How to Retain Key Employees who move abroad
Are you losing a key employee who is moving abroad? Will they be difficult and expensive to replace? Are you frustrated at losing them when they could still work for you remotely?
Did you know you can often easily retain them as employees overseas? It can be cheaper and quicker than hiring a replacement, and it is much less disruptive for your business.
How it works – the 5 questions to consider1. Can your employee work for you remotely?
These days it is so much easier for your employees to work for you remotely. The advent of cloud-based, SAAS tools for communications, infrastructure and a whole host of enterprise applications means that many more roles can be carried out effectively overseas.
Consider whether your employee could carry out their work effectively for you overseas? If the answer is yes, then why not retain them?
2. What are the compliance issues?
The good news is that, if your employee could work anywhere in the world, your overseas compliance is probably light-touch. All your business needs to do usually is get the one-time registrations needed to setup a payroll in the country. It is then very easy and inexpensive to setup and run overseas payroll, even for a single employee.
3. How long will it take?
Usually it takes 1-3 months, which is typically less than the time to hire and onboard a replacement employee. Exact timings depend on the country concerned.
4. How much will it cost?
Usually less than the cost of hiring a replacement. A country registration is a one-time cost which is much less than setting up a full entity overseas. The ongoing payroll costs will depend on the country where your employee moves.
5. Can you get the right support abroad?
To find out more click here. In particular, could this option help UK companies with EU-27 employees who are considering moving from the UK post-Brexit?
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