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A signing bonus is a one-time payment to a candidate once they accept a new job offer. This is suggested as an alternative to offering a lump sum to cover the cost of movers and other moving expenses, house hunting, and many other associated relocation costs.

The employee moving or relocation expenses policy outlines the company's guidelines for reimbursing employees who need to relocate for work. It details eligible expenses, such as moving services, travel, or temporary housing, and the process for submitting and approving these expenses.

A sign on bonus is normally more intended to sweeten the deal or convince the candidate to accept the offer. Broadly speaking, a signon bonus is something a manager would likely initiate. Relocation is more likely to be standard for the company. Neither of these are mutually exclusive.

Tax implications One of the first things to consider when comparing a relocation bonus vs a lump sum offer is how they will affect your taxes. Generally, a relocation bonus is considered taxable income, unless it meets certain criteria set by the IRS.

How much are you given in a relocation package? The full costs and figures can vary depending on the individual and their package however, as an example, payments are typically between $2,000 and $100,000.

As mentioned, a signing bonus can be a more cost-effective way of incentivizing employees to stay with the company, and the cost of a signing bonus is typically lower than the cost of a full relocation package.

A Repayment Agreement is a legally enforceable contract stating that if the employee resigns or is terminated by the Company within a certain time frame following relocation, the employee agrees to repay the company any relocation expenses that were paid by the company.

A relocation bonus is a lump sum of money that a company pays to a new employee to reimburse expenses related to the person moving to take the position. A relocation bonus may be called a signing bonus, as the funds are not required to be spent only on moving expenses and can be used at the new employee's discretion.