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Gen Y New Hires Navigate their Relocation Bonuses
With services including apartment search, local tours, furniture and more, CORT streamlines the transition with comprehensive rental relocation services
FAIRFAX, VA (May 13, 2008) - As long-time employees begin to retire, the good news for recent graduates is that companies know they must look to a new generation to find bright, talented workers. Yet, accepting that dream job also means a growing likelihood of moving to a new city, and being fluent in the language of relocation packages is a necessity for recent graduates.
CORT, a Berkshire Hathaway company and the nation's leading rental relocation services and rental furniture provider, is simplifying life for recent college graduates planning to relocate by providing the nation's first and most comprehensive suite of rental relocation services.
According to the Employee Relocation Council (ERC), roughly 720,000 Americans relocate each year for their careers. More than half of employees permanently relocating and more than 90 percent of employees temporarily assigned to new locations in the United States are renters.
Employers are generally willing to help relocating employees bear the costs of moving, which averages $16,177 for a new hire renter. The most common offering is a relocation bonus, which may also be called a moving bonus or miscellaneous allowance. This typically is a lump sum of money offered to the new hire to help offset the expense of moving.
"The size and scope of relocation packages vary widely, but it is important to remember the Golden Rule of negotiation: it never hurts to ask," said Mark Koepsell, CORT's senior vice president of business development. "Knowing the right questions to ask can help ensure that new hires can take advantage of all the assistance the employer is willing to offer."
New graduates who are planning for their first relocation should list all the expenses associated with moving and setting up a new home. Some items to consider include the cost of rent, furniture, a security deposit, turning on utilities, a new driver's license and license plates, and other items that may be necessary such as a new computer or cell phone. They should also consider the actual costs of moving their belongings. According to the ERC, the typical cost of moving household goods is about $10,000 per person. About 50 percent of the companies will pay directly for moving expenses, while the others will consider it as part of a lump sum relocation reimbursement to cover all relocation costs.
A job interview is not the best time to pepper a prospective employer with questions about their relocation assistance program. A better strategy is to wait until a job offer has been extended and address relocation assistance as part of negotiating the overall compensation package. An employer who has already decided upon the right candidate for the job will be more likely to want to accommodate their needs. While many packages are fixed, often employers will work to compensate reasonable requests that may include recovering cost of breaking an existing lease, providing area tours to help new employees become acquainted with their new community, or even help moving a pet.
While a new employee may feel like they are asking for a lot, the priority of their new employer is that they are ready to focus and begin contributing to the company on day one. The fewer distractions that an employee faces in their first weeks on the job mean a better return on investment for the employer. CORT's rental relocation services ensure a smooth transition for the employee and a productive start at their new position, which simplifies the relocation package negotiation process into a win-win proposition.
CORT's services include hotels, apartments, corporate housing, single family home rentals, destination touring services, utility services, renter's insurance, car rental, job search assistance for spouses and much more. CORT relocation consultants can assist with practically any services needed to help employees and their families begin living in new communities.
CORT has access to more than 70,000 hotel and extended stay units and more than 15,000 corporate housing units. CORT also has access to more than 3.8 million apartments across the nation through its ApartmentSearch.com service, the nation's most comprehensive online apartment search Web site.
"We've had a tremendous response to our program, particularly from recent graduates who have used our local touring services to plan their first major move," Koepsell said. "For relocating new hires, learning about their new community from a knowledgeable guide helps identify the area that best meets their lifestyle needs, and reduces the inevitable stress associated with moving."
While the Internet provides a wealth of information, seeking local expert guidance enables renters to find an apartment or home in a location that matches their lifestyle, provides a manageable commute to work and is conveniently located near recreation, shopping and other amenities.
These half-day, full-day and multi-day tours are conducted by community experts, who help newcomers identify apartment communities with vacancies available while also educating them about the neighborhoods where they are located. In addition, CORT's destination services include area tours, neighborhood orientation (such as information on schools and places of worship), help establishing utility connections, assistance obtaining a driver's license and other documentation, and job search assistance for spouses.
CORT also offers Apartmentsearch.com, providing up-to-date and detailed information about more than 3.8 million apartment listings in 18,000 communities. The site offers a full suite of relocation support services, including a reward of up to $200 for finding an apartment through the website.
Largemouth Communications (for CORT)
amanda@largemouthpr.com
919-459-6456
