Compensation International Benefits, and Taxes The feld of global compensation a

Question

Compensation International Benefits, and Taxes The feld of global compensation and benefits is complex and its scope is hey one in the world is an expert on every aspect of the subject. Today's mantra of e globally, act locally," while descriptive, is not sufficient to guide the IH Calvin Reynolds (Consultant in international compensa Learning Objectives This chapter will enable the reader to: Outline the basic objectives of global compensation and benefits (C&B;). Distinguish between global remuneration and international assignment C&B.; Identify critical issues in C&B; of the global workforce of the MNE Describe the types of compensation systems available for international assignes Explain the balance sheet approach, as well as other approaches, of desjgning international assignment C&B; packages. a Identify the challenges of dealing with various tax structures and methods after ing international assignment C&B.; The design and maintenance of an enterprise's total reward system is always a sibility for HR managers. International business makes this responsibility requires additional HR competencies in global remuneration and intntooun (IA) compensation and even closer collaboration with business partners in finance, tax, and legal divisions, as well as with the line managers of the MNE. hes nation of compensation and benefits (C&B;) on an international basis requires m erations, including for subsidiary workforces in multiple countries, employees t io different countries (such as inpatriates host-country nationals, and third-counu critical resper re difficult l assignmen e accountig

Explanation / Answer

I would consider compensation to be the most important area. Though employees are given compensation based on a particular country, it is always a good idea to pay higher than the market average, especially in the case of international employees. Seeing that employees are adequately compensated after the mandatory benefits and tax cuts is of utmost importance. This will ensure employee well being and that they lead a comfortable life style. In addition, employee retention becomes easier when they are satisfied with their compensation. Benefits and tax cuts are anyway legally mandatory to a particular country and must be provided by employers. So, it is very important to compensate employees in such a way that they are satisfied and that company's margins are not affected at the same time.

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