Why participate?
The Prince Albert Fund represents a real opportunity for Belgian companies with an overseas presence. If you manage a startup, an SME or a larger organization, thanks to the Prince Albert Fund you can benefit from having a highly-educated young professional on your team for a year at a reasonable cost.
The Prince Albert Fund carefully selects the best candidates once a year. Once selected, they will be able to choose a company, project and destination. The project must offer a challenge to explore and set out new strategies for your business, such as:
- Identifying and analyzing new markets before launching new products;
- Opening a foreign subsidiary;
- Identifying and promoting best practices among subsidiaries abroad;
- Revising supply chain management;
- …..
As high potentials, they are not junior trainees – they should be given decision-making power and autonomy to encourage initiative and allow them to acquire relevant international experience.
By developing the project specifically for and with the participant you get a dedicated project manager for 12 months, time enough to complete the project and evaluate the candidate. You have the possibility to hire the candidate after the PAF project.
For each project, you should appoint a “coach” within your organization. As the main contact for the participant within your company, this person will supervise and support the participant throughout the project.
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How does it work?
IN A NUTSHELL
- A 12-month business development assignment outside Europe that a carefully selected young professional will carry out for your company
- Your company pays for the housing, flights, Visa and mission related expenses of the candidate
- The company pays a contribution to the fund of 18.000€ for an SME, 26.000€ for large a company
- The Prince Albert Fund pays a tax-free grant of €27,500 to the candidate, provides a leadership training and the support of mentor within the alumni group, a health insurance
Any company that fulfills the following criteria can submit a project:
- Is Belgian or has proven Belgian relevance, the added value for the Belgian economy must be clear, employment in Belgium being the main criteria
- Has or is developing an international presence outside the EU
- Has a challenging international business development project to offer
- Is prepared to take a candidate on board as project manager for a year and is ready to support her/him with appropriate coaching during her/his assignment
- Is prepared to put enough financial means at disposal of the project to make sure the candidate can fulfill the mission
If you would like to propose a project to our candidates, you should send us a brief description of your company and a clear description of the project you have in mind. We will check whether that corresponds to our criteria and get back to you to discuss it.
Once your project is approved, we send it to the candidates who then contact you directly if they are interested in the project. We organize a speed-dating afternoon at FEB-VBO where the companies can meet with the candidates and present their projects to them.
For each project, you should appoint a “coach” within your organization. As the main contact for the participant within your company, this person will supervise and support the participant throughout the project.
The candidates are free to choose the project they prefer, we cannot guarantee therefore that a candidate will accept your offer. Keep in mind as well that the candidates have to start their project within a specific time frame (a window of approximately 9 months between the summer and January).
We advice you to check the Visa possibilities for the countries you have in mind. Regulations change regularly and in some countries, obtaining a Visa can be a long and tedious process that should be started well in advance.
FAQ
What is the cost to my company?
Companies launching a project with a Prince Albert Fund candidate pay a contribution to the administrative costs of the King Baudouin Foundation. The cost is 18.000€ for SMEs and 26.000€ for large companies. In addition, the company takes charge of the housing, Visa and transportation costs of the candidate(s). In case the Company would like to hire the candidate after his/her mission, a success fee of 5.000€ (SME) or 9.000€ (large company) is asked by the Fund.
What is the contractual basis for taking on board one of the selected candidates?
A contract will be established between your company and the King Baudouin Foundation, which itself will have a contract with the selected candidate. You have no obligation to offer a contract after the one-year project.
What about insurance?
The Prince Albert Fund has an “Expat&Co” insurance policy for the candidates, providing cover for all possible accidents abroad. The company is required to insure the candidate for work-related activities.
How much responsibility should I give a candidate selected by the Prince Albert Fund?
The extent of responsibility you entrust the candidate with is completely up to you and your organization. The selection process focuses on the candidates’ maturity and their enthusiasm for conducting a project abroad. This should guarantee that your candidate is a professional, eager and capable of taking up a challenge.
How certain can I be that a candidate will be interested in the project we are presenting?
There is no certainty, on either side. If several candidates are interested by the project proposed by your company, you might have to choose one. On the contrary, if you are not convinced by a candidate, you have no obligation to take him or her on board. In the case where none of the candidates is interested by the project you propose, you might want to change the content of the project to make it more attractive.