Expatriate Benefits for Beginners
Explore resources which can help you understand expat benefits
To begin a tutorial on expatriate benefits for beginners you must first understand what an expatriate is. An expatriate is a worker who is temporarily or permanently residing in a foreign country. In other words, one that is different from their original legal residence. Because of the global economy, companies place workers all over the world. Normally associated with Western countries placing employees in non-western countries, an expat may also be a Westerner living in a Western country such as an American living in the U.K. Other examples of expatriates include a Japanese citizen working in New York.Because of the difference in standards of living and currency fluctuations, companies strive to ensure that their employees who work overseas have equitable expatriate compensation and benefit packages. Larger companies have internal human resource professionals who are responsible for managing expat compensation and expat benefits. Small to medium sized firms normally contract the management of benefits for expatriates to consultants or firms that specialize in international expatriate benefits. To learn more about expat employee benefits:
1. Research expatriate benefit consultants.
2. Investigate expat benefits packages offered by insurance companies.
3. Consider attending a seminar on expat compensation.
4. Join an online community for expatriates.
Use expat employee benefits consultants to help you conduct a competitive analysis
You will want to research firms which can provide competitive and cost effective programs for the wide variety of benefits employees will need. The services that consultants offer include benefit plan, design and support, insurance vendor identification and selection as well as benefit plan implementation and transition.
Try: McKenzie Taylor provides expatriate job benefits services such as retirement plans, group life and long term disability as well as fund management. Worldwide Consulting provides information on expatriate compensation packages as well as expatriate benefits.
Compare and contrast insurance providers' expat benefits packages
Insurance providers can tailor your expat benefit offerings to mirror domestic benefit plans and you will want to find a carrier which can coordinate benefits in the specific countries where you have expatriates.
Try: American International Group offers a range of expatriate benefit products. CIGNA offers a variety of medical plans for expatriates in a variety of locales.
Attend seminars or join online communities that provide information on expat benefits
For objective information on expatriate job benefits, attend a seminar where you can hear about real world cases and get your questions answered in break out sessions. Also, joining an online community is an excellent way to gather information on a wide variety of topics related to expat benefits.
Try: Associates for International Research holds seminars in the U.S. Europe and Asia on expatriate compensation. expatriates.com is an online community for expatriates.
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