Tips for planning a corporate relocation
Moving organization - October 30, 2021
Corporate relocation is actually moving for somebody else. Although this sounds bad it actually isn’t. Because this is a promotion usually. Promotions are always a good thing. When companies relocate their employees, they give their employees a fair relocation package.
Fair relocation package
This means they will pay for your moving costs and storage for furnishings and household items you might need storing for the time being. Also, they pay for transportation and temporary housing if it is necessary. Often it is since you are moving out of town, sometimes even state depending on the company itself. It is possible to negotiate the relocation package off course. Depending on how important you are to your company the better deal you will be able to get. Before negotiating, look at the taxes and costs of living in your new location. This can vary from state to state.
This is money provided as a part of relocation expenses for the employee. This is to be used for expenses such are meals, storage of personal belongings, settling in a new location, taxi, and such. This also is a negotiable part of the fair relocation package just like a relocation bonus.
If you are wondering whether you need to pay taxes for those bonuses and extras that you will be getting from the company, the answer is yes. IRS collective ( State, FICA, Federal ) tax rate is 30%, so how much will you be paying depends on how much will you be getting from the company for this relocation. Ask accountants in your company to tell you more about this one.
How to prepare
For corporate relocation goes the same as any relocation. It’s all about preparing, organizing your stuff and lists. TYes, making a list will help you remember all the little things you need to do or pack before moving. Relocations can be messy, that’s why lists are helpful to make everything organized. Also, think about what do you need to bring with you and what you will not be missing. This also depends on how long will you be gone and what kind of arrangement you have with your employer. But this might be a great time to declutter your household items and get rid of all the things you no longer need. And as soon as you are done with that you can start packing.
If you have a family, you need to negotiate relocation for the whole family. This is not an isolated case. No one can put apart a family. In that case, they won’t be moving just one person but three or four depending on how big your family is. As stated before this is something that is a pretty common thing. You just need to include your family needs in negotiations as they are an important part of your life.