“How to Get the Best Expat Salary Package” ..otherwise you probably leaving money on the table or simply being underpaid.
“If the company could get a local to do the same job more cheaply, they would – they want you because you can get the job done,” said Tim Foulds, a British expat and bureau manager for research company Euromonitor .
In other words they're a bit desperate to get the job done. With that said, they're willing to pay you any compensation/fringe benefits (expat package) that worth.
Expat Package can be worth significantly more than your base salary. Certain countries are likely to pay you more than others and this goes along the cost of living in each country and the currency in which the salary is delivered.
For instance, the cost to companies of a typical total expatriate package for middle managers in the UK is around USD$430,000 per year on average.
Japan is home to Asia's highest expatriate packages. On average, a package for an expatriate Middle Manager there is worth USD$ 329 000 per year.
In Hong Kong, the package is around USD$272,000 per year, slightly lower than in Shanghai and Beijing.
The average expatriate package offered in Singapore is around USD$ 239 400 per year.
So, how do you know if you’re also being given a good deal, particularly when expat fringe benefits can be worth significantly more than your base salary?
First off, when considering the cost of an expatriate package you need to factor in nine main elements: base salary/basic incentives, premium incentives, housing , relocation , transportation , healthcare cover, spouse/family assistance, international school for your kids and Leave/Holiday/Repatriation .
But seeing those in your offer is just the start.
Knowing what to ask for — and what you should be able to get — is a critical first step in negotiation. If you make a move without paying close attention to your overall financial package, you're risking being underpaid or simply leaving money on the table. You’ll need to dig in to figure out what they’re really worth.
For this reason, we have designed the Expat Compensation/Benefits : Q&A Master Checklist. Essentially, the Expat Compensation/Benefits : Q&A Master Checklist is a diagnosis tool that will help you assess the job offer / contract and eventually boost and maximize your expat benefits and compensation package (expat package) by ensuring that ;
All costly issues have not been overlooked in a job offer/contract
All possible benefits and compensation that the employer has to offer is worthy
Know what to ask and gives you confidence to forge head during renegotiation
Evaluate the worthiness of the offer against best practice standards
The Expat Compensation/Benefits : Q&A Master Checklist is a definite tool to help you see at-a-glance all the worthy points of your offer so you can scrutinize the valuable aspect you need to ‘renegotiate’ the best salary package. This tool is a short cut solution and will cut right to the chase by giving you the answers you're looking for.