Maximise the value of your rewards by translating your business and people objectives into a clearly documented reward strategy. This will provide details of where you want to position your organisation in relation to the external market and the balance between individual versus team rewards. It also reflects the need for a country specific approach within the context of a global framework.
Clearly defining and documenting jobs assists in understanding roles and responsibilities. Determining the size of each job in a systematic and consistent way provides a foundation to build relative internal job levels and career paths. In turn this simplifies the pay benchmarking process which references a clearly defined set of industry sector jobs.
Ensuring that your compensation is competitive in the local market will significantly assist in the attracting new hires. This requires identifying reliable sources of market data that is thoroughly analysed in order to make recommendations for pay levels. Creating pay guidelines by level at an early stage can help eliminate inequities that often build up in the absence of a structured approach.
Providing country specific, competitive and compliant benefit programmes that align with your business objectives greatly assists with both attraction and retention. It requires a clear understanding of local market practice, statutory requirements and involves selecting the best benefit providers, clear communication and efficient administration procedures.
Equity and Incentives
Carefully thought through stock and incentive programmes can be a differentiator. It is critical that these programmes comply fully with local legal and tax regulations. This requires working closely with specialists in each country to translate your Company Reward Strategy into something that works locally and helps drive sustained performance.
Setting up payroll and making sure that your people are paid correctly and on time, wherever they are located, will require sourcing providers of local or international payroll. Equally important is ensuring that the appropriate links are established with your Finance function.
Having clear and legally compliant employment contracts and supporting documentation is essential for you to be able to start hiring effectively in new geographies. It involves working closely with legal specalists in each country.
Having ready access to a source of advice on HR and Reward issues or specialist guidance on how to develop policies in light of specific upcoming legislation can greatly support your people management capability.
Creating clear and concise HR policies can be time consuming. They need to take account of local regulations and market practice. This includes specific Time Off policies for such things as vacation entitlement, parental leave or sickness absence. These form an important part of your overall employee proposition.
A company and country specific onboarding process will help ensure that your new employees have all the necessary information and tools they need to be effective in their role as soon as possible.
Managing International mobility efficiently is a huge challenge for most organisations. Having a clear mobility policy is key to ensuring you are consistent in the treatment of individuals as well as providing an aid to understanding and managing costs.
You and those on assignment will benefit significantly from the presence of a clear process, supporting documentation and established partnerships with local immigration lawyers and relocation support specialists.