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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.