Many professions are hot right now. For example Internet of Things (aka) IoT knowledgeable professionals are in demand, but it’s also in short supply. This means that qualified engineers can find work in any job market. If you’re one of the 40 percent of workers considering a job change, the world is your oyster.
Before you embark on a life in a new city, province, or continent for your next career move, be sure to work through the steps below.
Weigh Your Options
For most career professionals, location is one of various competing factors that will influence their decision to take a job. Sure, if you’ve dreamt of living in London or Vancouver your whole life, a job offer is by far the easiest way to secure a long-term residence permit.
In most cases, though, relocations should come with more perks than just a change of scenery. Will this move further along your desired career trajectory, or give you access to a vibrant start-up scene? If you have a spouse or children, how will they be impacted by the move?
If the potential for growth outweighs any other drawbacks, relocating may be the best move for you and your family. On the other hand, if the cons seem to outnumber all the pros, it doesn’t need to be a dealbreaker. Reach out to the employer and ask if your role can be performed remotely, or if you can start on a trial basis before making a permanent move.
Review Your Financial Situation
Even if your new offer comes with a considerable boost in salary, relocating costs can add up quickly. For example, if you have to sell your current residence, the expenses for readying your home to attract buyers have to be considered as part of the moving costs.
Major companies sometimes offer relocation bonuses to defray the cost, but there are many hidden expenses that can add up. If you’re moving internationally, you may need to work with a lawyer or pay visa processing fees. Moving to a new climate may require a new wardrobe.
Creating a moving budget can help you anticipate upcoming expenses and give you a realistic understanding of how the move will impact your personal economy. If you need to hire any services, like movers or transportation companies, be sure to do your research. Ask at least three different companies for estimates so you can find the best deal.
Learn The Market
Moving to a new location often means entering a very different economy. A salary offer that may be more than enough to live comfortably in your current town may be way too low in your destination. Before you accept a position in another job market, look up cost of living information.
This would include the average rent costs, salary averages for others in your field with equivalent experience, and any additional tax liabilities. You can leverage these numbers to negotiate a suitable salary to maintain your desired standard of living.
Websites like Numbeo and Expatistan are a great place to start. These sites aggregate cost of living data from individuals in cities around the world. Expatistan even has a calculator that can estimate the salary you will need to earn in your new location to keep your current standard of living.
Networking with like-minded people is the best way to get a professional and social foothold in a new city. Your new colleagues will probably form the basis of your first social group.
You can branch out and find other new arrivals through social sites like Meetup. Relocated workers making an international move can turn to expat-focused websites like InterNations.
If you already speak the language of your home country, you can try joining social clubs to meet locals. Otherwise, start a language course as soon as possible to accelerate your integration.
Ask for Relocation Benefits
The traditional relocation package that offers temporary housing and expense reimbursements is not that common. Often, these perks are reserved for highly specialized workers or very large multinational firms. If you are relocating to join a small or midsized company, they may not be able to offer full relocation support.
This doesn’t mean that you shouldn’t negotiate for some assistance. For example, you could request an upfront bonus to cover the costs of hiring a relocation firm.
Without help from your firm or a relocation company, you’ll have to relearn the basics on your own. That includes everything from how to rent an apartment in your new city to how to open a bank account.
Since this will ease your transition and improve your productivity in the long run, many firms will agree to these terms. You can also consider negotiating for paid time off for house or apartment hunting or applicable insurance coverage.
Moving for a career is a big decision. Be sure to weigh your options, review your financial situation, learn the market, make connections, and ask for relocation benefits.
For more ideas, see ChaChingQueen’s Career Posts.
Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.
Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.
Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.
Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.