International HR - Advice for doing business in Russia

As a relocation destination, Russia will always fascinate – and infuriate. Paul Gates gets the insiders’ take on the secrets of getting the most out of any long-term assignment here.

While we in the West bemoan our economic woes, Russians are suffering their third financial crisis in 20 years. In the early 1990s, hyperinflation decimated the economy. Then, in 1998, Russia experienced a wave of bank collapses and a ruble devaluation.

It is still hard for foreign-owned companies to make money in Russia, and hard to get money out, but since Goldman Sachs named Russia as one of the four important BRIC countries (Brazil, Russia, India, China) in 2001, few companies ignore it. According to the Russo-British Chamber of Commerce (RBCC), the number-one UK business sector in Russia by investment is oil and gas, as represented by the presence of companies such as Shell. Second is the services sector, for example the ‘Big Four’ accountancy firms and legal partnerships, followed by manufacturing. There is growth in the retail sector and property services, via foreign businesses entering Russia both independently and in partnership with local organisations.

via International HR Information – Russia.

Global Relocation Trends

The latest Global Relocation Trends survey report from Brookfield GRS makes interesting reading for those managing assignees in Brazil, China, India or Russia. The following extracts are taken from it.

When asked to identify the three countries that were emerging as new assignment locations, 15% of respondents ranked China as the most common new destination, followed by India (13%), and Russia (6%). These three countries also were the top three destinations in last year’s report. Furthermore, with only one exception in the history of this survey (when it was ranked in second place), China always has been the most commonly cited emerging destination.

When asked which three countries produced the greatest assignment difficulties for international assignment programme managers, China was…..

Full article at Survey spotlights global relocation trends.