Here at Hawksman, one of our key differentiators is our access to a global network of roles, clients and candidates – opening up the possibilities for relocations for niche or hard to find talent.
Having helped a number of people relocate to new countries in the pursuit of exciting opportunities, it is often a challenge which is always understated. A change of location brings about a complete change to your life itself, and whilst some candidates may like the idea of what a new environment may bring, there are several factors to consider when taking the leap into a new unknown.
Whilst there are a multitude of factors that will be subjective to every individual, here are some primary factors that we would recommend researching or taking into account when you consider that switch.
1. Salary
Salary is often the most critical factor when evaluating an overseas relocation. It’s important to understand that market rates differ significantly across countries due to economic factors like demand and supply. Some talents may command higher wages in certain countries due to scarcity, while others may see lower wages in oversaturated markets. When evaluating an offer:
- Research local market rates for your role and seniority.
- Consider currency exchange rates and fluctuations.
- Evaluate benefits, bonuses, and allowances such as housing or relocation packages, which can significantly affect total compensation.
2. Tax Rates
Tax structures can greatly impact your disposable income. Factors to consider include:
- Income Tax: Higher salaries in some countries may be offset by steep income taxes.
- Property and Investment Taxes: Understand how taxes on real estate, investments, and savings might differ.
- Social Security Contributions: Some countries mandate substantial social contributions that reduce take-home pay but may offer benefits like pensions and healthcare. Using online tax calculators and consulting financial advisors can help clarify how your income will be affected.
3. Cost of Living
A higher salary doesn’t always translate to greater financial freedom if the cost of living is also high. Key considerations include:
- Housing Costs: Compare rent or property prices in your potential city.
- Staple Goods and Services: Use Cost of Living Indexes to assess prices of necessities like food, utilities, and transportation.
- Luxury and Leisure: Evaluate costs for dining out, entertainment, and travel. Even if a salary seems lower than expected, a lower cost of living may balance out financial concerns.
4. Infrastructure and Public Services
The quality of infrastructure can have a profound impact on daily life. Countries with higher taxes may offer:
- Healthcare: Access to affordable or free healthcare.
- Education: Quality schooling options, both public and private.
- Transportation: Efficient and reliable public transit systems.
- Safety and Security: Low crime rates and strong legal systems. Assess whether these benefits align with your needs and lifestyle expectations.
5. Weather and Climate
Weather plays a more significant role in personal well-being than many realize. Consider:
- Seasonal Changes: Moving from a tropical to a temperate climate (or vice versa) may cause discomfort or seasonal affective disorders.
- Extreme Temperatures: Very hot or cold climates may require lifestyle adjustments, such as indoor-focused activities or climate-specific clothing.
- Natural Disasters: Understand risks like hurricanes, earthquakes, or floods.
6. Work-Life Balance
Work culture varies widely across countries, affecting job satisfaction and personal happiness. Key points to evaluate:
- Working Hours: Some countries normalize long hours, while others emphasize shorter workweeks or flexible arrangements.
- Paid Leave: Review policies for vacation, parental leave, and sick days.
- Cultural Norms: Assess how a country values work-life balance through societal norms and workplace expectations.
7. Cultural Differences
Cultural alignment can significantly influence your happiness abroad. Important aspects include:
- Language: Will you need to learn a new language to communicate effectively?
- Food and Lifestyle: Are local cuisines, hobbies, and daily activities compatible with your preferences?
- Social Dynamics: How do locals perceive foreigners, and how easy is it to integrate into the community? Relocating to a country with vastly different customs may require flexibility and openness.
8. Attitude Toward Immigrants and Visa Availability
Government policies and societal attitudes toward immigrants can affect your long-term plans. Consider:
- Visa Process: How challenging is it to obtain a work visa or permanent residency?
- Immigration Pathways: Some countries offer easier transitions to citizenship or long-term residency.
- Discrimination and Inclusion: Research local attitudes toward expatriates to gauge potential challenges.
9. Family and Personal Life
Relocation can impact not just you but also your family. Points to consider include:
- Schooling for Children: Availability and quality of international or local schools.
- Spousal Employment: Opportunities for your partner to find work.
- Support Systems: Proximity to family or friends and access to expatriate communities.
10. Career Growth Opportunities
Evaluate whether the move aligns with your long-term career goals:
- Will this role enhance your skills or open doors to future opportunities?
- Are there prospects for promotions or transitions into different industries?
- How reputable is the company or industry in the local market?
11. Legal and Financial Protections
Understand your rights and protections in the new country, including:
- Employment Laws: Regulations around termination, workplace rights, and benefits.
- Retirement Savings: How will your pension or savings plans be affected?
- Insurance: Availability of health, life, and disability insurance options.
The reality is there is never one size fits all. There will always be some form of compromise to gain some form of benefit, whether that is higher tax for better public infrastructure, or lower salary for better work life balance. It is important to weigh up what is most important to you, what are your non-negotiable and what will contribute most to your overall well being and happiness.
Gaining the research on some of these topics can also be hard, but those local to the areas will often know best. Connecting with recruiters in the region who specialize in international recruiting can provide invaluable insights, personalized advice, and guidance tailored to your unique situation. Their expertise can help you navigate the complexities of relocation, from understanding local job markets and cultural nuances to managing logistical challenges. Don’t hesitate to tap into their knowledge—building connections with the right professionals can make all the difference in ensuring a smooth and successful transition.
