If you have been offered a job in a new city or thinking of relocating for work, you are not alone. In fact, Americans move most often for work, according to past research by SHRM. While relocation for work can be an exciting opportunity to start anew, it also comes with a few considerations. While the all-important salary question will play a role, it is not the only thing to think about before you decide whether it is worth it. From the cost of living in your new home to the relocation support that your employer is offering, here are a few things to keep in mind when thinking of relocating for work.
Will You Be Better Off Financially After The Move?
If your employer (or potential employer) is asking you to relocate, one of the first things you need to think about is the financial aspects of it, including a bump in salary. Before having a conversation with your employer about a pay rise due to relocation, do your research for the cost of living for your new location. Look at costs such as housing, utilities, and groceries. A great way to approach this is to do a comparison of salaries in both cities.
Remember to include moving costs as well. You may have to ship your furniture (or purchase new furniture) and face new expenses after relocating. Incorporate that into your final income needs before you decide whether it is feasible to relocate for work. Ideally, you want to ensure your quality of life remains the same or improves when relocating. You should not be financially worse off.
What Kind Of Support Is Your Employer Offering For Relocating?
Many employers now offer a relocation package to help employees with the cost of living and moving to a new city. While not legally obliged, it has become common practice for employers to offer some kind of support to those relocating. However, the extent of that support can vary according to the employer. While some may provide a comprehensive relocation support package include financial help with rent, stipend for relocation, and even help to find a home in a new city, others may choose to offer a flat relocation bonus. In this case, it will be up to you to calculate whether the relocation bonus is enough for your moving expenses.
If you are interviewing for a new job and offered relocation, take a look at company and state laws as well. Some states will pay you to relocate. For instance, the Tulsa Remote program offers up to $10,000 in incentives to remote workers who decide to live in the area for at least 1 year. You should also check whether state legislation covers you in the event of workplace accidents or illnesses. For instance, Texas workers comp laws dictate that employees could be eligible for 4 kinds of benefits: medical, income, burial, and death benefits. However, the state of Texas is also 1 of 2 states where workers compensation is elective for employers. Neglecting to do this could mean you are left paying out of pocket if you get ill or have an accident in the workplace.
Is It A Long-Term Career Move?
Finally, think about whether there is scope for progression for yourself (professionally and personally) after relocation. If your relocation for work is only temporary, you may not want to invest in permanent moving expenses such as purchasing a home. Instead, signing a long-term or short-term rental tenancy would be better. If you are moving to a new city to find work opportunities, consider future potential before choosing your relocation city. Some of the cities with strong job growth in 2021 included Jacksonville, Florida, and Salt Lake City, Utah. Tailor your search for job growth to fit your skill set and industry.
Relocating for work can be a fantastic opportunity to advance your career and expand your professional network. However, it can also be expensive and often requires some financial and professional preparation. Asking yourself these questions and taking time to weigh the pros and cons will tell you whether relocating for work is the right move.
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