Managing Global Rewards
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Transcript of Managing Global Rewards
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Chuck CsizmarCMC Compensation
Group
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Compensation doesn’t exist in a vacuum
It’s easy to get into trouble
Everybody wants to dabble
Did I mention the cost?
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Acknowledge the differences
Develop a global mindset
How to embrace the diversity
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Compliance vs. Common Practice
Comparable rewards
Expatriates
Compensation Trends
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Statutory regulations differ by country
Prevalence of state benefit plans
Required coverage often exceeded
US style plans more common
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Credit where credit is due
Avoid the label “Minimalist Employer”
Impact of compliance vs. common practice
Frequency of benefit “pools”
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Pressure for one-size-fits-all
Do we have to do that?
The cost of doing business
What failure looks like
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Global compensation leveling is not pay
Warning: currency conversion is a trap
Variations in the cost of labor
Be competitive at home; learn to live with differences
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Mixed value of incentives
What exactly is annual pay?
Changing terms & conditions
Avoid the “global increase budget”
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Can’t we just convert the currency?
Everything is reported in USD, so why . . ?
The cost of survey information
Neither party understands
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Expatriates & Inpatriates
Red alert for costs
Prepare a business case
Do not select the “Ugly American”
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More than the employee is involved
Do you play “Let’s make a deal”?
The Expatriate Agreement
Common causes for assignment failure
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Start with the selection process
Loss of talent through repatriation
What does success mean to you?
Bottom line: you will pay anyway
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Shorter expat assignments
Increased use of company benefits to supplement state plans
Survey costs increase steadily
Use of global employees
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Expatriate checklist
Sample assignment letter
Survey sources
Global websites / blogs
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Summation
Q & A session
Remember the global mindset