The document discusses compensation issues in global relocations and attracting Generation Y employees. It provides details on minimum salary requirements in countries like Malaysia, UAE, China, India, Japan and Canada. It also discusses factors that influence worker remittances such as altruism, investment and family contracts. Competency-based pay links salary to competencies and supports high performance. Productivity-linked wage systems tie wages to productivity but issues include Malaysia's relatively low productivity. To attract and retain Gen Y, companies should provide training, better work environments and compensation while employees job hop for more experience and reward.
This document discusses compensation management and provides details on:
1) The definition and types of compensation including direct compensation like wages and salaries, and indirect compensation like benefits.
2) The purposes and components of compensation including attracting applicants, retaining employees, motivating performance, and administering legal pay requirements.
3) Methods of determining employee pay such as base salary plus cost of living adjustments, scales, incentives, bonuses, and merit-based pay.
4) The job evaluation process which determines relative job worth through analyzing jobs, developing and selecting evaluation methods, and evaluating positions.
The document discusses the 3-P Compensation Concept which includes Pay for Position, Pay for Person, and Pay for Performance. Pay for Position bases pay on the job requirements rather than individual skills. Pay for Person links pay to individual skills, competencies, and market demand. Pay for Performance provides financial rewards based on performance assessments against individual, team, or organizational goals.
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
Compensation refers to the total cash and non-cash payments an employer provides to employees in exchange for their work. It includes regular wages as well as other types of pay and benefits. Compensation management involves designing and maintaining pay systems to improve organizational performance. Types of compensation include direct compensation like pay in the form of base salary and incentive pay, and indirect compensation like benefits such as paid time off, retirement plans, and services like housing and transportation assistance. The goal of compensation is to adequately and equitably reward employee contributions towards organizational objectives.
Compensation Management importance and factors influencing compensationalisdq550
Compensation is what employees receive in exchange for their work, including both monetary and non-monetary benefits. It is important for both motivating employees and reducing costs for organizations. Many factors influence compensation, including external factors like the labor market, cost of living, unions, and laws, as well as internal factors like the organization's compensation policies, ability to pay, job analyses, and individual employee performance. Effective compensation systems can help organizations attract, retain, and motivate talented staff.
Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction.Compensation Management is a Process of compensation management is to establish & maintain an equitable wage & salary structure & an equitable cost structure .it involves job evaluation, wage & salary survey, profit sharing &control of pay costs.
According to Thomas J. Bergmann(1988) compensation consists of four distinct components:
Compensation = Wage or Salary + Employee benefits +Non-recurring financial rewards+ Non-pecuniary rewards.
Compensation is a tool used by management for a variety of purposes to further the existence of the company. Compensation may be adjusted according the business needs, goals, and available resources.
This document provides an overview of an HR presentation on HRD concepts and challenges. It defines HRD as a set of planned activities designed to provide employees with necessary skills to meet current and future job demands. It discusses the objectives, functions, need for and subsystems of HRD. These include training and development, which improves employee knowledge, skills and attitudes in the short-term or prepares them for future roles. The presentation also outlines challenges for HRD like a changing workforce, global competition, skills gaps, and technological changes. It concludes that HRD is too important to not be a central, revenue-generating part of an organization.
This document discusses compensation and benefits for employees. It defines direct compensation as monetary benefits like salary, bonuses, and allowances given regularly. Indirect compensation refers to non-monetary benefits like leave policies, insurance, and retirement benefits. The goal of compensation is to attract, retain, and motivate qualified employees by offering competitive pay and incentives based on job performance. An effective compensation system is designed by considering the organization's goals and balancing both direct and indirect rewards.
This document discusses compensation management and provides details on:
1) The definition and types of compensation including direct compensation like wages and salaries, and indirect compensation like benefits.
2) The purposes and components of compensation including attracting applicants, retaining employees, motivating performance, and administering legal pay requirements.
3) Methods of determining employee pay such as base salary plus cost of living adjustments, scales, incentives, bonuses, and merit-based pay.
4) The job evaluation process which determines relative job worth through analyzing jobs, developing and selecting evaluation methods, and evaluating positions.
The document discusses the 3-P Compensation Concept which includes Pay for Position, Pay for Person, and Pay for Performance. Pay for Position bases pay on the job requirements rather than individual skills. Pay for Person links pay to individual skills, competencies, and market demand. Pay for Performance provides financial rewards based on performance assessments against individual, team, or organizational goals.
