With increased competition in Asia leading to fewer perks for arriving expats, headhunters are looking to other regions to pull together attractive financial packages, particularly in the banking sector
Potential expats in the financial sector are finding fewer attractive pay deals in Asia, as firms feel the pinch of the global recession. But looking further afield, school fees, flights home and car allowances are still up for grabs for the right candidate in certain regions.
A spokesperson from InterExec, which acts as an agent for senior executives. says that there is increased competition for roles in Asia due to firms in Malaysia, Singapore and Hong Kong actually laying off more than recruiting.
But expats in banking can still get a good package in certain parts of Asia, and in Eastern Europe and the Middle East, for example.
“It is true that expat packages are not what they used to be and it is true that there is more demand from executives for expat roles," "It is not easy to obtain the same level of reward package as one could get previously; one of our clients was recently told when attempting to do so that 'beggars cannot be choosers'.
“Having said that, the packages are still to a very great extent tax-free and a tax-free salary is a real perk."
A recent client taking up a new role in south-east Asia, they said, had "secured a £150k base salary tax-free as compared with £125k taxable in the UK, both of course plus bonuses, no school fees and two flights home, whereas a more senior client earning a £400k package in the UK has secured a £500k package tax-free in the Middle East, six air fares a year, school fees and a driver."
Perks such as school fees and flights home very much depend on the role, and you are generally only likely to get two flights home a year at a junior level.
“Singapore is likely to match UK salaries but, of course, at a lower tax rate,".
“Russia is still well rewarded but it is becoming increasingly expensive to live there, so that there tend to be more expats coming out than going in."
So where should the smart expat look for roles in 2012? InterExec is seeing some options emerge in the Middle East, Africa and Eastern Europe for the right candidate.
“In the Middle East, the Brits tend to be preferred to the Americans, because they are more diplomatic and more able to adapt to the culture,” The spokesperson said. “Particularly relevant at the moment are Qatar and Oman. There is not much in Kuwait but Dubai is distinctly coming back."
Another company in this sector "Quintessentially People", commented New York and Paris positions are no longer in demand as expats look east.
"We have been recently working on a position in Mongolia and we had huge interest from candidates,".
"Mongolia is being invested in heavily by various countries and with a potential new major international airline opening up a route to Mongolia, the country and its people will hopefully be reaping the rewards in the coming years."
Despite increased competition for roles, the spokesperson for Quintessentially People is convinced that the packages on offer are still good enough to tempt top financial talent out of Britain.
"One of our most recent positions came with a full-time chauffeur, which would be unheard of in the United Kingdom," they pointed out.
"British citizens are an attractive asset to many overseas employers and as such, they will pay to get a top quality, experienced and high-profile employees, particularly in America and Asia."
When you are working or living abroad, or have plans of relocating into another country, it is very important that you protect you and your family’s health and their wellness.
Expatriates make sure you are covered for International Medical Insurance, April Medibroker assists & advises clients living or working abroad to both choose & place the right international Health and Medical insurance products, to suit their needs & budget.
April Medibroker is here to help you - from the initial advice on what expatriate health insurance policy to buy, through to any assistance that you may need in the future. Our staff are only a phone call or email away. Whether you need changes to cover or payment, need help with a claim or have questions about your international medical insurance policy we will gladly help.
Showing posts with label Expat Life. Show all posts
Showing posts with label Expat Life. Show all posts
30 January 2012
5 January 2012
Expat packages are they a distant memory
Lucrative expat packages are becoming a distant memory in Asia, as employers no longer need to entice top talent
Perks such as international school fees, country club membership and a car allowance were once the norm for investment bankers, fund managers and other high-flying financial services staff.
However, these generous expat packages have been axed due to strong demand from employees to head east, according to headhunting firm Astbury Marsden.
A spokesperson from Astbury Marsden in Asia Pacific, said: “Demand for jobs in Singapore and Hong Kong has now started to outstrip supply, as Asia tops the wish list as the international location of choice for an increasing number of bankers.
“An absence of political pressure on bankers’ bonuses, an increasingly attractive tax regime and the distance from the eurozone crisis are making a banking career in Asia increasingly attractive.”
Experts also say Asia experience looks good on workers' CV, should they head back to Europe.
Astbury Marsden says that the standard expat package for Asia has been reduced to one month’s accommodation in a serviced apartment at the start of the employment contract and one free flight home a year for the employee and possibly their family. It also typically includes private medical care for the employee and their family and an allowance to cover shipping and container costs.
