What is corporate relocation? What does corporate relocation mean?

Corporate Relocation

Corporate relocation happens when an employer transfers an employee from one location to another location and pays for all or some of the moving expenses.

Corporate Relocation Meaning

A corporate relocation package is a set of processes associated with the employee’s relocation and the financial benefits and expenses involved.

It can be a challenge to establish the right package for your employees. The relocation process can be costly, especially for a global relocation. Expense coverage depends entirely on the employer, but many companies provide employees with the financial support they need to mitigate the costs involved when moving to another location.

Some companies may offer a lump sum, or a set cash amount to cover a move. Others may partner with a full service moving company to assist their relocating employees. Finally, some companies have their own relocation management companies who handle employee transfers.

No matter what, there are many costs included with a corporate relocation. These costs include:

• Childcare and elderly care assistance fees.
• Cultural training fees (if an employee moves to another country).
• Fees associated with spouses/partners losing income because of the relocation.
• Legal fees associated with selling a home.
• Legal fees associated with buying a home.
• Passport and visa fees.
• Packing and unpacking services.
• Rental costs for temporary housing.
• Storage and warehousing costs.
• Transportation costs associated with relocation — flight tickets, train tickets, gas, etc.
• Transportation costs incurred if an employer visits family members who have yet to move.
• Vehicle moving costs.

Not all employers offer these benefits. Human resources departments will provide employers with more information about internal relocation packages.

Other terms that might refer to this process include employee mobility, employee transfer, and global mobility.

Corporate relocation services

Using one moving company to handle all of your corporate relocation needs could save you time and money. Instead of using several different providers, one company will be responsible for all aspects of your move, such as packing and storage services.

The best companies will provide you with a single point of contact to facilitate your corporate relocation. And, the right company will also offer a complete list of services to support your employees throughout the process.

There are also are a lot of terms that you will need to know about corporate relocation. The right moving company understands all of the parts that make up a big move and will be able to explain these things to you and your employees.

For example, they’ll need to explain what insurance policies you can offer them for the move.  Moving companies will offer full (replacement) value or released value coverage. When relocating, employees may also be interested in things like per diem rates or spousal assistance. The right company will be familiar with these terms and will be able to explain these options to your employees.

These companies will customize their services based on your budget and the lifestyle of your employees. The right relocation partner will offer meaningful relocation benefits while also being cost effective. With a customized plan, you can strengthen your internal relocation policies without spending a fortune on employee transfer. You can also choose the level of financial benefits you wish to provide to employees based on criteria such as homeowner status or years of employment in your organization.

Call Nelson Westerberg

With over 100 years of experience, we’ve moved companies (and their employees) to locations both near and far. We know the ins and outs of corporate relocation. We’ll provide all of the services that get your people where they need to go, and fast. Or, we’ll partner with your relocation management company to get the job done right. Either way, we’ll help you get your employees successfully relocated.

Hand over this big job to us. We’ll do the heavy lifting. And let you concentrate on the hard work of running your business.