London, Zurich, Paris, Dublin or Berlin? Learn which is the best place for your European base and how MOVE Guides can help get your staff there.
It's time to setup your business in Europe. What's first? Setting up an international office may seem daunting – picking the location, understanding local conventions and regulations, getting your employees situated abroad. So many decisions to make!
The first question to ask yourself is what purpose will your European office serve? Is it a strategic reduction in cost of operations? Warsaw maybe the first port. Are you all about “going green”? You'll be looking for the brightest in Berlin. And for tech with favorable taxation policies Dublin is your hot pick.
Beyond looking at the strategic needs of your business, having a sense of how the city works in your new locale will be essential. MOVE Guides can provide you with city guides which are packed with useful information on various European cities. If you need a quick snapshot of real life in Paris, MOVE Guides can help.
So you've setup your destination and understand how it operates culturally, now it's time to think people. Regardless of whether you're hiring locally, you're going to need to send over some trusted employees to help setup and run the business (at least initially). More and more, this role is held by highly regarded, younger employees. Gone are the days when your crew abroad consisted mostly of upper management.
Why have companies stopped sending the Executives? Not only is this an expensive layer to send on assignment, younger employees are well geared for the job. They expect to travel for work – and indeed request it, they are wired with smart-phones, self-reliant and generally possess a “go-getter” attitude that is more interested in the experience than the money. They are also fairly uncomplicated without children, pets, homes and lots of furniture to tie them down or intensify logistics.
With MOVE Guides, you can sculpt policies for your new city abroad which will balance who you send and keep the costs under control. On average, employees cost 3x their salaries to send abroad and support. This cost can be kept under control by using managed lump sum policies for younger staffers. MOVE Guides allows you to track your employees' spending against their budgets and adjust in order to fine tune what they actually need for cash.
You can also use lump sum assistance to maintain continuity with the expectations of your younger employees going abroad. They want to be enabled and they want experience. Managed lump sum policies give them guidance without booking the move for them.
So why is it important to let your employees DIY their abroad experience? Because by the time they sit down at their desks, they will have a hands-on understanding of local conventions and regulations – valuable insight for steering your new business abroad.
Beyond choosing a strategic location, choosing the right people to manage your new digs abroad is key to its success. Alongside this, supporting them in the right way is crucial to maximizing their experience, and in turn, the knowledge that they bring to managing your new European office. Regardless of where you wind up, managed lump sums can help you provide support and flexibility to your staffers to ensure they make a smooth transition into their new lives. Because at the end of the day, the most important thing will be creating policies that support the people who are responsible for making the new outpost a success.