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GR-7 International Remuneration complete exam .

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International Compensation, Benefits

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International Compensation, Benefits

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GR-7 International Remuneration complete exam .
What is globalization
expansion of trade and economic development that results from the movment of
productes, services, technoclogy, capital and human resources arond the word
Export company
first overseas operations in place
international division
company that focuses mainly on the home market with some international business
activity managed tightly by headquarters company
multinational company
company that conducts business in multiple countries with each operation typically
managed my local companies following a centrally coordinated strategy
global company
org with worldwide operations, whose strategies, resources and technologies are
utilized globally regardless of national or geographic boundaries
competitive survival
major reason to globalize, reduced costs or increased profits are often drivers
cost spreading
usually realized thru mergers, alliances and joint ventures in a effort to spread or share
costs
trailblazing
matter of vision,
rule of three
late arrivals will not get part of the market share -you need to be one of the first three
domino effect
realizing success in branching out makes it easier to enter another country
Reasons to globalize
competitive survival, cost spreading, trailblazing, rule of three, domino effect, effective
technology, search for innovation, benchmarking, customer base and partnerships,
business expansion
economic indicators of global business environment
employement/unemployment rates, exchange rates, inflation rates, gross domestic
product
gross domestic product
output of goods and services produced annually in a given country and the
corresponding growth rate provide a picture of the local economy.
total rewards
monetary and nonmonetary returns provided to employees in exchange for their time,
talents and efforts
traditional approach
impose home country system on overseas operations
local approach
create separate multiple systems with local management for overseas operations.
contemporary approach
a mix of local and traditional approach

, delivering total rewards globally
expectations and market prices may vary, consistent global rewards package may be
unattainable.
Culture
holistic interrelationship of groups identity, beliefs, values, rules, customs,
communications patterns and institutions
tangible manifestations of culture
are real or concrete and may hold value. for example: art, eating, greetings, dress,
manners, rituals,
intangible manifestations of culture
tend to be more difficult to percieve by the senses. time, actions, communications,
space, power, structures
labor agreements
national and international trade unitions, international labor organzationsa, senior levels
are often governed by contracts, labor agreements set minimum standards for hours,
vacation, etc
acquired rights
a benefit ore compensation plan voluntarily implemented by employer can become
impossible to remove without employee agreement
domestic work councils
EE groups taht consult with ER on matters impacting EE's prevalent in france, beligum,
and germany
European Works Council Directive
companies in two or more EU states must create a work councile to discuss
transnational issues with EE reps, companies with 1000 + employees and 150 in two
EU states
Individual employment contracts
typical at management levels, documents terms and conditions outside statutory and
company practices, can include split pay contracts ( pay divided between two
companies), binding agreement
global rewards communciations
link business goals with rewards, challenges with local customization, advantages of
total reward statemetns
advancatges of total rewards statements
can be individualized for regions and communcations total value of all ee rewards into
one statement
employment termination
most countries have to pay indemnities to employees when they are dismissed. may
vary by the reason
statutory termiation benefits
may also be payable upon retirement or death, may be subsititute for employer provided
retirement program, most significant benefits are: austria, brazil, greece, mexico, south
korea, venezula
EU directive 95/46/ec
data protection; prohits the transfer of certain personal information without ee consent.
In addition to individual countries laws, does not supercede them.

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