Despite the war for senior leadership talent on the African continent, the approach of luring top international executives with major perks in addition to their remuneration packages is in rapid decline, an expert says.
“We are definitely seeing major growth in the number of global investors seeking to advance their businesses in Africa, as well as tech-related startups from around the world seeking to enter African markets,” says Debbie Goodman-Bhyat, CEO of top African executive search firm Jack Hammer.
However internationally-based professionals considering a so-called ‘tour of duty’ in an emerging market economy should take note that the environment has changed substantially from what it was a few years ago, particularly in terms of additional perks that used to be the norm.
“Packages are no longer overly lucrative, so expats can no longer expect the over-the-top benefits that have typically been on offer in the past. With costs rising and companies seeking to keep their operations lean in extremely competitive markets, extras such as private healthcare, private international schooling, housing, security, drivers, and regular flights home are much less frequently offered these days.
“Multinational companies will still offer some package adjustment to take into account additional expenses that may be incurred in a new market, but not the traditional full expat relocation benefit,” Goodman-Bhyat says.