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
Compensation refers to the total cash and non-cash payments an employer provides to employees in exchange for their work. It includes regular wages as well as other types of pay and benefits. Compensation management involves designing and maintaining pay systems to improve organizational performance. Types of compensation include direct compensation like pay in the form of base salary and incentive pay, and indirect compensation like benefits such as paid time off, retirement plans, and services like housing and transportation assistance. The goal of compensation is to adequately and equitably reward employee contributions towards organizational objectives.
Compensation Management importance and factors influencing compensationalisdq550
Compensation is what employees receive in exchange for their work, including both monetary and non-monetary benefits. It is important for both motivating employees and reducing costs for organizations. Many factors influence compensation, including external factors like the labor market, cost of living, unions, and laws, as well as internal factors like the organization's compensation policies, ability to pay, job analyses, and individual employee performance. Effective compensation systems can help organizations attract, retain, and motivate talented staff.
Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction.Compensation Management is a Process of compensation management is to establish & maintain an equitable wage & salary structure & an equitable cost structure .it involves job evaluation, wage & salary survey, profit sharing &control of pay costs.
According to Thomas J. Bergmann(1988) compensation consists of four distinct components:
Compensation = Wage or Salary + Employee benefits +Non-recurring financial rewards+ Non-pecuniary rewards.
Compensation is a tool used by management for a variety of purposes to further the existence of the company. Compensation may be adjusted according the business needs, goals, and available resources.
This document provides an overview of an HR presentation on HRD concepts and challenges. It defines HRD as a set of planned activities designed to provide employees with necessary skills to meet current and future job demands. It discusses the objectives, functions, need for and subsystems of HRD. These include training and development, which improves employee knowledge, skills and attitudes in the short-term or prepares them for future roles. The presentation also outlines challenges for HRD like a changing workforce, global competition, skills gaps, and technological changes. It concludes that HRD is too important to not be a central, revenue-generating part of an organization.
This document discusses compensation and benefits for employees. It defines direct compensation as monetary benefits like salary, bonuses, and allowances given regularly. Indirect compensation refers to non-monetary benefits like leave policies, insurance, and retirement benefits. The goal of compensation is to attract, retain, and motivate qualified employees by offering competitive pay and incentives based on job performance. An effective compensation system is designed by considering the organization's goals and balancing both direct and indirect rewards.
This PPT contains about wage differentials or compensating differentials. it is an HR concept. it has meaning, reason, factors, types, and determinants of inter and intra industry wage differential.
Compensation management involves designing total compensation packages to attract, motivate and retain employees. It includes direct monetary compensation like salary and incentives, as well as indirect compensation like benefits. Compensation objectives are to recruit and retain talent, boost morale and performance, and ensure legal and internal pay equity. Various factors like an employee's role, skills, market pay and organizational budget affect compensation. Common components of compensation include salary, bonuses, statutory benefits, and stock ownership plans.
The document discusses various components of international compensation packages. It begins by defining compensation and its objectives. It then covers principles of compensation, approaches in different countries, factors influencing compensation amounts, and theories of compensation. The document also discusses base salary, incentives, allowances, taxes, retirement benefits, and other typical components of an international compensation package. It notes challenges around managing compensation globally due to exchange rates, cost of living differences, and other complexities.
Organization development is an organization-wide, managed process using behavioral science knowledge to increase effectiveness. In the past, OD focused on short-term productivity and treated employees as costs rather than assets. Contextual trends impacting OD's future include more diverse, educated workforces; greater technology use like e-commerce; and networked, knowledge-based organizations. Going forward, OD will be more embedded in operations, technology-enabled, interdisciplinary, and concerned with continuous organizational improvement in diverse, global contexts. Managers and organizations will need more flexible, learning-oriented, collaborative employees and environments.
The document discusses new trends in compensation management, including benefits like health insurance, accommodations, loans, education assistance, work-life balance policies, and variable pay. It provides details on approaches to compensation like pay transparency, broad banding, incentive pay, employee stock ownership plans, and flexible benefits programs including modular, core-plus, and flexible spending plans. The trends are aimed at attracting and retaining employees through customized compensation packages.
