Credit Doesn’t Travel
The United States welcomes over 300,000 foreign national assignees every year in managerial, technical and consulting professions. And while their skills, talents, families and belongings all make the trip safely, their credit-worthiness doesn't travel – and it is costing them and their employers a fortune.
In all it is estimated that the lack of availability of US credit is costing US businesses and their incoming talent over $2.4 billion every year in excess interest charges, foregone tax beaks and compromised productivity. According to a recent survey of global mobility managers and international HR professionals, over half of all respondents claimed that lack of access to US credit facilities impacted assignee morale and productivity "somewhat", while the remaining 47% indicated that the issue "very much" impacted their employees - a startling level of unanimity.
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