You’ve been offered a position with a new food & beverage employer. The job has everything you’re looking for: more money, greater responsibility and a better potential for advancement.
It also requires you to relocate.
The employer has offered you a relocation package – but is it enough?
Before you decide, you must first consider your total moving expenses and understand relocation package standards:
Know Your True Moving Costs
Beyond the invoice you’ll receive from your moving company, you may incur a whole host of additional expenses and inconveniences. Here are a few factors to consider:
- What’s the difference in the cost of living?
- How have mortgage interest rates changed from when you purchased your last house until now?
- What realtor fees and closing costs are you likely to incur?
- Will you be able to sell your current home before you move?
- Will you be able to move into a new home immediately, or will you require interim living arrangements?
- How much travel time and research will be involved in choosing a new area in which to live?
- What travel expenses will you incur while in transition between your old and new locations?
- Will your family move at the same time as you?
- Will you have to store personal belongings temporarily?
- What service disconnecting/connecting fees will you have to pay?
- Will you require assistance finding a new home, or schools/daycare arrangements for your children?
- Will your spouse be able to find a new job easily?
Once you truly understand your needs, you’ll be in a better position to determine whether or not the new employer’s relocation package is sufficient.
Know What Assistance is Typical
Food & beverage employers vary widely in what they offer, with larger companies usually having more comprehensive and standardized policies. Most employers that provide relocation benefits to new hires generally offer the following:
- Moving and storage costs. Packing, moving and unpacking costs of reasonable household goods are generally included.
- The physical move. New employers typically pay for the expenses of a family en route to their new location. Covered expenses include travel, meals and lodging.
- Temporary lodging costs. Employers often pay for a new employee’s lodging in an extended stay hotel or apartment for the first 15 to 60 days of employment. This allows for the employee to set a reasonable start date of employment and then complete the physical move to a more permanent location at a later date.
In addition to these standard offerings, some employers provide additional relocation assistance to make a move possible:
- House-hunting trips. Employers may cover a house-hunting trip of up to four days, for you and your spouse. Covered expenses include travel costs, meals and transportation while searching.
- Travel costs back home. For new hires who relocate before their families move, some employers will pay employee expenses associated with traveling back and forth between old and new locations for the initial period of employment.
- A lump sum to cover incidentals and aforementioned disconnection/connection of utilities, etc.
- Realtor’s fees and/or closing costs.
- Home sale assistance, buy-out or loss coverage up to a set dollar amount.
These embellishments are typically negotiated on a case-by-case basis. In our next food & beverage relocation post, we’ll provide tips for successfully negotiating a package that meets your needs.
Contact Kinsa Group today for assistance with your executive food & beverage job search. From food science and engineering, to executive management and quality assurance, we provide immediate access to a wide range of the industry’s best food & beverage career opportunities.