Total Compensation: This concept emerged in recent years to draw attention to the fact that remuneration is not only about money (salary, bonus and other benefits,) as training, career development opportunities , recognition, etc. are very important topics that the Company should care about. If we adapt this concept to the world of Expats, we can distinguish three perspectives when analysing Compensation:
- Professional: learning and improving skills and competencies, formal and informal training, increasing employability , improving career opportunities , etc.
- Family or Personal derived from the experience of the family, including the ability to learn languages (one of the most valued benefits in destination to English Speaking countries is that children learn the language) , the experience of living abroad, etc.
- Economic: includes both the salary (salary, bonus, allowances related to expatriation, etc.) as economically quantifiable benefits related to the move (house rent, schools, insurance, travel, etc.)
What is the most common reason for rejecting a Expatriation? According to a recent study*, 96% of expats reject for family reasons. The most frequent cause is the career of the spouse. According to this study, the three most important criteria for making the decision to are:
- Learning and professional experience
- Attractive experience
- Enthusiasm for the project
- The Expatriation is a sacrifice for my family
- I will make an effort because the company asked me to do it
- This movement represents a risk to my career
- I'll lose the comfort that other colleagues who remain in their country of origin will maintain.
- It's an opportunity for my family
- It is a boost to my career
- I will satisfy my desire to travel and work abroad
- I will improve my employability and my career opportunities within the company