The credit crunch of 2008 also had a negative effect, as organisations could no longer afford to pay such expensive perks.
Before 2008 expat packages would frequently include a housing and car allowance, country club fees, private school fees and help with finding a job for a spouse. On top of this would be two or three free flights home a year for the employee and their family. Most senior staff would have also enjoyed the use of a driver, cook and maid.
Recruitment firms in Asia have reported a huge spike in applications for financial jobs, highlighting how strong demand is.
One firm has received five to 10 times more CVs from Europe and the US in the past 12 months whilst another has seen a 30 per cent rise in applications.
One British expat, who works in banking, said: “To be honest I asked to move to Singapore as I wasn’t sure I’d still have a job if I stayed in London. My bank therefore knew it didn’t need to offer me a lucrative package to move.”
When you are working or living abroad, or have plans of relocating into another country, it is very important that you protect you and your family’s health and their wellness.
Expatriates make sure you are covered for International Medical Insurance, April Medibroker assists & advises clients living or working abroad to both choose & place the right international Health and Medical insurance products, to suit their needs & budget.
April Medibroker is here to help you - from the initial advice on what expatriate health insurance policy to buy, through to any assistance that you may need in the future. Our staff are only a phone call or email away. Whether you need changes to cover or payment, need help with a claim or have questions about your international medical insurance policy we will gladly help.
Perks such as international school fees, country club membership and a car allowance were once the norm for investment bankers, fund managers and other high-flying financial services staff.
However, these generous expat packages have been axed due to strong demand from employees to head east, according to headhunting firm Astbury Marsden.
A spokesperson from Astbury Marsden in Asia Pacific, said: “Demand for jobs in Singapore and Hong Kong has now started to outstrip supply, as Asia tops the wish list as the international location of choice for an increasing number of bankers.
“An absence of political pressure on bankers’ bonuses, an increasingly attractive tax regime and the distance from the eurozone crisis are making a banking career in Asia increasingly attractive.”
Experts also say Asia experience looks good on workers' CV, should they head back to Europe.
Astbury Marsden says that the standard expat package for Asia has been reduced to one month’s accommodation in a serviced apartment at the start of the employment contract and one free flight home a year for the employee and possibly their family. It also typically includes private medical care for the employee and their family and an allowance to cover shipping and container costs.
The credit crunch of 2008 also had a negative effect, as organisations could no longer afford to pay such expensive perks.
Before 2008 expat packages would frequently include a housing and car allowance, country club fees, private school fees and help with finding a job for a spouse. On top of this would be two or three free flights home a year for the employee and their family. Most senior staff would have also enjoyed the use of a driver, cook and maid.
Recruitment firms in Asia have reported a huge spike in applications for financial jobs, highlighting how strong demand is.
One firm has received five to 10 times more CVs from Europe and the US in the past 12 months whilst another has seen a 30 per cent rise in applications.
One British expat, who works in banking, said: “To be honest I asked to move to Singapore as I wasn’t sure I’d still have a job if I stayed in London. My bank therefore knew it didn’t need to offer me a lucrative package to move.”
When you are working or living abroad, or have plans of relocating into another country, it is very important that you protect you and your family’s health and their wellness.
Expatriates make sure you are covered for International Medical Insurance, April Medibroker assists & advises clients living or working abroad to both choose & place the right international Health and Medical insurance products, to suit their needs & budget.
April Medibroker is here to help you - from the initial advice on what expatriate health insurance policy to buy, through to any assistance that you may need in the future. Our staff are only a phone call or email away. Whether you need changes to cover or payment, need help with a claim or have questions about your international medical insurance policy we will gladly help.
28 November 2011
New study of expats in China underway
A student of anthropology from New Zealand is spending a year in Shanghai, China, to study expats.
The doctoral student previously studied the behaviour of anti capitalists in New Zealand and says there are similarities between the two groups. And will look at everything relating to the expat life including what furniture they buy, their social life and what they eat.
‘They are both examples of urban ethnography, and they both deal with marginal identities. Expats in China are a marginal identity. They’re used to being in the mainstream and suddenly thrust into a marginal position in society. A privileged marginal position, but it’s marginal nonetheless,’ he explained.
He will look at everything relating to the expat life including what furniture they buy, their social life and what they eat.
