January 10th, 2011, 6:05 pm
I'm a HH, you can form your own opinion on how good...Obviously money is always an important part of getting people to move, but in the case of Madrid and other cities where finance is not a major part of the economy it need to be handed in a way that doesn't make me as a headhunter seem as helpful as you might want.Pay in Spanish finance is typically rather lower than Paris, and a lot less than London. My experience is that it is politically difficult to pay more. To make most people move you normally have to pay more than in the centre they are coming from. That premium varies a lot, but unless someone personally feels that your location is more attractive on it's own merits, is strictly positive. That is on top of the fact that if you want anyone to move anywhere you have to offer better terms than they are currently getting. This partly accounts for the way a French banker may take less money to work in Paris than London, and it can even be the case that someone from a small financial centre will compromise on pay & conditions to move to a bigger centre with better opportunities and better quality of work.Moving people to Madrid without the right pay package would be really tough, right in this context means paying them more than they are getting now, I have to share I have learned not to try and say to bankers that the cost of living in some locations is lower than London/NY or Paris. Maybe it is, but not by much and this is lower than the way that in a foreign city, you do not know it well enough to be efficient in your spending.Also they rather expect to move for more money, not less.The size of the problem / opportunity may be measured by the number of people on our database who were educated in Spain, but don't work there.