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Fifth of overseas executive jobs fail to work out
Fifth of overseas executive jobs fail to work out
| Published: | 14 Jun at 4 PM |
A fifth of executives that move abroad to take up a new position with their multinational firm return home before the first two years are up – well before their assignment ends - meaning businesses lose out and are unable to exploit overseas growth opportunities, according to a new major study.
The Korn/Ferry Institute report found that even though a lot of effort went into ensuring the right people were taking up the positions overseas, not enough time was spent assisting people integrating into their new environment, such as helping the expats find the right school for their children.
Just two of the 120 executives questioned for the research said their company offered any type of cultural acclimatisation programme, with 40 per cent describing the help provided to integrate into a new place as moderate or poor. Executives were also surprised by the lack of assistance with housing, networking, financial matters and taxes, which led to some not trying to fit in with the local culture.
The research comes as UK companies, faced with low domestic sales, are increasingly attempting to expand abroad and take advantage of strong-performing emerging markets. Exports climbed to an all-time high in March, with sales of cars and pharmaceutical products to non-EU countries like Russia and China being a driving force.
The Korn/Ferry Institute report found that even though a lot of effort went into ensuring the right people were taking up the positions overseas, not enough time was spent assisting people integrating into their new environment, such as helping the expats find the right school for their children.
Just two of the 120 executives questioned for the research said their company offered any type of cultural acclimatisation programme, with 40 per cent describing the help provided to integrate into a new place as moderate or poor. Executives were also surprised by the lack of assistance with housing, networking, financial matters and taxes, which led to some not trying to fit in with the local culture.
The research comes as UK companies, faced with low domestic sales, are increasingly attempting to expand abroad and take advantage of strong-performing emerging markets. Exports climbed to an all-time high in March, with sales of cars and pharmaceutical products to non-EU countries like Russia and China being a driving force.
