Are you considering a relocation, either to promote growth and expansion for your company or to provide a better lifestyle for yourself and your employees? A professional relocation management company can help you calculate costs not only for individual employee relocations, but on a corporate scale.
When you calculate relocation costs for your company, there are a number of factors to consider.
Some costs include:
- Mortgage or lease on new property
- Insurance policy down payments
- Permits and licenses
- Deposits and connection fees for utility hook-ups
- Marketing costs related to changing your website, business cards, signage, etc.
- The cost of a product and business asset inventory to prevent or record shrinkage during the move
- The actual moving costs (for yourself, the business, and your employees, if you plan to offer relocation packages)
- Loss of productivity during the move
In addition to corporate relocation costs, you'll want to factor in costs for individual employee relocations, which may include:
- Cost of replacement for employees who don't want to relocate
- Relocation incentives or retention bonuses for employees who make the move
- Relocation packages to assist employees with the move, which could include home sales and purchases, and scouting trips to the new location
Is Relocation Worth the Cost?
As with any move, you'll need to weigh the above relocation costs with the benefits of the move. Will business be better in the new location? Is your lease or mortgage less expensive, along with the cost of living? Will a better quality of life for yourself and your employees make the move worthwhile in intangible ways?