Training objectives- Training objective- Definition, Importance of training objective, Nut shell -Training objective must be “SMART”, Purpose of training objective, Determining the training objective, The Need of training objective, Training Objective types, Formulation of training objective, Key benefits of Training objectives, Characteristics of Good objective, Consideration for deciding objectives.
This document outlines the key processes involved in human resource development (HRD), including performance appraisal, potential appraisal, career planning, an HR information system, training and development, and a reward system. It describes how each process is used to develop employees' personal skills, organizational skills, knowledge, and abilities.
Here are some potential responses to AstraZeneca's questions:
1. Possible non-discriminatory explanations for the pay differences could include differences in average years of experience, differences in average performance ratings if incentive pay was involved, or differences in roles and responsibilities if job descriptions were not tightly controlled. A detailed analysis of individual employee data would be needed to determine the true causes.
2. To ensure pay equity going forward using your point method: conduct annual pay equity audits comparing pay by gender within each job class; educate managers on setting pay objectively based only on point factors, not other attributes; establish a process for employees to confidentially report inequities and investigate/address any issues found.
3. I would
The document discusses four approaches to international compensation:
1. The going rate approach links expatriate pay to local market salaries in the host country. It aims to treat expatriates as local citizens. Advantages include equality with locals, simplicity, and host country identification, while disadvantages include pay variations and potential re-entry problems.
2. The balance sheet approach equalizes costs between international assignments and home country roles. It protects expatriates from financial impacts of living abroad. Advantages include equity and facilitating re-entry, while disadvantages include potential pay disparities versus locals.
3. The international citizen's approach uses a standard basket of goods to determine pay worldwide, rather than adjusting pay to perfectly match local costs.
This document discusses compensation management. It defines compensation as the monetary and non-monetary value provided to employees in exchange for work. Compensation has objectives like recruiting qualified employees, increasing morale, and rewarding performance. Compensation has direct elements like base pay and bonuses, and indirect elements like insurance and retirement programs. Non-monetary compensation enhances satisfaction and relationships. Compensation is important for job descriptions, analysis, and structure. Factors affecting compensation include external factors like the economy and internal factors like compensation policies and an organization's ability to pay.
This document provides an overview of compensation management. It discusses that compensation includes both direct monetary benefits like salary as well as indirect non-monetary benefits. An effective compensation system is designed based on factors like job analysis and market surveys. It is an important part of human resource management that helps motivate employees and improve organizational performance. The various components, types, and importance of compensation management are outlined.
Training - Human Resource Management HRMDeva Pramod
Training and Developing Employees: Need for Training, Systematic Approach to Training, Types of Training, Training Methods, Evaluation of Training
Training is a planned programme designed to improve performance and bring about measurable changes in knowledge, skills, attitude and social behaviour of employees.
Essential for job success
It can lead to higher production, fewer mistakes, greater job satisfaction and lower turnover
Training Vs. Development, Training Vs. Education, Learning Principles: The Philosophy of Training, Applicability of Training, Job Instruction Training (JIT)
Coaching
Mentoring
Job Rotation
Apprenticeship Training
Committee Assignments
Rao V.S.P “Human Resource Management”, 2nd edition, Pearson –Prentice Hall, New Delhi, 2005
The document discusses the human resource management selection and selection process. It defines selection as a systematic process of choosing the best qualified candidate for a job. The selection process involves multiple steps from initial application screening to making a final hiring decision. These steps include application forms, resume screening, testing, interviews, evaluating candidates, making an offer, and negotiating salary. The objectives of selection are to identify the most suitable candidates and fill positions with high caliber employees.
The document discusses employee benefits and services. It provides definitions and examples of benefits like paid time off, health insurance, retirement plans. It explains that benefits are used to attract, retain, and motivate employees. The document also covers factors that influence benefit decisions, common types of benefits, and some potential issues with benefits programs.
The document discusses traditional and modern pay systems, as well as the process for establishing pay plans.
1. Traditional pay systems are based on cost of living, seniority, and evenly distributed wages. Modern pay systems emphasize variable pay based on business, individual, team and organizational performance.
2. Establishing effective pay plans involves analyzing factors like the job market, designing compensation to attract and retain talent, and linking pay to performance to optimize costs.
3. Regular evaluation and review of pay plans is needed to ensure plans stay aligned with business strategy and changing internal and external conditions.
