Corporate employees are increasingly being asked to relocate overseas for work. According to a survey from Atlas Van Lines, 25 percent of respondents expect relocation to increase in the near future, with an additional 55 percent predicting a steady rate of relocation. The most popular international relocation destination in the financial industry was the U.K., while among for-profit service and manufacturing companies, it was Asia. Relocating for work necessitates a bit of upheaval, but this can be mitigated with a little planning and a lot of patience. Keep the following tips in mind as you negotiate the particulars of your relocation:
Ask for a Choice in Relocation Sites
If you’ve never had the opportunity for extensive travel, a stint working overseas should provide all the cultural experiences you can handle—plus financial compensation. However, overseas work is still work, which is why, in an ideal situation, the employee will have some say regarding the intended destination. Moving risks such as tax issues and homesickness are significant enough to warrant a final decision on the part of the employee.
When your employer brings up relocation, do not hesitate to discuss the implications of moving overseas. Mention the potential social and financial hazards of such a move and ask whether, in light of these issues, you might at least be allowed to make the final decision surrounding the exact overseas location.
Negotiate Incidental Costs
The costs of international moving extend far beyond the process of signing a lease and shipping essential items overseas. You may also find yourself shelling out for such necessities as temporary housing as your new residence is prepared, not to mention the cost of settling your affairs in your original stomping grounds.
Companies can and do provide financial assistance in these matters—in fact, Worldwide ERC reports an average of $12,459 in moving assistance. Negotiation can help you get more generous relocation compensation. Prepare a thorough breakdown of moving costs for your employer and ask whether it is within the company’s ability to cover these particulars prior to the move. Your employer needs to understand that, without compensation, the move may not be possible.
Mention the Cost of Living
An income boost and moving expense coverage may prove sufficient to cover a potential increase in your daily cost of living. Research average rent rates and other day-to-day expenses to determine how much more you’ll spend on essentials while working abroad. Present these findings to your employer and request an income boost equal to that living cost increase.
Mitigating Moving Expenses
Once you’ve maxed out on your employer’s available moving assistance, you may still require alternative financial sources. If you’ve already receiving structured settlement payments from annuities or successful litigation, this may be the time to liquidate the policy. The terms of your structured settlement may require adjustment going forward, depending on the exchange rate in the nation in which you’ll be working. Your options include continued cash for annuity payments as per the original structure settlement or, if the exchange rate proves too much, selling the annuity for a lump sum. If your employer offers access to a financial advisor, request access to this resource so as to determine the best approach for your budget and relocation site.