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HRM: International Compensation for Mega-Widgets Company - Essay Example

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Report on the Concept of International Compensation to the Board of Directors of Mega-Widgets Company Name of Course Your Name Your University Introduction This report focuses on the concept of International Compensation in Mega-Widgets Company, an Australian semi-medium sized enterprise…
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HRM: International Compensation for Mega-Widgets Company
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"HRM: International Compensation for Mega-Widgets Company"

Download file to see previous pages Hence, it has a group of partners and managers in different parts of the world with diverse backgrounds. The company's head office is in Newcastle, NSW Australia. However, it has manufacturing plants in China, India, Indonesia and USA. The company has a tradition of employing senior managers from Australia in its international operations. However, there is the need for the formation and usage of an international compensation system to ensure that remuneration is fair and linked to motivation to enhance productivity and efficiency. This report is presented by the International Human Resource manager to the Board of Directors of the company. It examines the concept of International Compensation and how it affects a firm and how it can be used to enhance Mega-Widgets. It also examines how International Compensation can be implemented in the company and the challenges that comes with it. International Compensation – Defined & Explained There are different perspectives and angles within which the concept of international compensation can be examined. In one angle, it can be seen as “... the provision of monetary and non-monetary rewards including base salary, benefits, prerequisites in accordance with their relative contributions to a multinational's performance” (Harzing & Gusseveldt, 2006, p. 32). ...
Hence, what would motivate one person in one nation might not necessarily motivate another. The remuneration of an international business must reflect the local context of the business as well as the global competitiveness (Dowling et al., 2009). Hence a business would have to fix its remuneration to reflect all these realities. Benefits of International Compensation to Mega-Widgets The concept of international compensation is essential and necessary for the success of our company. Mega-Widgets is seeking to go public and also merge up with other international firms that have their own culture and their own identities. The concept of international compensation is going to help Mega-Widgets to achieve numerous ends and objectives in a positive way and manner. First of all, international compensation would enable Mega-Widgets to streamline its local and regional employees and create a plan that would help the company to would guide the employment and remuneration of these managers and employees (Caruth & Handlogten, 2010). This would involve the strategic alignment of compensation systems in the appropriate contexts of the company (Tosi & Greckhamer, 2004). This would be done through the identification of social contracts, management structures and bargaining cultures in each country that Mega-Widgets would operate in (Gomez-Mejia & Werners, 2010). The centralised international compensation system would take into account local conditions, exchange rates and other elements of all the host countries and Australia in order to integrate all geographical factors (Bjorkman, 2009). Thus, our Executive Director would take recommendations from the human resource department, institute the standardised International Compensation system ...Download file to see next pagesRead More
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