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Typical/fair relocation bonus
Posted on 11/2/17 at 10:32 am
Posted on 11/2/17 at 10:32 am
I've been offered a promotion from within my company. The job would be in a city I'd much prefer to be. The state that I'm currently living, pays well above the national average within my field. I'd stay if I were closer to retirement, or had a family. But I'm homesick, and I want to move back.
Because of my current pay, even a promotion will require a paycut. This I'm okay with. But I've been offered a relocation bonus, to help with moving expenses, etc. My potentially new boss asked what I wanted. I told him I would have to think about it, before giving him a number.
What would be a fair amount to ask for?
I've gotten sign on bonuses before, but it was to work on a very large project while they were having trouble finding people willing to move to the location. Other times, I've just been reimbursed for my expenses.
I'd like to throw out a number that's fair, but not seem greedy either.
Because of my current pay, even a promotion will require a paycut. This I'm okay with. But I've been offered a relocation bonus, to help with moving expenses, etc. My potentially new boss asked what I wanted. I told him I would have to think about it, before giving him a number.
What would be a fair amount to ask for?
I've gotten sign on bonuses before, but it was to work on a very large project while they were having trouble finding people willing to move to the location. Other times, I've just been reimbursed for my expenses.
I'd like to throw out a number that's fair, but not seem greedy either.
13
Posted on 11/2/17 at 10:35 am to CCTider
10% of salary 
Posted on 11/2/17 at 10:35 am to CCTider
Raytheon offered Volod $3,500.00
Posted on 11/2/17 at 10:37 am to CCTider
If you want to be fair, just ask if you can pay for moving charges, including a trip there to look for a place to live, and get reimbursed for the costs.
I took a job across the country after grad school that paid $12,000 for relocation. But that was a new hire situation
I took a job across the country after grad school that paid $12,000 for relocation. But that was a new hire situation
Posted on 11/2/17 at 10:37 am to CCTider
All expenses paid plus 20 large if you're single
Posted on 11/2/17 at 10:38 am to CCTider
I got 6500 to move 250 miles.
This post was edited on 11/2/17 at 10:39 am
Posted on 11/2/17 at 10:41 am to CCTider
I've relocated for companies that offered a lump sum ranging anywhere from $10k-$20k or just simply a reimbursement up to a certain amount but was pretty generous on what fit into 'relocation expenses'.
Typically the higher up your position is the better packages they offer.
Sort of weird they put that ball in your court. Typically any respectable company would already have those sorts of policies in place.
Should be a good fit for you tho as you sound like a beta that can't hack it in the real world and wants to run home to mommy.
Typically the higher up your position is the better packages they offer.
Sort of weird they put that ball in your court. Typically any respectable company would already have those sorts of policies in place.
Should be a good fit for you tho as you sound like a beta that can't hack it in the real world and wants to run home to mommy.
This post was edited on 11/2/17 at 10:43 am
Posted on 11/2/17 at 10:50 am to CCTider
We got $35K AFTER taxes to cover realtor fees + moving company to pack, move, unpack + transporation of cars + corporate housing in new location for 6 months + 1 year guarantee that if the job was terminated for any reason we got all of that to move back home if we desired.
Dumbass company laid my wife off 11 months after and had to pay all of that out again for us to move back home instead of just waiting another month.
Dumbass company laid my wife off 11 months after and had to pay all of that out again for us to move back home instead of just waiting another month.
Posted on 11/2/17 at 11:45 am to CCTider
I relocated to Chicago and got a CoL adjustment plus 15%. They also paid for all the moving expenses (movers, realtor, closing costs, plane tickets) and then $4500 in living expenses for the time until we got settled in.
The moving expenses we paid directly by the company so I never saw that amount.
The moving expenses we paid directly by the company so I never saw that amount.
Posted on 11/2/17 at 11:48 am to CCTider
Get a moving company to come out and give you an estimate (free), and add 10% to that.
Posted on 11/2/17 at 11:49 am to SEC. 593
Mine was:
-$5k for incidentals
-Paid for movers (including packing and unpacking)
-2 months corporate housing
-Paid realtor costs and commissions
-4 round trip flights back to deal with house stuff or whatever
Had to agree to stay on for 1 year.
There was also a sign on bonus but that was related to switching companies, not really related to the move specifically
-$5k for incidentals
-Paid for movers (including packing and unpacking)
-2 months corporate housing
-Paid realtor costs and commissions
-4 round trip flights back to deal with house stuff or whatever
Had to agree to stay on for 1 year.
There was also a sign on bonus but that was related to switching companies, not really related to the move specifically
This post was edited on 11/2/17 at 12:31 pm
Posted on 11/2/17 at 12:03 pm to Bruco
Btw- I’m not an accountant, so I don’t know all the rules, but be sure to ask about their tax gross up policy for any relocation expenses/bonuses that are subject to tax.
Posted on 11/2/17 at 12:07 pm to CCTider
United Van Lines shows up at your house. Day 1 and 2 pack up your stuff. Day 3 move your stuff onto truck and leave. Arrive at your new home and unload and arrange at new house.
Compensation of 1.5 months salary to 2 months salary for job move.
Buy your house at fair market value if hasn't sold in 2 months.
Negotiated rate from Wells Fargo on new home.
That was the old standard when I ran the hamster wheel.
Edit: Realtor and Fees also. Forgot about that.
Compensation of 1.5 months salary to 2 months salary for job move.
Buy your house at fair market value if hasn't sold in 2 months.
Negotiated rate from Wells Fargo on new home.
That was the old standard when I ran the hamster wheel.
Edit: Realtor and Fees also. Forgot about that.
This post was edited on 11/2/17 at 12:09 pm
Posted on 11/2/17 at 12:28 pm to CCTider
I got $12.5 k to move from Miami to DC on short notice.
I needed the new company to pay for my actual move, 1 month of rent on my Miami lease, flight/hotel for my trip up to see places to rent, and hotels for my drive up to actually move
All told, think I spent like 8k or so of it (4k was the actual move and almost 2k was my Miami rent)
I needed the new company to pay for my actual move, 1 month of rent on my Miami lease, flight/hotel for my trip up to see places to rent, and hotels for my drive up to actually move
All told, think I spent like 8k or so of it (4k was the actual move and almost 2k was my Miami rent)
Posted on 11/2/17 at 12:55 pm to CCTider
I recently got a relo package of $80k. That was bonus and moving expenses.
Eta: had to stay on at least a year or pay back
Eta: had to stay on at least a year or pay back
This post was edited on 11/2/17 at 12:57 pm
Posted on 11/2/17 at 1:00 pm to CCTider
Have you factored in cost of living in the new city? What's your net take away at the end of the year?
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