Relocating employees is a costly business for any company. However, relocation is unavoidable in scenarios when the business needs to pick the right candidate from a distant location.
For employees, a relocation package can reveal a lot about the company culture. Moving is a stressful process and a company that is ready to go the extra mile to support you is one that values its employees.
The exact relocation package offered to employees in a company like Pfizer depends on multiple factors. If you are planning to relocate and join Pfizer, finding the best combination to balance the cost and compensation can be challenging. Knowing how the relocation packages are designed can help in shifting the scales in your favor.
Types of Pfizer Relocation Packages
The Pfizer relocation packages are created for both new and present employees who need to shift their location to meet job requirements. Some of these packages are lump-sum payments while others offer expense-by-expense compensation. However, the offer is not extended to all employees.
Lump Sum
This is a one-time payment from the employer to cover the relocation expenses. This offer gives employees full control to manage the move and choose service providers based on their preferences. Naturally, they will have to stay within the lump sum budget.
The valuation of the lump sum package offered by Pfizer depends on the employee’s seniority and the move distance. For example, the amount offered to a fresh recruit out of grad school wil not be the same as that offered to a senior executive.
A lump sum offer helps the company to have more control over its relocation budget. That said, some experts consider this as a “you are on your own” type of benefit that can create a negative impression of the company.
Relocation Package
The other option that companies offer employees is a relocation package. This relieves the employee from the burden of managing the relocation. The package includes hiring a moving company for packing and moving, arranging housing and transportation facilities, finding schools for children, etc. For international relocations, the company also takes care of the visa paperwork.
For an employee moving to a new location, the total cost of the package can be between $72,627 and $97,116. This can be much higher for senior employees. The amount is lower if the employee chooses to rent. For renters, the average relocation package can be between $20,000 and $25,000.
How Much Does Pfizer Pay For Relocation?
Keep in mind that there is no standard formula for relocation packages. It is not possible to point out the exact amount that Pfizer pays for relocation as the exact facilities provided will depend on the level of the employees and their specific needs. You might be provided with the option of choosing between a lump sum and a comprehensive relocation package.
Now, you may want to negotiate a relocation package based on your specific needs. For that, you need to research the costs involved in your relocation. Once you do your homework and identify your needs, you will be able to make the right demands. Since recruiters are aware of relocation costs, you should be able to show cost examples to support your request.
It is important to be clear and direct about your expectations from the employer. Chances are that the employer will not accommodate all your requests. Be prepared to make compromises and move towards a mutually beneficial arrangement.
Lastly, do not forget to negotiate before signing the offer. Once you have signed it, it might be too late.
What Does a Pfizer Relocation Package Include?
Remember that the exact contents of the relocation package offered by Pfizer will vary depending on the specifics of your job. In general, a relocation package includes the following facilities.
- Arrangement of a reliable moving company to pack the household goods, transport them to the new location and unpack them.
- Insurance for all household goods for the entire duration of the move
- Home sale assistance including compensations for any losses resulting from a quick sale.
- Compensation for house-hunting trips to the new location. The number of trips can be one or two. Temporary housing in the new location for a fixed duration is also provided.
- Transportation costs to the new location for the entire family of the employee.
- Miscellaneous expenses to cover other move-related costs. This can also cover the financial disruptions you will have to face due to the move.
Does Pfizer Offer an International Relocation Package?
Since Pfizer has multiple offices across the globe, it offers international relocation packages. These packages are for selected employees and can vary based on the exact job position. Apart from the standard features, the package can include special assistance related to housing, children’s education, handling work permits, setting up bank accounts, and repatriation.
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Final Thoughts
It is important to learn the details about Pfizer relocation packages before you accept a job offer from them. You will have to go through the details of the offer and decide if it suits your specific needs.
If your company is going through a corporate relocation, ARC Relocation can help coordinate transportation, temporary housing, and even help you build a relocation package that works for you and your employees. Contact us for more information.