As another Premier League season draws to a close my team Tottenham find themselves in what can only be described as a mess, miles away from winning anything. Teams that had been leading all the way become unstuck, and the worst performing teams in the league face relegation.
When it comes to managing expat compensation data, how do organisations protect themselves from facing relegation? It can often feel like you’re managing data well enough, but the reality can often be precarious, sometimes relying on one temperamental, inconsistent, player to get you results. What happens if they transfer out, or get injured, leaving your whole data management process in jeopardy.
Just like in football, getting the basics right is crucial. You need to have a solid foundation in place, with accurate and up-to-date data on your expat employees. This means keeping track of their demographic details, job details, salary and benefits, allowances, expenses, tax payments and more.
But it is not just about having data – it is making sure it’s the right data and knowing how to how to report it. Just like in football, having talented players is one thing, but having a system and strategy to deploy them effectively is another. In the context of expat data, this means understanding the nuances of different payroll and tax systems, knowing where all the data is coming from, understanding where it needs to be reported and delivering compliant expat packages.
However, just like a football club that makes poor decisions and fails to bring in the right resources, companies that neglect their expat data strategy can quickly find themselves falling behind the competition. They may struggle to keep their assignees happy as well as facing compliance risks and penalties.
Years of poor decision-making can compound these issues, just as years of poor transfer dealings and tactical choices can leave a football team languishing at the bottom of the table, organisations that fail to effectively manage expat data may find themselves overpaying vendors just to keep above water, or may face audits going back several years, having failed to adapt with changing regulations and payroll tax laws. It’s not enough to hope for the best. As the saying goes in football “it’s the hope that kills you.”
Ultimately, managing expat data is a complex and challenging task, but one that is essential for organisations looking to be compliant and driving a consistently good assignee experience.
By having a robust expat data strategy, organisations can stay on top of compliance requirements, adapt to changing conditions.
It’s time to take control of your expat data and, like England’s Lionesses, start winning the key challenges – instead of getting knocked out of the cup.
Interested in what you could achieve by getting a handle on your expat data?
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