Back in Japan, when I used to place top executives into some of the top Fortune 500’s, I remember that the competitive package for the top expats looked like that:
1. Base Salary (300-500K$/year)
2. Housing Allowance (some of people were on crazy amounts like 100K/year)
3. International School allowance for kids (In Mongolia, the price you pay for such school starts from 20K/year per kid, can’t remember how much exactly it was in Tokyo, but obviously much more…)
4. Performance based bonus or 13,14,15th month salary
5. Stock options
6. Transportation allowance (up to 2K/month)
7. Meal and entertainment allowance (up to 5K/month)
8. Partial or Full Life Insurance Package
9. Medical Insurance for family
10. Retirement Benefit Plans
and so on… But obviously before the recession.
Basically speaking, company’s policy is to do everything in order not to loose their key people. Even in such high-competitive market like Japan, even for big companies it would be very hard to afford this level of package even if the decided to give a counter offer.
In regards to Mongolia, we all see how top managers salary level is keep on increasing increasing day after day. If in the beginning of the year of 2000, 1000$/month was considered as manager’s top salary, right now for this money you can barely find a good assistant. Some of the firms starting to give their top Mongolian managers International Standards level salary, and they still losing their people to another firms. The aggressive fight between companies over good employees in Mongolia is started long time ago and believe it or not, it’s just the beginning…
So how does it feel, when you train somebody for months, years, having them take over the previous duties, sending them abroad for various trainings sharing your visions.. and then one day you see them in your office stating that they decided to take another job, already signed an offer and their last day of employment will be such and such….. It doesn’t feel good, it hurts, I know.
I am pretty sure that there are many ways to decrease the turnover in your company if you really start to implement the following:
1. Hiring the right staff from the beginning (probation period is up to 6 month according to Mongolian law)
2. Showing and explaining the clear career path
3. Yearly performance reviews
4. Monthly or weekly communication, motivation meeting
6. Stock Options
7. Retirement (Pension plans)
8. Mortgage provision
I am sure that many if not all the people know these techniques, however do you really implement them? Do you?
Times are changing quickly and if you want to make a success in your business and make a cultural success in your organization follow my advise and use international HR methodologies as everyone soon understands that its far not only about a high salary.
Ts. Amarsanaa blog
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