Cross-cultural issues in doing international business - Reward systems
We will examine the complex issues that international business managers face when creating international assignments and rewards systems.
A reward system is the standards, rules and procedures associated with the compensation and allocation of benefits or rewards to employees for a job well done.
During the past several years, the concept of total rewards has advanced considerably. Practitioners have experienced the power of leveraging multiple factors to attract, motivate and retain talent; high-performing companies realize that their proprietary total rewards programs allow them to excel in new ways. At the same time, human resource professionals, consulting firms, service providers and academic institutions have made significant contributions to the understanding of total rewards.
Money isn't everything. Some employers have found that even money and benefits together are not enough to retain employees and keep them happy. Experienced workers are the backbone of a successful company, and turnover and retraining are expensive.
Total rewards are a business strategy to keep employees by providing intangibles such as a pleasant work environment and flexible time scheduling in addition to salary and the usual benefits.
Reward systems vary from country to country; the contexts of Europe are different than the ones in the USA.
We will look into:
- international rewards systems
- approaches to international compensation
- international cost-of-living data
- repatriation issues
Go through the PowerPoint in the document below: Total Rewards in the international context