Corporate relocation happens when an employer transfers an employee from one location to another location and pays for all or some of the moving expenses.
A corporate relocation package is a set of processes associated with the employee’s relocation and the financial benefits and expenses involved.
Expense coverage depends entirely on the employer, but many companies provide employees with the financial support they need to mitigate the costs involved when moving to another location. Some companies may offer a lump sum, or a set cash amount to cover a move. Others may partner with a full service moving company to assist their relocating employees. Finally, some companies have their own relocation management companies who handle employee transfers.