You’ve landed the perfect job, but it requires a move. Or maybe you’d like to relocate and work somewhere that requires a move. What’s the next best step? While relocating can be exciting, it can also be stressful!
If you are relocating for work, here is what you need to consider before accepting.
Understand Relocation Assistance
Many facilities offer relocation assistance packages. This assistance might not cover the entirety of a move but can help offset some of the cost.
Usually, there is a cap on how much relocation assistance is provided, and it can be given in several different ways. Here are the most common:
Relocation Reimbursement: This is when the company reimburses you for a set amount of your relocation expenses. Typically, you need to save receipts for expenses incurred (such as a moving truck, movers, and other moved-related costs).
Lump Amount: A company usually has a set amount that they are willing to offer for relocation. Instead of needing to submit receipts for reimbursement, some companies will simply pay the maximum amount ahead of time for you to use.
Relocation Bonus: While this is similar to the lump amount relocation assistance option, a relocation bonus may be used to offset additional costs incurred with a move. For example, if you need to pay a fee to break a lease in order to move, a relocation bonus may be offered to help cover the cost.
Relocation assistance is an attractive part of many job offers. If you are unsure if relocation assistance is available to you, ask the hiring manager about possible options. If you need relocation assistance that wasn’t offered, you can inquire about options available at the facility you hope to work at.
Budget for Out of Pocket Expenses
There’s no way around it—moving is expensive! Even if your position does offer some relocation assistance, there is still a good chance you’ll incur some out-of-pocket expenses.
It’s a good idea to price out your options ahead of time and to understand your moving needs. For example, do you need to hire movers to help move big items like a bed or couch? Are you renting a moving truck or hiring someone else to drive one for you? Or maybe you’re going in a different direction selling many of your belongings and shipping what you truly need.
Regardless of your moving method, it is important to have a ballpark of how much you’ll likely spend on a move.
Explore How Your Taxes Might Change
Different states have different income tax laws. Additionally, income such as sign-on bonuses and relocation assistance are considered taxable income.
It is important to understand how a big move may impact your taxes. If you haven’t already, seek the advice of a licensed tax professional for more information if needed.
Understand How Licenses Transfer
Before accepting an offer, it is important to understand how your license can transfer if you are moving across states. For example, if you are a nurse and looking to work as a travel nurse, many states have compact agreements. This means your registered license transfers more easily to states that are part of this group.
However, some states may require you to take an exam or have other requirements in order for your license to transfer. It is important to be aware of this so you can take any necessary steps to have an active license.
Hoping to Relocate for Work?
Are you hoping to relocate for work and haven’t found the right opportunity yet? 365 Healthcare Staffing Services would love to help you find the perfect fit!
As a national healthcare staffing company, they have several opportunities available across the country, with recruiters available to answer any questions. They would love to speak with you to understand what you are looking for in a role and help you make your next career move.
If a travel contract assignment sounds like an exciting new adventure, check out their open positions to get started today!
