Description
Requirements are uploaded in PDF, paper requirements are 4-6 pages or 12-1400 words. Thanks!
Unformatted Attachment Preview
Purchase answer to see full attachment
Explanation & Answer
Attached. Please let me know if you have any questions or need revisions.
Running head: MULTINATIONAL COMPANIES’ COMPENSATION SYSTEM
Multinational Companies’ Compensation System
Student’s Name
Institutional Affiliation
Date
1
MULTINATIONAL COMPANIES’ COMPENSATION SYSTEM
2
Multinational Companies’ Compensation System
Developing a comprehensive multinational companies’ compensation system is one of the
significant issues facing international human resource management. Multinational companies
should develop a compensation plan that supports their global business strategy. In essence,
companies with a clear compensation philosophy are better positioned to effectively implement
their strategy. An effective multinational compensation strategy should be one that ensures
consistency in pay management in regards to basic pay, benefits and other rewards (Armstrong &
Stephens, 2005). It is essential to consider that the remuneration of equivalent positions varies
from one country to another. This is because of different remuneration cultures, different tax
systems, economic and geographic factors, among others. Despite these differences, significant
changes should be made to the total rewards system to provide greater employee motivation and
appreciation in their home countries. As a human resource director, I would develop a proposal
for a total rewards package for Chinese nationals working in our company. In particular, I would
review how various factors would influence the company’s system of total rewards, compare how
total rewards are perceived in the international country and the host country, and provide a
recommendation for a total rewards package for the company.
How local economics, cultural values, norms, laws, and other factors would...