This document discusses compensation issues and outlines several topics related to performance and compensation management. It begins by outlining global compensation issues such as remittances by foreign workers, factors that influence remittances, and the positive and negative impacts of remittances. It then discusses competency-based pay, highlighting the differences between job-based pay and competency-based pay, why competency-based pay is used, and how productivity is linked to competency-based systems. Finally, it briefly mentions how to attract and retain Generation Y employees.
Week 6 - Instructor GuidanceBUS 692Week Six Guidance .docxmelbruce90096
Week 6 - Instructor Guidance
BUS 692
Week Six Guidance Dr. Marvee L. Marr
International HRM
A Quick Case to get the subject rolling….
ECONOMIC PERSPECTIVES: Expatriates in Qatar. Qatar is one of the richest countries of the world due to its oil and gas revenues. All Qatari citizens receive first –class government provided health, education, and other social benefits. Due to Qatar’s incredible growth Qatari citizens account for only 15% of the workforce. They complain that foreigners are crowding them out.
Questions:
1.Why are Qatari citizens complaining about receiving a lot of material benefits without needing to work?
2. What are some possible solutions that Qatar’s government can implement to provide more career opportunities for its citizens?
I. Introduction. TheInternet has helped “flatten” the world of work throughout the globe. Today there is a world market for labor and human resources in many ways. Companies in the U.S. are more likely to have at least some operations in other countries. Technology has made it much easier for US companies to conduct business in other countries.
II. Global Strategic HRM. The conduct of HRM differs throughout the world. Many of these differences are related to cultural factors, while other differences derive from regulations.
Statistical Overview. One way to gain an understanding of strategic HRM on a global scale is the examine recent statistical analyses: the percentage of female participation in the workforce, the type of work people do throughout the world, the ability of foreign-born individuals to work in a given country, self-employment, part-time vs. full-time employment, and unemployment rates are some of the statistics to watch. Global HR statistics provide helpful information about establishing and running operations in various countries.
Cultural Issues and Differences. Considerable cultural differences around the world have a profound impact upon the practices of international HRM (Hofstede’s Cultural Dimensions, 2012) :
Power Distance. In countries with more egalitarian cultures efforts may be made to eliminate overt workplace hierarchical differences. In such countries workplace employee committees or other mechanisms that give employees direct input into the management of the organization are common. In high power distance countries more centralized, hierarchical, even autocratic decision-making structures are common.
Uncertainty Avoidance. High uncertainty avoidance cultures prefer clear rules procedures and structures. They value orderliness and predictability. Countries with low uncertainty avoidance have more “hang loose” attitude towards things.
Individualism vs. Collectivism. In highly individualistic cultures employees tend to be evaluated and rewarded in great measure for their individual achievements and performances. Society places a high value upo.
This PPT contains about wage differentials or compensating differentials. it is an HR concept. it has meaning, reason, factors, types, and determinants of inter and intra industry wage differential.
Compensation management involves designing total compensation packages to attract, motivate and retain employees. It includes direct monetary compensation like salary and incentives, as well as indirect compensation like benefits. Compensation objectives are to recruit and retain talent, boost morale and performance, and ensure legal and internal pay equity. Various factors like an employee's role, skills, market pay and organizational budget affect compensation. Common components of compensation include salary, bonuses, statutory benefits, and stock ownership plans.
The document discusses various components of international compensation packages. It begins by defining compensation and its objectives. It then covers principles of compensation, approaches in different countries, factors influencing compensation amounts, and theories of compensation. The document also discusses base salary, incentives, allowances, taxes, retirement benefits, and other typical components of an international compensation package. It notes challenges around managing compensation globally due to exchange rates, cost of living differences, and other complexities.
Organization development is an organization-wide, managed process using behavioral science knowledge to increase effectiveness. In the past, OD focused on short-term productivity and treated employees as costs rather than assets. Contextual trends impacting OD's future include more diverse, educated workforces; greater technology use like e-commerce; and networked, knowledge-based organizations. Going forward, OD will be more embedded in operations, technology-enabled, interdisciplinary, and concerned with continuous organizational improvement in diverse, global contexts. Managers and organizations will need more flexible, learning-oriented, collaborative employees and environments.
The document discusses new trends in compensation management, including benefits like health insurance, accommodations, loans, education assistance, work-life balance policies, and variable pay. It provides details on approaches to compensation like pay transparency, broad banding, incentive pay, employee stock ownership plans, and flexible benefits programs including modular, core-plus, and flexible spending plans. The trends are aimed at attracting and retaining employees through customized compensation packages.
