Recruiting the best possible international school staff is always a challenge. Once you have top international educators, you really want to make sure you keep them!
In such a competitive market during international school recruitment season, it is important to stand out in a crowd. You also want to be seen and known to be the international school or group of international schools that look after its people.
Employee benefits have been slow to come to the international school sector, but it is becoming a well-established tool that has already been used successfully by a number of international schools to attract and retain their staff.
It is important to look at how an occupational international retirement and savings plan can be a simple and effective method to provide a meaningful benefit to your staff; be they local, expatriate, short-term or career-focused.
Over the years there have been bad experiences in this growing sector with international teachers being sold inappropriate individual products that are too rigid in requirements, have expensive investment options and are opaque in their fees. However, the desire to save is an important objective. It is vital that international educators make the most of working overseas from a career perspective, but also for financial benefit.
By providing an occupational plan, you can offer a simple and easy way to save as well as tailor it to your requirements. So what does that mean? The rules can be customised for international school management. The options allow you to:
· Decide who can join the plan
· Provide an employer contribution but have different percentages for different categories of staff, to reward loyalty and seniority.
· Provide a “signing on/contract completion” bonus.
· Ensure employees finish their first contract or serve an amount of time before they receive the rights to any employer contribution/bonus value.
· Limit access to any employer contributions until they leave employment or retire, so they have a meaningful benefit when they leave.
· Allow employees to make additional savings safely and easily via payroll at no extra cost. This can be used for short to medium-term goals such as house purchase, marriage, education or hardship.
· Allow local employees an easy and cheap way to save in international currency.
The good news is that the costs are simple and transparent and they can be paid by the international school, the employee or shared.
Easy to Administer
We know how busy international school boards and admin are. Therefore Sovereign will use its expertise to learn what you want to achieve and build the plan to suit your requirements. We’ll do all the heavy lifting, so you don’t have to.
· We’ll deliver a co-branded employee booklet tailored to your membership
· Deliver launch presentations to engage the population
· Provide institutional class funds by Vanguard, Fidelity, iShares/Blackrock that are ESG focused where possible.
· Provide a secure portal, so the members can self-serve thereby reducing traffic to HR
· The good news is that HR only has to upload basic new joiner information. Our system will automatically engage the employee. HR will also need to upload a contribution file and send one lump sum payment at the frequency agreed.
· Members and HR can view and export their information.
So as you can see: simple, effective and secure. Check out the International Schools case study: International Solutions – The Sovereign Group
Why not act now and get the process started by contacting (Mrs) Jo Smeed on firstname.lastname@example.org
Jo Smeed has spent 25 years providing international retirement & savings schemes to employers of all sizes, locations and sectors and brings her expertise and experience to deliver the optimum solution.
The Sovereign Group is a global company with over 20 offices around the world.
This is a sponsored article submitted to ISC via Sovereign Group.