thing as a “typical” relocation package since factors such as industry, title and company budget influence the amount, negotiating a fair amount is a valuable option available to you.
If you’re feeling wary about requesting more moving expenses from your employer, here are 4 tips on how to effectively negotiate a company relocation package.
1. Do Your Research Before Negotiating
Before approaching company management about a higher amount, it’s important to be familiar with the existing relocation policy. What type of moving expenses does your company typically cover? Compare that list with your expected relocation costs - is there an expense that you’ll need assistance for that’s not listed on the policy? Is it a justified expense? If so, it’s a valid line item to include in your negotiations.
Additionally, research the company relocation packages that are typical for your industry and company size. This information will serve as valuable backup when justifying why you need a higher package.
2. Allow Sufficient Time for Approval
If your employer agrees to your proposed relocation package, they will need sufficient time to get approval from upper management. Therefore, negotiating your relocation package should not wait until the last minute!
Schedule your meeting with management as early as possible so when moving day comes around, your relocation package will be all squared away.
3. Be Open to Compromise
When approaching your management or HR about a larger company relocation package, clarify that the goal of your negotiation is to reach a mutually beneficial agreement. Keep in mind that the company may have budget or policy restrictions when adjusting the size of your package.
Offer mutually beneficial solutions such as how an increased housing budget will allow you to find a home closer to work, which will allow you to work longer hours and be more productive.
4. Get it Documented
While this may be the most obvious negotiation tip, it’s an extremely vital step to your negotiation process. Once you and your employer reach an agreement, request that they confirm the amount of your new company relocation package in writing. Not documenting your negotiations leave room for future misunderstandings - don’t allow room for your employer to change their mind!
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Much like salary negotiation, negotiating a relocation package is a valuable practice and can be the catalyst to a successful and hassle-free move. Following the best practices above will ensure that your relocation package negotiations will be just as smooth and effective.