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- Human Resource Management, International Business
This document discusses strategies for recruiting employees for foreign assignments in occupations with nationwide shortages. It explores how to structure compensation and benefits packages to attract employees to high-cost assignments. It covers the balance sheet approach and various components of expatriate pay.
What's inside
- Recruiting employees for foreign assignments
- Compensation and benefits packages
- Balance sheet approach to expatriate pay
- Components of expatriate compensation
- Addressing cost of living variations
Who it is for: Students studying international human resource management or international business. (Undergraduate)
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Summary
Expatriate compensation packages are a recruitment strategy for foreign assignments. A student learns how to design these packages to attract employees for international roles.
Compensation and benefits
A shortage of employees for foreign assignments means that a good compensation package is needed. The cost of living in different countries is a key factor in designing this package.
Equalizing purchasing power
The balance sheet approach is a way to equalize the purchasing power of expatriates in different countries. This approach focuses on four major home country groups of expenses.
Building the final compensation
The final compensation package for an expatriate includes several components. These components compensate the manager for cultural and physical adjustments.
Allowances and taxes
Allowances for housing and education are part of the compensation package. Income taxes are another major concern for expatriates, who may have to pay taxes in both their home and host countries.
Key terms
- Expatriate
- An employee working in a country other than their home country.
- Balance sheet approach
- A method to equalize the purchasing power of expatriates in different countries.
- Foreign Service premium
- A percentage of an executive’s basic salary paid for cultural and physical adjustments.
- Housing allowance
- A part of the compensation package to cover the cost of housing in the host country.
- Income taxes
- Taxes that expatriates may have to pay in both their home and host countries.
- Host country
- The country where the expatriate is assigned to work.
Questions this document helps with
- How does the cost of living affect expatriate compensation packages?
- What is the balance sheet approach to expatriate pay?
- How are income taxes handled for expatriates?
Summary written with AI from the document's text.
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