Current Data
To attempt decision-making based on out-of-date information is like trying to inform oneself of the global news by reading last month ’ s headlines - totally irrelevant !
In some fields , change occurs daily no matter where the destination , international school placement availability for example . Other fields remain constant throughout the arc of a year or longer , such as VAT rates and income tax requirements , which are generally set annually .
Annual or quarterly reports just don ’ t make the cut in the field of immigration wherein frequent updates are essential as laws can be passed or modified overnight , even in destinations not generally viewed as volatile ; the present situation in Qatar is a case in point , as is the US Travel Ban .
In countries with stable economies and established real estate markets , annual housing reports are sufficient to track trends that facilitate realistic budgeting . However , in hardship destinations where currencies are volatile or markets unregulated , six-month or even quarterly updates are more appropriate and trends can be nigh on impossible to forecast . An example is Argentina where fluctuating currency exchange and runaway inflation impact on every aspect of budget setting . In the area of expat housing , the current situation necessitates price rises throughout the period of a tenancy . According to Susan Kidd of ‘ Labs Relocation Services ’, the rental index is adjusted by 15 % every 6 months to keep up with inflation .
Throughout much of Africa change also happens fast , and data that was valid last quarter may well be obsolete just 3 months later . Take Nigeria as an example . The Naira was unhooked from the Dollar in June 2016 and fell sharply . In nearly all areas of the country expat rental property began to be advertised in local currency rather than USD which used to be standard .
Transparent Data
Open knowledge interchange between provider / client and supplier leads to true understanding of global and local realities by the respective partners in the relocation process .
In order to establish corporate relocation policy and process , knowledge of local laws and common practice as well as prices are essential , as supplied by the local component . Changes in local requirements will impact on policy .
It is fundamental to form valid partnerships with local suppliers based on mutual trust and transparency . In destinations where multinational presence is a relatively new phenomenon many local suppliers have not had the opportunity to develop skillsets required to operate in the global marketplace , servicing multinational clients . Training in corporate process and procedure is needed for an awareness of the importance of compliance . www . theglobalphoenix . org Page 21