Foote believes that by observing the expat community he will get a far better idea of who they are and what their values are, more so than any survey as people can easily give answers that they think the survey wants and even lie.
Foote, who arrived in August, will spend the first six months of his research period simply living the life of an expat in Shanghai, informally observing expats, making friends, catching up on the gossip and working out how the community ticks. Then he will conduct a series of formal interviews with expats to answer his key questions about community and identity.
I’m looking at how expats construct community, and why community is more important here than it would be at home. I’m also looking at the construction of a new identity in China, how being in China influences your construction of identity, and the role of community in that,’ he explained.
A key area he hopes to examine is that of wives who are sometimes referred to as the ‘trailing wives’ as they follow their husbands around the globe. He wants to find out if they are reluctant to move to China or find it stressful living in the city.
‘Back home, we’re more receptive to new ideas and experiences because we don’t feel they will threaten our identities. Whereas in this situation, the boundaries around our identity close down because they’re constantly being contested. We’re constantly having to face things that are outside of our comfort zone,’ Foote said.
‘And we still make choices about what we accept, but those are much more conscious choices, like okay, I like this piece of Chinese culture, so I’ll let it through,’ he added.
An example he says is an expat housewife buying a Chinese bowl to show that she is embracing her new country but that bowl might not be Chinese at all but made in Singapore to a Japanese design and is actually something that is rejected by modern Chinese people who would rather buy something from IKEA.
When you are working or living abroad, or have plans of relocating into another country, it is very important that you protect you and your family’s health and their wellness.
Expatriates make sure you are covered for International Medical Insurance, April Medibroker assists & advises clients living or working abroad to both choose & place the right international Health and Medical insurance products, to suit their needs & budget.
April Medibroker is here to help you - from the initial advice on what expatriate health insurance policy to buy, through to any assistance that you may need in the future. Our staff are only a phone call or email away. Whether you need changes to cover or payment, need help with a claim or have questions about your international medical insurance policy we will gladly help.
The doctoral student previously studied the behaviour of anti capitalists in New Zealand and says there are similarities between the two groups. And will look at everything relating to the expat life including what furniture they buy, their social life and what they eat.
‘They are both examples of urban ethnography, and they both deal with marginal identities. Expats in China are a marginal identity. They’re used to being in the mainstream and suddenly thrust into a marginal position in society. A privileged marginal position, but it’s marginal nonetheless,’ he explained.
He will look at everything relating to the expat life including what furniture they buy, their social life and what they eat.
Foote believes that by observing the expat community he will get a far better idea of who they are and what their values are, more so than any survey as people can easily give answers that they think the survey wants and even lie.
Foote, who arrived in August, will spend the first six months of his research period simply living the life of an expat in Shanghai, informally observing expats, making friends, catching up on the gossip and working out how the community ticks. Then he will conduct a series of formal interviews with expats to answer his key questions about community and identity.
I’m looking at how expats construct community, and why community is more important here than it would be at home. I’m also looking at the construction of a new identity in China, how being in China influences your construction of identity, and the role of community in that,’ he explained.
A key area he hopes to examine is that of wives who are sometimes referred to as the ‘trailing wives’ as they follow their husbands around the globe. He wants to find out if they are reluctant to move to China or find it stressful living in the city.
‘Back home, we’re more receptive to new ideas and experiences because we don’t feel they will threaten our identities. Whereas in this situation, the boundaries around our identity close down because they’re constantly being contested. We’re constantly having to face things that are outside of our comfort zone,’ Foote said.
‘And we still make choices about what we accept, but those are much more conscious choices, like okay, I like this piece of Chinese culture, so I’ll let it through,’ he added.
An example he says is an expat housewife buying a Chinese bowl to show that she is embracing her new country but that bowl might not be Chinese at all but made in Singapore to a Japanese design and is actually something that is rejected by modern Chinese people who would rather buy something from IKEA.
When you are working or living abroad, or have plans of relocating into another country, it is very important that you protect you and your family’s health and their wellness.
Expatriates make sure you are covered for International Medical Insurance, April Medibroker assists & advises clients living or working abroad to both choose & place the right international Health and Medical insurance products, to suit their needs & budget.
April Medibroker is here to help you - from the initial advice on what expatriate health insurance policy to buy, through to any assistance that you may need in the future. Our staff are only a phone call or email away. Whether you need changes to cover or payment, need help with a claim or have questions about your international medical insurance policy we will gladly help.
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