Training objectives- Training objective- Definition, Importance of training objective, Nut shell -Training objective must be “SMART”, Purpose of training objective, Determining the training objective, The Need of training objective, Training Objective types, Formulation of training objective, Key benefits of Training objectives, Characteristics of Good objective, Consideration for deciding objectives.
This document outlines the key processes involved in human resource development (HRD), including performance appraisal, potential appraisal, career planning, an HR information system, training and development, and a reward system. It describes how each process is used to develop employees' personal skills, organizational skills, knowledge, and abilities.
Here are some potential responses to AstraZeneca's questions:
1. Possible non-discriminatory explanations for the pay differences could include differences in average years of experience, differences in average performance ratings if incentive pay was involved, or differences in roles and responsibilities if job descriptions were not tightly controlled. A detailed analysis of individual employee data would be needed to determine the true causes.
2. To ensure pay equity going forward using your point method: conduct annual pay equity audits comparing pay by gender within each job class; educate managers on setting pay objectively based only on point factors, not other attributes; establish a process for employees to confidentially report inequities and investigate/address any issues found.
3. I would
The document discusses four approaches to international compensation:
1. The going rate approach links expatriate pay to local market salaries in the host country. It aims to treat expatriates as local citizens. Advantages include equality with locals, simplicity, and host country identification, while disadvantages include pay variations and potential re-entry problems.
2. The balance sheet approach equalizes costs between international assignments and home country roles. It protects expatriates from financial impacts of living abroad. Advantages include equity and facilitating re-entry, while disadvantages include potential pay disparities versus locals.
3. The international citizen's approach uses a standard basket of goods to determine pay worldwide, rather than adjusting pay to perfectly match local costs.
This document discusses compensation management. It defines compensation as the monetary and non-monetary value provided to employees in exchange for work. Compensation has objectives like recruiting qualified employees, increasing morale, and rewarding performance. Compensation has direct elements like base pay and bonuses, and indirect elements like insurance and retirement programs. Non-monetary compensation enhances satisfaction and relationships. Compensation is important for job descriptions, analysis, and structure. Factors affecting compensation include external factors like the economy and internal factors like compensation policies and an organization's ability to pay.
This document provides an overview of compensation management. It discusses that compensation includes both direct monetary benefits like salary as well as indirect non-monetary benefits. An effective compensation system is designed based on factors like job analysis and market surveys. It is an important part of human resource management that helps motivate employees and improve organizational performance. The various components, types, and importance of compensation management are outlined.
Training - Human Resource Management HRMDeva Pramod
Training and Developing Employees: Need for Training, Systematic Approach to Training, Types of Training, Training Methods, Evaluation of Training
Training is a planned programme designed to improve performance and bring about measurable changes in knowledge, skills, attitude and social behaviour of employees.
Essential for job success
It can lead to higher production, fewer mistakes, greater job satisfaction and lower turnover
Training Vs. Development, Training Vs. Education, Learning Principles: The Philosophy of Training, Applicability of Training, Job Instruction Training (JIT)
Coaching
Mentoring
Job Rotation
Apprenticeship Training
Committee Assignments
Rao V.S.P “Human Resource Management”, 2nd edition, Pearson –Prentice Hall, New Delhi, 2005
The document discusses the human resource management selection and selection process. It defines selection as a systematic process of choosing the best qualified candidate for a job. The selection process involves multiple steps from initial application screening to making a final hiring decision. These steps include application forms, resume screening, testing, interviews, evaluating candidates, making an offer, and negotiating salary. The objectives of selection are to identify the most suitable candidates and fill positions with high caliber employees.
The document discusses employee benefits and services. It provides definitions and examples of benefits like paid time off, health insurance, retirement plans. It explains that benefits are used to attract, retain, and motivate employees. The document also covers factors that influence benefit decisions, common types of benefits, and some potential issues with benefits programs.
The document discusses traditional and modern pay systems, as well as the process for establishing pay plans.
1. Traditional pay systems are based on cost of living, seniority, and evenly distributed wages. Modern pay systems emphasize variable pay based on business, individual, team and organizational performance.
2. Establishing effective pay plans involves analyzing factors like the job market, designing compensation to attract and retain talent, and linking pay to performance to optimize costs.
