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."
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