As per a study from the Mercer, a well-known research firm, Australia may emerge as a regional talent hub as the cost of living for migrants has headed south which may result in more global firms employing persons from overseas.
Every city of Down Under has noticeably dropped in the 2016 rankings, largely thanks to currency fluctuations against the dollars of the US.
While Sydney was the highest ranking city of Australia at the 42nd spot, down from 31 in 2015, it was trailed by Perth at the 69th spot and Melbourne at the 7th spot, falling from 48 and 47 in 2015 in that order in the global list. Not to be left behind, Brisbane at the 96th position, Canberra at 98, and Adelaide at 102--each of these Australian cities dropped over 30 positions from the year gone by.
As per a concerned person related with the survey, dropping in the cost of living positions is not a negative development for the country. The drop in the standings of the cities of Oz against the cities of Asia is predominantly a positive development.
Five of the leading 10 most expensive cities for expats are in Asia, and it denotes that Down Under may be more cost effective and appealing for the firms to send across workers on international projects--mainly those doing business in the region of Asia Pacific, she reportedly elucidated.
She also indicated that organizations are growingly aligning their worldwide assignment strategies with career & succession planning plans. They are exploring extra breaks to send across early career, high-potential workers and strategic business heads out-of-the-country as component of their career development.
She added that being a more cost effective alternative, vis-à-vis some other cities in the region, denotes that the different cities of Australia could emerge as a rather rich proliferation ground for talent for the Multi-national Companies (MNCs).
In general, the most recent survey report states that with unpredictable markets and underdeveloped economic development in the different areas of the world, a keen eye on cost efficiency is indispensable for global firms, and this comprises a focus on the expat salary packages.
Hong Kong heads the list of costliest cities for expats, shoving Luanda in Angola to the second position. While Zurich & Singapore continue to be at the third and fourth positions, in that order, Tokyo is at the fifth spot, up six positions from the year gone by. Kinshasa, placed sixth, finds a place for the first time in the leading 10, moving up from the 13th spot.
The Mercer’s widely recognized study is one of the globe’s most all-inclusive, and is duly tailored to aid the MNCs and administrations decide compensation plans for their migrant workers.
Reportedly, the American City of New York is employed as the base city for every assessment even as currency movements are duly measured against the US dollar. This year’s position comprises 209 cities through five continents and assesses the comparative price of over 200 articles in every specific place, including food, accommodation, household stuffs, transportation, clothes, and entertainment.