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What the Average Relocation Package Costs
As you probably expect at this point, average relocation costs also vary widely. In fact, we’ve seen industry stats ranging from $10,000-$100,000 per relocation—that doesn’t exactly narrow things down, does it?
One relocation provider has found that average costs range from $72,000-$97,000 to relocate homeowners and $19,000-$24,000 to relocate renters.
If that sounds high to you, well, you're in luck! One of our driving missions is to cut the cost of relocation, which is why employers that switch to UrbanBound save an average of 24% per move. But that’s another story in itself.
5 Steps to Offering a Better-than-Average Relocation Package in 2023
If you want to hire better-than-average employees, start by offering better-than-average relocation benefits. Here’s five foolproof ways to accomplish that:
• Add relocation services to your lump sum plan, so employees get expert help planning their move and enjoy a smoother relocation experience.
• Better yet, upgrade that lump sum plan to a managed benefit plan. Not only will employees receive valuable support services, you’ll recoup any unspent funds.
• Pay relocation tax gross-ups. Just do it.
• Switch to a tech-based relocation provider, if you haven’t already. Employees love having 24/7 self-service access, and you’ll love saving money.
• Monitor your relocation analytics—they offer a built-in roadmap to continually improving your relocation package.
Sure, there’s a place in the business world for average relocation packages. But if you want to shine brighter, you need to aim higher—and we’re here to help.