Bristol Myers Squibb is one of the most prominent companies in the biopharmaceutical industry today. In addition to the blue-chip status and successful research and development departments, the organization is known for having some of the best compensation and benefits packages. Let us know about the ‘Bristol Myers Squibb Relocation Package’.
As the company’s standing grows, many aspiring individuals apply to the organization, willing to relocate where needed. Being a multinational company, existing employees may also need to relocate to a different city to support another facility or for better internal opportunities. Are you an aspiring or current employee looking to relocate for better prospects?
The relocation package offered at Bristol Myers Squibb
According to reviews from former and current employees, the organization reimburses the employee for all relocation-related costs like travel expenses, moving costs, temporary housing, etc. However, the package is not guaranteed to this extent and differs from employee to employee based on multiple factors.
Are Relocations Bristol Myers Squibb With Worth The Trouble?
In recent years, Bristol Myers Squibb has relocated several of its headquarters and offices. These relocations mean the relocation of employees with them. Being a multinational and successful presence, relocations are safer and often reimbursed in full. The organization officially does not release any numbers or ranges in this matter, but according to reviews from former and current employees, relocations are reimbursed with financial compensation as well as other related benefits.
What Is Covered Under ‘Relocation Packages’?
The relocations at Bristol Myers Squibb cover:
- Moving costs
- Travel costs
- Temporary housing
- Packing and shipping of household goods, etc.
The company also assists with:
- Finding a real estate agent
- Finding a new home
- Settling into the new location
- Finding schools and colleges
- Access to language and cultural training
- Counseling to deal with the stress of moving
- Obtaining necessary documents such as driver’s licenses, work permits, etc.
Do All Employees Receive The Same Benefits?
The short answer is no. While Bristol Myers Squibb offers a plethora of financial and non-financial support for any relocating employees and their families, the specific details of the relocation packages defer from employee to employee. These benefits largely depend on a number of factors:
- Reason for relocating
- The designation of the employee
- The qualifications and certifications of the employee
- Where they are relocating and from where?
- If they are relocating alone or with their family?
- How long they have worked for Bristol Myers Squibb?
- Which department do they work in?
- What their role and position is in that department?
What Are Some Reasons For Employee Relocation?
Bristol Myers Squibb is a prominent name in the pharmaceutical industry, leading to its growth and expansion into various countries and cities. This expansion allows them to find and retain top talent, expand into a new market, work with regional partners and reduce transit costs for their resources and products. The consolidation of offices also improves efficiency by streamlining operations and dispersing workload for different regions.
What necessitates relocation for employees is this expansion into new regions. This expansion requires those in higher leadership positions to relocate in order to help set up new facilities. When an organization needs to set up a new unit from scratch, the best call is to depute someone who knows everything about the process, requirements, and end product and can communicate with the higher management and new employees on the same plane.
Another reason could be for employees promoted to look over a larger area to move from branch offices to headquarters.
At the level of a company the size of Bristol Myers Squibb, new offices can also be opened in areas that would potentially attract more top talent and high-level experts.
How Do Bristol Myers Squibb’s Benefits Compare To Industry Standards?
According to reviews on Glassdoor and Indeed by former and current employees, the organization offers employees sufficient support, benefits, and compensation. Along with relocation packages, Bristol Myers Squibb also provides business travel coverage, paid vacations and holidays, a competitive compensation program, health insurance, and a 401k savings plan. The reviews have their liking for the benefits and compensation in common with one reviewer writing, “The salary was good, but these add-ons made it worth.”
Bristol Myers Squibb is a company with the financial ability to expand their regions of operation, relocate offices and employees and compensate for the relocation. While they have reimbursed employees in full for relocation costs before, the level of reimbursement largely differs from employee to employee. However, the organization’s extensive list of benefits and non-financial support go beyond the bare minimum in looking after employees and their families. Reviews from employees share their fondness for these benefits and compensations and are a good sign for any employees joining the organization or relocating for them.
1. What are some benefits offered by Bristol Myers Squibb?
BMS offers many insurances to their employees. Some are listed below:
- Pension plan
- Life insurance
- Health and dental insurance
- Unlimited sick days
- Paid bereavement leave
- Tuition reimbursement
- Daycare facilities at many sites
- Relocation compensation
- Housing assistance
- Travel compensation
- Workplace counseling
2. Is there scope for career development at Bristol Myers Squibb?
According to reviews of current and former employees on Glassdoor and Indeed, while there are benefits like mentorship programs and tuition reimbursement in place, the organization is saturated at a management level and promotions are slow and complicated, which according to one reviewer is because of, “… too many processes that slows decision making”.