Hard times are hastening the trend towards slimmer packages, but expatriates aren’t fleeing
Expatriate perks are fast disappearing. ‘Localising’ their packages is a trend that started several years ago and has picked up pace in these lean times, executive search consultants say.
But expats here are not about to flee, according to HSBC’s Expat Economics survey, which suggests that most of them still have more disposable income here than they would back home. The credit crunch, therefore, has not led to a rush to book tickets out.
Still, Craig Brewer, manager of banking and financial services at Hudson Global Resources in Singapore, said: ‘There has been a dramatic reduction in the size of expatriate packages in the past four or five years, and it has been across the board.’
The financial crisis has ‘most certainly accentuated this downward trend’, he said, adding that most banks have tried to phase out expat packages, and that only at very senior levels, such as managing director, are generous perks still offered.
This compares with six or seven years back, when an employee transferred to Singapore would almost certainly have received housing and car allowances, children’s school fees and club memberships, Mr Brewer said. Continue reading
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