Maybe your dream job is at a company in another state. Maybe nobody in your area is hiring, so you have to think about moving. Can you expect any help in relocating?
Most people think that relocation packages have all but vanished since the 2008 recession, but they’re not out of the question. Senior level candidates may expect all or part of the expenses of moving the employee and family to the new location. But even if you are not a seasoned executive, if you are relocating to an area where your skills are in demand, you may be able to negotiate some assistance into your compensation package.
But in the Midwest, such programs are still pretty rare. Instead, more employers are offering sign-on bonuses to offset the employee’s relocation costs. While individual bonuses may vary, they often start at about $3,000 and averaging $5,000–$8,000; this money can be used by the employees to help offset the expenses of selling one home and buying another.
And the type of relocation assistance you can expect depends on your level of experience. Those in higher level positions, such as senior management, are commanding bigger sign-on bonuses or receiving more comprehensive relocation assistance.
Also, many Midwestern companies experienced a double-digit drop in relocations after the recession. People were turning down the opportunity to relocate because of their homes being in negative equity situations.
Then in 2010, Weichert Realtors surveyed 200 North American companies and found that sixty-five percent of respondents were beginning to offer pre-decision and loss-on-sale assistance. Pre-decision services offer a detailed analysis of all relocation costs for both the employee and the employer, while loss-on-sale assistance means the company compensates the employee for some portion of the difference between the house’s purchase price and current market value. Maybe that’s why, as of 2012, the Midwest was judged the most popular relocation destination within the U.S. Home prices are on the rebound, too, which means loss-on-sale might no longer be a consideration.
If you’re interested in relocating to the Midwest, or if you don’t want to leave it, the highly specialized recruiting professionals at Smith Hanley can help you find the job that will let you be where you want to be! If you’re looking for your next great opportunity in financial strategies, pharmaceuticals, market research, marketing analytics, information technology or consumer and commercial credit, we’d love to discuss what we can do for you. Contact us anytime!