TOPIC: Guiding principles in designing the Expatriate Pay-An Illustration
GROUP NO. 9:
Guiding principles in designing the expatriate pay-an illustration
Compensation Management is an organized practice that involves balancing the work employee relation by providing monetary and non-monetary benefits to employees. Compensation includes payments such as bonuses, profit sharing, overtime pay, recognition rewards and sales commission. Compensation can also include non-monetary perks such as company-paid car, company-paid housing and stock options. Compensation is an integral part of Human resource management which helps in motivating the employees.
An Expatriate is a person temporarily or permanently residing in a country and culture other than that of the person’s upbringing or legal residence. In common usage the term is often used in the context of professionals sent abroad by their companies, as opposed to locally hired staff.
Organizations use expatriate assignments as a means to send key staff abroad
- For high-potential career development
- To co-ordinate global lines of business
-Transfer organizational knowledge
-To expand into new markets worldwide and
- Manage an international subsidiary.
For individuals, expatriate assignments represent opportunities and challenges both professionally and personally.
The assignments provide the novelty and excitement of moving to another country and operating in a different cultural environment. They can also provide an opportunity to acquire new language skills, develop cultural understanding, and see new parts of the world. However, adjusting to a new country can prove challenging for expatriates and their families
Advantages for organizations:...