Bonus nationwide moving expenses to consider
There are a lot of factors that influence the overall moving price. And in the following article, you will learn more about them. So you can plan your nationwide relocation with ease. Having knowledge about what influences the estimate, will greatly help you with your long-distance relocation. All this is important as the employees, being relocated, are entitled to a relocation package or bonus. There are several ways how the employer may cover those moving bonuses. One is to pay expenses directly to Best Cross Country Movers. Or to any other contracted mover. From our side, we hope that our article will give you enough information on bonus nationwide moving expenses to consider.
Bonus nationwide moving expenses
When you move to another city or state to work for the company, you will be entitled to get relocation assistance. This bonus is meant for covering your nationwide moving expenses. And you may receive it in two cases. If you are already an employee and moving along with the company. Or, if you are moving due to the job offered to you.
In practice, there are four ways how nationwide bonuses can be paid:
- Lump sum relocation assistance – given to employees in advance, for covering moving costs
- Reimbursement of moving expenses – calculated on the bases of the collected bills
- Third-party relocation management – payment to a relocation services broker
- Direct billing of relocation – like directly paying services to the best long distance movers Tennessee
Bonus nationwide moving expenses depend on various factors
The overall moving expenses can greatly vary, depending on a lot of different factors. Some of them are simple to understand. And some of them aren’t, like the fact that moving reimbursement is taxable. The point is that you should get to know more about all the moving expenses. And in order to make a foolproof long-distance relocation plan, you should definitely know more about them all. Further in the article, you will also read more about what kind of transport you can choose. And, how far you are moving, how many items you are transporting, etc.
All these factors greatly influence the moving costs, and thus the bonus that the employer has to pay. Due to this reason, it is important to know the cost well in advance. And cross country moving professionals in Memphis can help you to calculate the moving budget.
What kind of transportation to choose that your moving bonus can cover?
Nationwide moving can be really tricky. First, you need to decide what kind of transport to choose, as that will affect your final moving cost. Namely, in case you are getting a lump sum before the move, you will have to be careful. Keep in mind that this will be your entire moving bonus. And, you have to be sure it will cover your costs. So, be practical and choose the transportation mode for which your lump sum will be sufficient.
Also, be sure that your employer will refuse to reimburse exaggerated moving costs. He will, for sure, check the average costs, before deciding on payment. He may easily discuss the subject with the interstate moving companies in Nashville. After getting the transportation costs, he can easily calculate the average moving bonus. So, anything exceeding this average moving cost will be your own responsibility.
Transportation types that you can choose from
- Airfreight and transportation – this is the quickest and safest way to transport your items and move them to another place nationwide. Although, it is the most expensive at the same time. Some movers may agree to wait for you at the airport and pick up your items to move you to your exact location.
- By sea – Perhaps the cheapest, and the most eco-friendly way to move nationwide can be by sea. That depends of course, on the fact whether or not you can use sea transport at all. It may be slow, but you will get there.
- Relocating by land – here you can choose between moving vans, train transport, bus transport, and moving trucks. Sometimes, if the place you are moving into is closer to the railroad, the train would be the most logical choice. However, in most cases, road transport can show as the most convenient one. If so, the best interstate movers Tennessee are the right company to hire.
Distance plays one of the major roles in moving cost
The next factor that can greatly raise the overall moving cost is the distance between your two homes. As we mentioned before, it depends on what type of transportation you are choosing. However, the lump sum calculation is usually based on land moving. Here, you will also learn that the distance traveled, and the time needed for your relocation can become such an expensive factor.
Now, bonuses granted for covering nationwide moving expenses, also vary in relation to the season in which your move is taking place. For instance, if you are moving in autumn, you will avoid traffic jams and other obstacles that can prolong your relocation. Also, movers don’t have that much work after the moving season is over. So you may end up negotiating a better price.
But, the best way to lower interstate moving expenses is by picking a precise route by using online tools. If you chose the shortest and best-moving route, you may end up paying less for your relocation!
The number of items you are transporting will also affect your moving bonus
The next thing that affects your moving costs is the number of belongings that you are transporting! Basically, the more items you have to transport, the more you will pay. Now, there are several ways how you can decrease the moving cost when it comes to the size of your move. You can either:
- Throw them away – but do it by calling junk removal agencies in your place or some other recycling companies
- Donations are always an option when you want to get rid of surplus items
- Selling them on Craigslist or organizing a yard sale is also a good idea too
The last choice is the one that will help you the most when you have to deal with the limited bonus for covering nationwide moving expenses. This way, you will get rid of the items you don’t need anymore. And, you will also earn some money that you can use to pay for some extra moving services. This is important because you are about to undertake a long-distance relocation. Also, keep in mind that only good movers will commit to your relocation fully and professionally. And, being professional is just one of the traits of reliable long-distance movers.
