Companies in emerging markets are turning to expat managers to help them through the global economic downturn, it has been revealed.
Research from executive search firm Pedersen and Partners, reported by the Telegraph, found that nearly two-thirds increased or stayed constant with the number of foreign bosses they employed in the past five years.
This is despite the fact that expatriate managers cost up to five-times as much as locals do – taking home £290,000 on average, including base pay, bonuses and incentives like housing and school fees for their children.
Ulrik Rasmussen, partner at Pedersen and Partners, said that companies are moving to more exotic countries and they want to "grab a portion of the emerging markets and need managers who can develop local talent".
Last month, it was reported by the newspaper that as bank regulation in Asia starts to catch up with standards in Europe and the US, the demand for expat workers with a compliance or regulation background was increasing.
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