Bermuda, Hamilton Cost of Living April 2010

Country Full Name: Bermuda.

Location: Bermuda is in North America, it is a group of islands in the North Atlantic Ocean, east of South Carolina (US).

Country Climate: Subtropical; mild, humid; gales, strong winds common in winter.

Country Terrain: Low hills separated by fertile depressions.

Major Languages: English, Portuguese.

Major Religions: Christianity.

Country Population: 0.067 million (2008 est.) 0.068 million (2009 est.).

Country Economy: The economy of Bermuda is very affluent and has one of the highest per capita incomes in the world, having successfully exploited its location by providing financial services for international firms and luxury tourist facilities .

Currency: Bermudian Dollar (BMD).

Country Inflation: 2.8% (2008 est.) 2.8% (2009 est.).

City: Hamilton is located on the north side of Hamilton Harbour, and is Bermuda’s main port. Although there is a parish of the same name, the city of Hamilton is in the parish of Pembroke.

City Economy: Finance and international business now constitute the largest sector of Bermuda’s economy, and virtually all of this business takes place within the borders of Hamilton.

Cost of Living: Hamilton has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Hamilton is currently ranked 19 overall, most expensive place in the world for expatriates to live, out of 282 international locations.

For more cost of living information on Bermuda, Hamilton

Posted in Uncategorized | Comments Off on Bermuda, Hamilton Cost of Living April 2010

Bolivia, La Paz Cost of Living April 2010

Country Full Name: Republic of Bolivia.

Location: Bolivia is in Central South America, southwest of Brazil.

Country Climate: Varies with altitude; humid and tropical to cold and semiarid.

Country Terrain: Rugged Andes Mountains with a highland plateau (Altiplano), hills, lowland plains of the Amazon Basin.

Major Languages: Spanish, Quechua, Aymara, Guarani.

Major Religions: Christianity.

Country Population: 10.0 million (2008 est.) 10.2 million (2009 est.).

Country Economy: The economy of Bolivia is characterised by the lowest GDP per capita in South America. However, the country is rich in natural resources and has the second largest natural gas reserves in South America. Bolivia is also estimated to have 50%-70% of the worlds lithium.

Currency: Bolivian Boliviano (BOB).

Country Inflation: 14.0% (2008 est.) 4.3% (2009 est.).

City: La Paz is the administrative capital of Bolivia.

City Economy: The economy of La Paz has improved greatly in recent years. Due to the long period of high inflation and economic struggle faced by Bolivians in the 1980s and early 1990s, a large Informal Economy developed.

Cost of Living: La Paz has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. La Paz is currently ranked 270 overall, most expensive place in the world for expatriates to live, out of 282 international locations.

For more cost of living information on Bolivia, La Paz

Posted in Uncategorized | Comments Off on Bolivia, La Paz Cost of Living April 2010

Bhutan, Thimphu Cost of Living April 2010

Country Full Name: Kingdom of Bhutan.

Location: Bhutan is in Southern Asia, between China and India.

Country Climate: Varies; tropical in southern plains; cool winters and hot summers in central valleys; severe winters and cool summers in Himalayas.

Country Terrain: Mostly mountainous with some fertile valleys and savanna.

Major Languages: Dzongkha (official).

Major Religions: Buddhism (official), Hinduism.

Country Population: 0.657 million (2008 est.) 0.664 million (2009 est.).

Country Economy: The economy of Bhutan is based on agriculture, forestry, tourism and the sale of hydroelectric power to India. Agriculture provides the main livelihood for more than 80 percent of the population. Agrarian practices consist largely of subsistence farming and animal husbandry.

Currency: Bhutan Ngultrum (BTN).

Country Inflation: 8.4% (2008 est.) 7.0% (2009 est.).

City: Thimphu is the capital and largest city of Bhutan.

City Economy: Thimphu became a town in 1961 and grew as the capital of Bhutan. Before 1960, Thimphu was a small settlement but was developed by the King Jigme Dorje Wangchuk to replace the ancient capital of Punakha. Rapid expansion following the pattern of rural exodus has resulted in considerable rebuilding in the city centre and mushrooming suburban development elsewhere.