Packing and loading your items
This part of the moving preparation can be simple if you don’t have too many items to bring with you. But, if you have a lot of them, it is better to secure some help. Such help is especially important if you have some items that require special handling. These items are usually pianos, electronics, or other expensive equipment. So, you simply won’t be able to handle them on your own. Also, all your possessions must be properly packed to withstand long-distance relocation. And who can do that better than professional movers? There are also other negative sides of moving by yourself that you should learn about.
But, there is one more thing to consider regarding the long-distance relocation of your items. They must be properly loaded onto the moving truck. And, they have to be fastened properly. So, they won’t fall all over the cargo space, if the truck driver has to break suddenly. Besides, make sure to create the moving checklist. And, follow it during the truck loading. That way, you will make sure that nothing was left or forgotten.
Bonus for covering the nationwide moving expenses
The ways of granting bonuses for covering nationwide moving expenses can differ from one to another employer. In case of the company transfers you nationwide, to work for them in another place, you should be entitled to a moving bonus. However, to be on the safe side, check the company reimbursement policy. So, having this issue clarified, let’s see what costs the company will cover.
Companies have various policies when it comes to nationwide moving bonuses. Some companies will cover only the basic costs. And by that, we mean the costs of relocation of you and your household. However, many companies will also cover some additional costs. For example, a new house hunting trip to Florida. Some employers are even helping employees to find a reliable retailer in the new city. And, some even pay the costs of temporary accommodation, while you are in search of a permanent home.
Before accepting relocation, find out if you are eligible for a nationwide moving bonus
Never take for granted that moving to Florida with the best cross country movers Orlando will be reimbursed by your company. Although most companies will cover at least the relocation expenses, check their policy on bonus nationwide moving expenses. And, do it before you accept their offer to relocate.
Unfortunately, not all companies will help you with relocation. If so, you should consider if it is worthwhile to uproot your family. It can easily show that staying at home and finding another employment is a much wiser decision. However, even if your nationwide moving costs will be reimbursed, find out the exact costs that the company will cover. This can also make you decide to move or stay in Tennessee.
Bonus nationwide moving expenses can also differ within one company
Not only that different companies have various bonuses for covering nationwide moving expenses. Such bonuses will also differ within one company. So, every employer will use its own discretion to determine what they’re prepared to pay to each individual employee. And, your reimbursement will largely depend if you are:
- non-essential staff
- essential staff
Nationwide relocation reimbursement for non-essential staff
For example, you may be a new employee. Or, you might hold one of many ordinary positions. If so, you will be among the non-essentials. And, the company will probably offer to cover your basic relocation costs. In that case, your bonus may cover the full household moving assistance of the best cross country movers in Chattanooga. But, you will be the one covering the rest of the relocation-related costs.
Costs that the employer may be ready to cover for essential staff
On the other hand, companies are usually having a different set of bonuses for the essential staff. So, they might offer them a reimbursement to cover many additional services. The senior employees may also get a better reimbursement package. So, the company may decide to cover some or all of the following services to the essential staff:
- selling a house or terminating the lease earlier
- moving-related expenses (meals, transportation, and motel costs)
- costs for disconnecting and re-connecting the utilities
- cancellation fees for kid’s school
- moving costs for the entire household
- fees for the house hunting trips, overnight costs including
- reimbursement for the property closing costs
- short-term rental costs
- storage services
- relocation to permanent residence
Always try to negotiate with the employer
Although many companies do offer bonuses for covering nationwide moving expenses, they are not as generous as they used to be. However, knowing the present worldwide economic crises, such behavior is not a wonder. And, you will be able to hear many employees telling they can’t follow the company. Simply, they can’t cover the expenses. So, maybe you also can’t cover the relocation costs. But you would like to stay with the company. If so, negotiate. And, when negotiating, you can:
- ask the company to fully cover your relocation costs
- also, remind them that the use of modern technology can save time and money for them, and for you
In case they accept to keep you employed, you can work from home. If so, you will use modern technology, such as video conferences and cloud applications. Of course, if you are working in production, such an option won’t be possible.
