eFinancialCareers

Not exactly - but they're a lot less lavish than they used to be, says Emma Charnock, regional director of Hays Banking in Asia.

Expats traditionally brought to a company a wealth of experience and an excellent education from abroad; they were valued for their insights and were remunerated accordingly. However, today's local employers view expat candidates on an equal footing with local candidates since both possess excellent overseas education and exposure to worldwide markets.

As a result, today's expat packages have changed. In general, expats can now expect to receive their flights to Asia and a relocation allowance for furniture and housing, but this allowance is substantially lower than 10 years ago. On the positive side, salaries are typically higher than average and performance-related bonuses are offered. In Singapore at a senior level, housing, schooling and medical remain elements of the package and in some instances a general allowance is offered.

This differs greatly from the usual expectations of candidates. Many expats to Hong Kong still expect housing, relocation and schooling for children, while a general expectation is two return flights home each year, tax-free income and a car.

Today, such a package is virtually unheard of unless you work in areas where there are extreme skills shortages, such as project management in the oil & gas industry. When these packages are offered, it's purely because candidates are in short supply and has nothing to do with their expat status.

The change is primarily due to a requirement for candidates to have local language skills. Mandarin is extremely important in Asia and improvements in the quality of local candidates have made companies aware that they can attract someone with the necessary skills without having to bring an equivalent candidate from overseas.

There's also been a change in the average length of tenure. While in the past expats remained with a company for 20 years and worked for that company in several geographical locations, today's average tenure is three to five years and employers often cannot justify paying an expat package to a candidate they could potentially lose in five years' time.

Finally, in an era of cost cutting and constant change, the costs associated with relocating a candidate are not always as viable as they once were.

And if you are an expat who wants to relocate to Asia? Don't despair – it will help if you speak Mandarin, since China is becoming a financial powerhouse. Knowledge of the Asian market is also a bonus, plus exposure to the Asian culture. Of course, for those areas with skills shortages, employers are far more flexible.

Despite expat packages being less glamorous than they once were, many advantages remain to working in Asia. For example, the economy is booming, job opportunities are solid, you are close to exciting places to travel and you gain the kind of exposure that's not always available in roles at home.

Additionally, if you are considering a move to Hong Kong, a major variable to consider is the tax break. While Hong Kong's cost of living is high, typical salaries are also high to compensate and expats in Hong Kong save a lot of money on tax, which is a very attractive prospect for some.