Cost of Living: Thimphu has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Thimphu is currently ranked 278 overall, most expensive place in the world for expatriates to live, out of 282 international locations.

For more cost of living information Bhutan, Thimphu

Posted in Uncategorized | Comments Off on Bhutan, Thimphu Cost of Living April 2010

Benin, Cotonou Cost of Living April 2010

Country Full Name: The Republic of Benin.

Location: Benin is in Western Africa, bordering the Bight of Benin, between Nigeria and Togo.

Country Climate: Tropical; hot, humid in south; semiarid in north.

Country Terrain: Mostly flat to undulating plain; some hills and low mountains.

Major Languages: French (official) Fon, Ge, Bariba, Yoruba, Dendi.

Major Religions: Indigenous beliefs, Christianity, Islam.

Country Population: 8.1 million (2008 est.) 8.4 million (2009 est.).

Country Economy: The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Cotton accounts for 40% of GDP and roughly 80% of official export receipts.

Currency: CFA Franc (XOF).

Country Inflation: 8.0% (2008 est.) 4.0% (2009 est.).

City: Cotonou is the economic capital of Benin, as well as its largest city.

City Economy: Cotonou is Benin’s largest city and houses many of its government and diplomatic services. The city is a major port, and is also home to an airport and a railway that links to Parakou.

Cost of Living: Cotonou has an overall cost of living index which equates it with middle cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Cotonou is currently ranked 104 overall, most expensive place in the world for expatriates to live, out of 282 international locations.

For more cost of living information on Benin, Cotonou

Posted in Uncategorized | Comments Off on Benin, Cotonou Cost of Living April 2010

Salary Purchasing Power Parity

Internationally comparable cost of living data is crucial to forming sustainable expatriate pay policies and monitoring progress.  Market exchange rates give misleading comparisons because they do not reflect salary purchasing power differences. Purchasing Power Parity (PPP) accounts for price differences between countries and so measures real quantities.

 

The purpose of an expatriate pay program is to maintain employee spending power and standard of living irrespective of global location. Salary Purchasing Power Parity (SPPP) is the amount of salary that equalizes the purchasing power of different currencies given the relative cost of the same basket of goods (cost of living) at the exchange rate versus one US Dollar.  This means that a given salary, when converted into different currencies at the SPPP rates, will buy the same basket of goods and services in all countries.

 

Currency exchange rates are highly volatile as they are based on short-term factors and are subject to substantial distortions from speculative movements, economic outlook and government interventions. Currency exchange rates, on their own, do not in our view reflect cost of living changes in the short-term. Exchange rates, even when averaged over a period of time such as a year, are not a good measure of the comparative value of a salary in relation to its comparative international purchasing power. In the short to medium term at least, apparent changes in the comparative level of remuneration between one country and another may be principally a function of changes in the exchange rate as opposed to cost of living.

 

The basket of goods and services used in SPPP calculations is derived on an International basis and includes certain items often excluded from expatriate cost of living data (most notably housing costs), however any or all of the 13 basket groups can be included or excluded from a calculation.  SPPP’s provide a reasonably good picture of the differences in standards of living for individual’s resident and paid in different countries.

 

This article may be freely copied as long as reference is made to http://www.xpatulator.com/

Posted in Uncategorized | Comments Off on Salary Purchasing Power Parity

Belize, Belmopan Cost of Living April 2010

Country Full Name: Belize.

Location: Belize is in Central America, bordering the Caribbean Sea, between Guatemala and Mexico.

Country Climate: Tropical; very hot and humid; rainy season (May to November); dry season (February to May).

Country Terrain: Flat, swampy coastal plain; low mountains in south.

Major Languages: English (official), Spanish, Mayan, Garifuna (Carib), Creole.

Major Religions: Christianity.

Country Population: 0.32 million (2008 est.) 0.33 million (2009 est.).