Before the negotiation, do a throughout research on the new city
Announcing the relocation plan, the company will inform the employees about the city they are moving to. That will give you the possibility to prepare well. Namely, before negotiations, you should learn about living costs in the city. Our proposal is to check the websites. That way, you will also learn about housing costs.
Besides, in case you intend to ship your car, the company won’t reimburse that cost. Therefore, talk to the best interstate movers in Knoxville, and try to negotiate the best price.
Negotiate bonus nationwide moving expenses with the employer
Before negotiating you should make a plan. By researching the city, you will see what is the most important to you. So, those will be the subject to discuss with your bosses. For example, you can discuss the following subjects:
- to get a pre-move allowance to visit the city (to look for a new house, school for kids, etc.)
- to get the increased living costs subsidiary (Florida is not as cheap as Tennesse)
- housing subsidiary (due to higher housing costs)
- coverage for the storage costs (until moving into your new home)
It can happen that you can’t sell your property in Tennessee so fast. So, for some time, you will have to rent. And, you will have to keep a lot of your possessions in storage. In case you are valuable to the company, they might decide to increase your relocation package.
Ask the company for the relocation agreement
Once you are satisfied with your relocation package, ask for the agreement. It should be a written agreement between you and the employer. And, it should include all the points you agreed upon. Once you make sure that the agreement draft stipulates the dates and the amounts, endorse your signature.
You may also decide to relocate temporarily. So, you can stay with your old company for several months. Or for several years. In such a case, your family will stay in Tennessee. Such a case may be more convenient for suppose is employed. And, if kids are feeling better in the present school. If so, you may negotiate a travel allowance so that you can visit them on regular bases. The employer will not have to pay the best cross country movers in Clarksville for you. So, saving up on your moving costs, you will hopefully be granted the travel allowance.
Is it worth relocating for a new job?
In case you get a job offer, but the company is in another state or city, you’ll have to decide if is it worthwhile moving. The offer itself can be attractive. You may be offered a good income. And you might have the possibility for career advancement. However, there could be some pros to staying in your present city. For example, getting married soon. Or staying close to old parents. The reasons can be numerous.
However, if you decide to accept the company’s offer, be sure to ask for a bonus nationwide moving expenses. As we already saw, you can negotiate those packages. So, do your best to get the best relocation package possible. And to do so, inform yourself about the new city and state. In case you are moving to Florida, the services of interstate movers in Miami could be right for you. With Florida Traffic, you will need a mover who knows how to overcome the obstacles there.
What is better – a relocation bonus or reimbursement?
Many people are mistaken in thinking that relocation bonuses and reimbursement are the same. Even many companies, see them just as a part of a relocation package. However, there is a difference. And it is important for you to understand it.
The term relocation bonus, in many companies, is known as a lump sum. Or as a cash allowance. Basically, every relocating employee will receive a fixed amount of money. The amount is based on the factors we already discussed in this article. Some of the main factors determining the bonus are the distance and size of your relocation. And, they are basically the factors used by companies like best cross country movers Tampa, to determine cost estimation.
This package requires the employee to pay for all of their relocation expenses. After the move, the employer will reimburse the costs. In this case, the reimbursement will be up to the negotiated limit. And, it is up to you and the employer to make an agreement about the costs that he will reimburse. But, it can happen that the employee will have to give up. He will simply not have enough money to pay the moving costs.
In both cases, you have to take about expenses. The difference is that, in case of receiving a bonus, you won’t need to collect the bills, to prove your payments. But, having all that cash in hand you may be very tempted to spend, at least a bit of it, for some other purposes. In case of reimbursement, all bills have to be submitted to the accounting office. And, in case you lose some bills, you won’t be able to claim them.
Relocation bonus tax
When we talk about bonus nationwide moving expenses, we saw that they can be paid upfront, or afterwards. The thing is that the lump sum is considered as additional income on top of their salary. And as such, it is taxable. For this reason, employers are usually adding up the amount for taxes. But, they also have to warn the employees about their tax obligations.
For example, you can get a lump sum of $5,000. In this case, you will have to pay a 30% tax on this extra income. Which would leave you with $3,500. Therefore, employers usually pay the “missing” amount, to help their employees. On the other hand, relocation reimbursement is not taxable. The bottom line, this way will cost the employer less. However, the employer and the employee have to find a payment that is good for both parties.