Are Relocation Bonuses Being Impacting By Remote Work?
Remote work has changed a lot about how we interact with our employers and coworkers. It has also impacted the way many people are compensated. When taking a new job, some candidates may be offered a relocation bonus. However, with so many people working from home, this is becoming less frequent. That being said, remote workers can still get a relocation bonus if they want one.
What is a Relocation Bonus?
A relocation bonus is reserved for new employees that have had to move in order to meet the requirements for a job. Typically, these bonuses are saved for already-established employees. For example, if a company was moving locations, they would need to pay staff members bonuses to help cover the cost of moving, finding a new home, etc.
Relocation bonuses are also often offered to higher-level executives. These individuals are sometimes asked to move to a different branch or travel long-term for work. So, in turn, the company provides a stipend to cover moving and relocation costs.
In some cases, relocation bonuses are offered to new hires as an incentive to come work for the business. Not long ago, companies would set up a moving company, packing services, the whole nine yards. Now, most businesses will provide a lump sum of cash and leave making the arrangements up to you.
How Remote Work Has Impacted Relocation Bonuses
The remote world has changed what relocation bonuses look like. In fact, many people moved away from company headquarters after they started working from home. People were about to relocate to areas of the country that were less expensive, improving their finances substantially.
That being said, employer relocation bonuses aren’t as common anymore. If you can work from home, they aren’t concerned with you living close by. Video conferences and virtual project management tools make it unnecessary. Anyone looking for a relocation bonus may want to look for cities that are paying out though.
While employers aren’t offering checks for relocating as often anymore, cities are offering people who relocate a chunk of change. Cities in Oklahoma, Alabama, and Kansas have all implemented programs to pay remote workers to come to live there. In fact, Tulsa launched a program that paid about 250 remote workers $10,000 each to move there. So, while the traditional relocation bonus isn’t common, there are still plenty of opportunities out there.
Want to Relocate? Work With Us
Enlisting the help of a staffing agency during your job search can help if you are looking to relocate. If you want to move to a specific area, consider looking for a staffing firm that works with companies there. An agency in the area can help find potential jobs for you as well as negotiate any sign-on bonuses or relocation bonuses. Better yet, they have established relationships with employers in the area to help you find work faster.
The Bradley Group has decades of combined experience in assisting candidates to find jobs in Charlotte, NC, and surrounding metropolitan areas. Learn more about working with us.