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Employee relocation can place both financial and psychological stress on employees and their families. Whether they are staying with their current company or taking a position with a different one, employees must consider issues such as the cost of living in a new area, the loss of a spouse's income if he or she must give up a job for the move, and the emotional impact of leaving friends and family.

Relocating can be a difficult decision for any employee, and the advantages and disadvantages must be carefully weighed. Business.com has compiled a variety of resources about employee relocation.

When an employer wants to transfer an employee to another location, he or she should provide a compensation package specially designed for the employee's individual financial situation to ensure the worker does not actually lose money in addition to the inevitable emotional stress involved in the move.

As multinational and corporate businesses continue to expand, larger firms may try to lure good employees away from smaller companies by offering lucrative employee relocation packages to potential employees working in a competitor's firm. Smaller companies need to be capable of providing incentives to retain good workers. In addition, offering adequate compensation packages when transferring an employee to another location is necessary.

Employee Relocation Key Terms

Learn common terms regarding the employee relocation process

Employee relocation is a program used by many companies that have multiple branches throughout the United States or in other countries. The employee relocation process involves coordinating the move along with setting up the employee in his or her new position. Employee relocation can also involve the reimbursement of fees associated with relocating the employee and his or her family members. To assist the human resources department, many businesses choose to hire companies that provide employee relocation services.

Employee relocation services

Employee relocation services are a series of services provided by a company to assist with a move. This may include mortgage arrangement, car rentals, coordinating moving trucks and providing a company with cost reports.

Human resources

The human resources department will handle the tasks involved with relocating an employee to a different location. HR teams typically take on all of the roles of relocation unless the company decides to outsource to an employee relocation services company.

Home buying

Home buying relates to the buyout of the employee's home as well as securing the employee a new residence as part of the employee relocation package. Buyout programs can help speed up the process since the relocation will not have to be put on hold until the employee sells the home.

Employee relocation costs

Another major key term for job relocation is employee relocation costs. Employee relocation costs are the charges associated with the process of moving the employee to the new job site. Job relocation costs can include home reimbursement, transportation costs and moving expenses.

Corporate housing

Instead of purchasing real estate, renting out corporate housing is another alternative. Corporate housing sites are temporary solutions, and will often have many of the same amenities as a hotel.

Negotiation relocation package

An employee and employer will need to negotiate the terms of the relocation prior to finalizing the deal. The negotiation relocation package will include both compensation and reimbursement for expenses.

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