Country Economy: The economy of Belize is small and essentially private enterprise economy that is based primarily on agriculture, agro-based industry, and merchandising, with tourism and construction recently assuming greater importance.

Currency: Belize Dollar (BZD).

Country Inflation: 6.4% (2008 est.) 2.7% (2009 est.).

City: Belmopan is the capital of Belize.

City Economy: Belmopan is the seat of government. As a result many of its inhabitants work for the national government in various administrative or technical roles. Belmopan currently has business establishments, international banks, several local financial institutions, a modern bus terminal and market complex.

Cost of Living: Belmopan has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Belmopan is currently ranked 243 overall, most expensive place in the world for expatriates to live, out of 282 international locations.

For more cost of living information on Belize, Belmopan

Posted in Uncategorized | Comments Off on Belize, Belmopan Cost of Living April 2010

Belgium, Brussels Cost of Living April 2010

Country Full Name: Kingdom of Belgium.

Location: Belgium is in Western Europe, bordering the North Sea, between France and the Netherlands.

Country Climate: Temperate; mild winters, cool summers; rainy, humid, cloudy.

Country Terrain: Flat coastal plains in northwest, central rolling hills, rugged mountains of Ardennes Forest in southeast.

Major Languages: Dutch (local variant called Flemish), French, German.

Major Religions: Christianity.

Country Population: 10.7 million (2008 est.) 10.7 million (2009 est.).

Country Economy: The economy of Belgium is a modern, private enterprise economy that has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base.

Currency: Euro (EUR).

Country Inflation: 4.5% (2008 est.) 0.15% (2009 est.).

City: Brussels is the de facto capital city of the European Union (EU) and the largest urban area in Belgium.

City Economy: Serving as the centre of administration for Europe, Brussels’ economy is largely service-oriented. It is dominated by regional and world headquarters of multinationals, by European institutions, by various administrations, and by related services, though it does have a number of notable craft industries, such as the Cantillon Brewery, a lambic brewery founded in 1900.

Cost of Living: Brussels has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Brussels is currently ranked 44 overall, most expensive place in the world for expatriates to live, out of 282 international locations.

For more information on Belgium, Brussels Cost of Living

 

Belgium, Brussels Cost of Living

Posted in Uncategorized | Comments Off on Belgium, Brussels Cost of Living April 2010

Expatriate Engagement

Engagement is a fairly recent term in business. In the past the talk was about “attracting, motivating and retaining” expatriate employees. All three strategies focused primarily on money. A competitive salary that takes into account the relative cost of living, exchange rate and hardship together with global expatriate benefits such as longer vacations, flights home, private school, club membership and the like were typically used to “attract” expatriates to where their skills were needed most. Bonuses, performance based pay, and recognition plans were used to “motivate” expatriates. Shares, retirement plans and tax-free gratuities were typically used to “retain” expatriates using the so-called golden handcuff approach.

The financial crises and recession have in my view provided further proof that money alone is not enough. When money gets tight will your expatriate employees stay and will they be motivated? Money on it’s own will not motivate or retain an expatriate when annual salary increases are reduced, bonuses are negligible if they are paid at all and shares are not performing.

To ensure expatriates will stay when times get tough, an engaged expatriate is required. An engaged expatriate is one who is committed to the organization (i.e. the host organization). An engaged expatriate is willing to exert extra effort in accomplishing tasks important to the achievement of the organizations goals.

Recruitment and Promotion
Ensuring that expatriates are put in the right job is a prerequisite for engagement. In reality expatriates are often hired because their skills are not locally available and because they are willing to relocate to a location that most people would not want to live in. As a result expatriates are often hired for their technical skills and not for their behavior, which in their home country would have been closely analyzed and subject to rigorous reference checking. It is critical that the right expatriate is recruited into the right job taking all aspects into account, including personality, age, culture, attitude, and previous track record through quality reference checks.

