Gold mining companies are doing much better in 2016 after many years of low gold prices along with depressed stock prices, exploration and production. The global mining sector has experienced a protracted correction that has seen all commodities fall from grace since 2011 and 2012. Mining companies, especially in the gold sector, have seen significant declines for a variety of economic factors, especially the slowing demand for commodities from China. Quite a few mining stocks have risen substantially in 2016.
A Surge in Mining Industry Fortunes
Mining companies operate exploration and production activities around the world and as a result, often employ expatriate employees. The recent surge in mining stocks and the price of some commodities means that many mining companies may be increasing capital plans and the requirement for employing expatriate employees that have the necessary expertise and knowledge that may be lacking in the local market. While most mining employees at overseas mining sites will be local nationals, global mining companies still need to employ many foreign employees, especially in senior management and technical positions.
How to Attract Expatriate Mining Employees
To attract and retain expatriate employees, mining companies need to offer:
- Competitive salaries, usually in USD
- Room for career growth and advancement
- Moving cost assistance
- Signing bonus & stock options
- A comprehensive global benefit plan that includes:
- International health insurance
- Expat life insurance
- Global disability coverage
- Dental cover
- Evacuation insurance
Expat Financial is extremely experienced in sourcing global benefit programs for mining companies operating around the world. Local insurance brokers often have limited experience in sourcing international group insurance coverage that is critical if your mining operation wants to attract the right talent to run your mining faculties or development work. Placing your expat employees on local plans is fraught with risks and disadvantages. Senior expat employees in the mining industry are in strong demand and require quality global insurance coverage.
Obtaining the Right Coverage for Mining Expat Employees
Obtaining a global insurance program for your expat employees is one of the most important investments that a mining firm can make. It makes sense to implement a program that will provide global coverage as the domestic plans for the local employees will not meet the international needs of an expat mining employee or his/her family. Most expats will need a plan that will provide global medical protection, especially for the employee’s spouse and dependents who may be living overseas or need a policy that covers them back home. As you may guess, many mines are located in remote regions where housing a spouse and children may not be possible.
The continued improvement of the global mining industry will hopefully continue and so will the jobs for expat mining executives. If your mining operation employees expatriates, then it must obtain an expat benefit plan that will adequately protect your employees, dependents and reduce the risk to the mining company. Contact an expat insurance specialist firm such as TFG Global Insurance Solutions Ltd, owner of Expat Financial, to discuss your global benefit requirements and obtain quotes from the market. Our firm is especially experienced in working with mining industry employers of expatriates around the world.