Their situation
Retaining talent starts with the cover you offer.
Thirty thousand dollars of medical cover and fifty thousand dollars of salary are not the same offer to someone deciding whether to relocate their family. Cover answers the question salary cannot, which is what happens if something goes wrong out here.
For a senior or regional hire weighing up a move, that question sits somewhere behind every other line in the offer. Turnover and a wrong hire cost more than the premium ever will.
A situation we see
A senior executive considering a move asked TIC if his existing international medical cover could follow him. His prospective employer offered only domestic cover with no maternity benefit, while his wife was already pregnant. Replacing the cover privately would absorb almost 30% of his remuneration; turning an attractive offer into a much less compelling move.
An illustration, not an account of a particular client.
Three things to consider
- What candidates are comparing it to
- A package only reads as generous next to whatever else is on the table.
- Family cover
- Whether dependants are included, which is usually the deciding factor for someone relocating with a family.
- Consistency
- Whether senior hires in different countries are actually on comparable cover, or only look as though they are.
What we do
- Build the package against what the candidate is actually comparing it to, not against last year’s scheme.
- Price the dependant question properly, since that is usually where the decision is made.
- Keep the scheme consistent as people are hired into different countries.