High Performance Standards
Average performance is usually associated with easy, low demand work. Responsibilities and accountabilities need to be well defined with clear perceptible differences compared to those they report to and to those who in turn report to them. Where differences in accountability are not clearly defined the result is a “non-job”. It is not possible to perform in a non-job as it is not clear who is accountable for what!

For engagement, expatriates need to be challenged with high standards of performance that will test their abilities fully. Hiring over qualified, over experienced expatriates into jobs that are too small for them will leave them unchallenged. Expatriates often perform badly when unchallenged by the job, but rise to accomplish the most difficult tasks when properly challenged.

Feedback
An engaged expatriate requires feedback. With this information the expatriate can control their outputs, measure how they are doing, guide themselves to reach their goals, and accept complete responsibility for their tasks, assignment and job.

In conclusion I ask again. When money gets tight will your expatriate employees stay and will they be motivated? A competitive salary that takes into account the relative cost of living, exchange rate and compensation for the hardship of living in an unfamiliar/foreign location together with global expatriate benefits will attract and to some degree retain expatriates. However if you really want your expatriates to stay motivated when times get tough you need to ensure you have engaged expatriates. Engaged expatriates are committed to the organization. You can better engage your expatriates by ensuring that expatriates are put in the right job, are challenged with high standards of performance that will test their abilities fully, and by providing feedback on how they are doing.

 

This article may be freely copied as long as reference is made to http://www.xpatulator.com/

Posted in Uncategorized | Comments Off on Expatriate Engagement

Belarus, Minsk Cost of Living April 2010

Country Full Name: Belarus.

Location: Belarus is in Eastern Europe, east of Poland.

Country Climate: Cold winters, cool and moist summers; transitional between continental and maritime.

Country Terrain: Generally flat and contains much marshland.

Major Languages: Russian, Belarussian (both official).

Major Religions: Christianity.

Country Population: 9.7 million (2008 est.) 9.6 million (2009 est.).

Country Economy: The Belarusian economy remains largely state-controlled. Thus approximately half of Belarusians are employed by state-controlled companies. The country relies on imports such as oil from Russia. Important agricultural products include potatoes and cattle byproducts, including meat. As of 1994, the biggest exports from Belarus were heavy machinery (especially tractors), agricultural products, and energy products.

Currency: Belarusian Ruble (BYR).

Country Inflation: 14.8% (2008 est.) 13.0% (2009 est.).

City: Minsk is the capital and largest city in Belarus.

City Economy: Minsk is the economic capital of Belarus. It has developed industrial and services sectors.

Cost of Living: Minsk has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Minsk is currently ranked 214 overall, most expensive place in the world for expatriates to live, out of 282 international locations.

For more information on Belarus, Minsk Cost of Living

Posted in Uncategorized | Comments Off on Belarus, Minsk Cost of Living April 2010

Barbados, Bridgetown Cost of Living April 2010

Country Full Name: Barbados.

Location: Barbados is a Caribbean, island in the North Atlantic Ocean, northeast of Venezuela.

Country Climate: Tropical; rainy season (June to October).

Country Terrain: Relatively flat; rises gently to central highland region.

Major Languages: English (Bajan, an English-African dialect, is widely used).

Major Religions: Christianity.

Country Population: 0.276 million (2008 est.) 0.276 million (2009 est.).

Country Economy: The economy of Barbados has transformed itself from a low-income economy dependent upon sugar production, into an upper-middle-income economy based on tourism and the offshore sector.

Currency: Barbados Dollar (BBD).

Country Inflation: 8.1% (2008 est.) 3.5% (2009 est.).

City: The City of Bridgetown is the capital and largest city of the nation of Barbados.

City Economy: Bridgetown is a major West Indies tourist destination, and the city acts as an important financial, informatics and convention centre in the Caribbean region.

Cost of Living: Bridgetown has an overall cost of living index which equates it with middle cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Bridgetown is currently ranked 124 overall, most expensive place in the world for expatriates to live, out of 282 international locations.

For more information on Barbados, Bridgetown Cost of Living

Posted in Uncategorized | Comments Off on Barbados, Bridgetown Cost of Living April 2010