Typical Relocation Package?
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Anonymous
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We are considering a move next year but the final say will belong to the company and we won't find out for sure until January. We would be moving from close in MC to a more expensive market and I'm trying to wrap my head around what might be included in a typical relocation package. This is for a mid/sr level exec position.
Here is what I assume Moving Costs Closing Costs Temporary Housing for some period What else should be included and what can be negotiated? Thanks |
Anonymous
| For senior executives the confidential package typical includes a free cover-up for the murder of one prostitute per decade. |
Anonymous
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Car inspections/registration fees
Utility turn on/off fees School registration fees Time off for moving outside of existing PTO |
Anonymous
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Haha to PP.
Op we are moving to an area where COL is significantly less (out of the country). DH is a sr level exec. We are getting flights for the family (almost 5 grand), hotel room for 2 weeks while we find a place to live, and all visa/travel documents taken care of (for me and DS, not just DH) Since the COL is so much lower, that was all DH cared to negotiate. Plus, we are only moving for a little over a year, so that factored into it as well. |
Anonymous
Oh yes, should add that there is no car needed where we are going, and DS isnt in school yet. And also forgot, as PP pointed out, the travel time it will take for us to get there is not counted as part of DH's vacation time. It will amount to about 4 days when you include flying plus getting situated. |
Anonymous
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My package:
3 months temporary housing Flights for family Hotel during tansition Rental car for 8 weeks Storage for up to 1 year while we house hunted Relocation of 2 cars Relocation of all goods, fully insured, packed professionally (we actually couldn't pack it) All realtor fees, closing and legal fees on sale of home Up to 3% loan origination fees on new loan All closing, realtor and inspection costs on new home, all transfer and title costs Tax true up at end of year for any tax obligations incurred $20,000 for incidentals (or maybe it was 10, I forget) 90 day "fair market value" buyout clause on or home (this is really rare now) Professional relocation firm to handle details Tax prep package included at EOY I think that was it It was a good package |
Anonymous
Thanks this is very helpful and I think close to what we'll be looking at. I know they do something slightly different than the guaranteed buyout, I just don't know what it is. |
Anonymous
How senior were you at the time and what type of company was this (consulting, c-level mgmt, tech firm, PE-backed, public, etc.)? Thanks. |
Anonymous
Not very to be honest. 30 years old. Entry level management at a publicly traded firm in financial svcs. Had I been senior management I'd have got the same package but with an immediate buyout and larger incidentals expense. The tax true up was very important in retrospect. |
Anonymous
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I guess I would add my firm now only offers buyout clauses at sr mgmt levels. They also had a $10 a day per diem while in temporary housing which I thought was totally random and odd.
On the tax thing- one more bit of advice- I didn't think to negotiate the formula used, they did married filing jointly tables but only considered my income, so it underrated out marginal rate an the true up still left $5,000 or so underfunded. In the future, I'd negotiate that too. It was a big amount at the end of the day - maybe $75,000 or so they had to add to my W2. Push hard on tax true ups. |
Anonymous
What year was this? |