If you think expats live a life of luxury on a lavish benefits package providing housing, private schooling for the kids, a car and servants, then think again say recruiters.
In a study of thousands of expats working in the high flying financial sectors of Singapore and Hong Kong, only a fifth have been employed on an expat package – and most of them are old hands in the banking and financial worlds.
Many rue the days of a decade or more back when companies eager to build a bridgehead in Asia lured top talent to what was a new frontier on the promise of almost decadent benefit packages.
After cuts and the downturn, money is tighter, more firms are established in Singapore and Hong Kong’s financial sectors and more expat talent is ready to move overseas.
A competitive salary is still important, but companies do not have to offer that extra package unless they are headhunting an elusive star.
Employment package myth
“The expat myth is banks and finance houses in Singapore and Hong Kong will offer extravagant packages to entice expats to come to work for them. It’s simply not true,” said George McFerran, director at careers website eFinancialCareers.
“Most expats are hired on local packages and many who had perks in the past have given them up to take new contracts on new terms because they want to stay in Asia.”
McFerran also explained many firms prefer to recruit local professionals, so only offered expats the same remuneration packages as local candidates.
“Businesses are looking closely at their costs these days and expat housing and schooling packages are rarely doled out to candidates,” he said.
“The only candidates commanding extra benefits are those filling the most senior roles or those with very niche skill sets.”
Competition for talent
These expats often have a technology or science pedigree rather than banking and financial services.
Expats who are looking for extra benefits are more likely to pick up the bonus package if they are posted abroad by their current employers, say recruiters.
International recruitment consultants Astbury Marsden say the packages they have seen recently for directors and CEOs in financial services include:
- Housing
- Private schooling
- Relocation costs
- Flights out
- Up to six weeks of temporary accommodation costs
“Mostly these are small firms competing for the best talent with multinationals who have to up the ante,” said the spokesman.
Ya. You might want to look up words before using them. ‘Rue’ = Regret. You’ve used it as a synonym for longing. You’re supposedly a writer. Words are your tools. Please learn the difference between a hammer and a chainsaw.