3. Regular evaluation and review of pay plans is needed to ensure plans stay aligned with business strategy and changing internal and external conditions.
This document discusses compensation issues and outlines several topics related to performance and compensation management. It begins by outlining global compensation issues such as remittances by foreign workers, factors that influence remittances, and the positive and negative impacts of remittances. It then discusses competency-based pay, highlighting the differences between job-based pay and competency-based pay, why competency-based pay is used, and how productivity is linked to competency-based systems. Finally, it briefly mentions how to attract and retain Generation Y employees.
Week 6 - Instructor GuidanceBUS 692Week Six Guidance .docxmelbruce90096
Week 6 - Instructor Guidance
BUS 692
Week Six Guidance Dr. Marvee L. Marr
International HRM
A Quick Case to get the subject rolling….
ECONOMIC PERSPECTIVES: Expatriates in Qatar. Qatar is one of the richest countries of the world due to its oil and gas revenues. All Qatari citizens receive first –class government provided health, education, and other social benefits. Due to Qatar’s incredible growth Qatari citizens account for only 15% of the workforce. They complain that foreigners are crowding them out.
Questions:
1.Why are Qatari citizens complaining about receiving a lot of material benefits without needing to work?
2. What are some possible solutions that Qatar’s government can implement to provide more career opportunities for its citizens?
I. Introduction. TheInternet has helped “flatten” the world of work throughout the globe. Today there is a world market for labor and human resources in many ways. Companies in the U.S. are more likely to have at least some operations in other countries. Technology has made it much easier for US companies to conduct business in other countries.
II. Global Strategic HRM. The conduct of HRM differs throughout the world. Many of these differences are related to cultural factors, while other differences derive from regulations.
Statistical Overview. One way to gain an understanding of strategic HRM on a global scale is the examine recent statistical analyses: the percentage of female participation in the workforce, the type of work people do throughout the world, the ability of foreign-born individuals to work in a given country, self-employment, part-time vs. full-time employment, and unemployment rates are some of the statistics to watch. Global HR statistics provide helpful information about establishing and running operations in various countries.
Cultural Issues and Differences. Considerable cultural differences around the world have a profound impact upon the practices of international HRM (Hofstede’s Cultural Dimensions, 2012) :
Power Distance. In countries with more egalitarian cultures efforts may be made to eliminate overt workplace hierarchical differences. In such countries workplace employee committees or other mechanisms that give employees direct input into the management of the organization are common. In high power distance countries more centralized, hierarchical, even autocratic decision-making structures are common.
Uncertainty Avoidance. High uncertainty avoidance cultures prefer clear rules procedures and structures. They value orderliness and predictability. Countries with low uncertainty avoidance have more “hang loose” attitude towards things.
Individualism vs. Collectivism. In highly individualistic cultures employees tend to be evaluated and rewarded in great measure for their individual achievements and performances. Society places a high value upo.
International Human Resources Management by Jamshed Khursig ara, Head - Huma...National HRD Network
The document discusses several topics related to international human resource management including globalization, organizational culture, expatriate compensation, performance management, and repatriation. It defines key terms, describes different approaches to expatriate compensation and types of expatriates. It also outlines challenges in performance management of expatriates and host country nationals as well as challenges during the repatriation process and issues that should be addressed through an effective repatriation policy.
Effectiveness of Personal Finance among Selected Skilled – Working Expatriate...Dr. Amarjeet Singh
In the study entitled “Effectiveness of Personal
Finance among Selected Skilled – Working Expatriates in the
Kingdom of Bahrain”, the research sought answers on the
following specific problems and drawn inferences that
relatively identified factors on personal finance. Specifically,
the research included fifty respondents having twenty – five
(25) males and twenty - five (25) skilled – working expatriates
who are connected with various companies in the Kingdom.
Through survey – questionnaires, data were gathered,
collected, and were used as basis of analysis subject to
statistical treatments that include frequency count, weighted
means and comparison through t – test.
The study has inferred the level of effectiveness of
personal finance among selected skilled – working expatriates
as Effective with a combined average weighted mean of 4.20
and with a test result of Not Significant leading to the
decision to fail to reject the null hypothesis. while the degree
of seriousness of the problems encountered by selected skilled
– working expatriates revealed that their top difficulty is
financial wellness factored by salary reasons, compensation,
debt and liabilities and the inflations in the prices across
almost basic demands and social and living costs.
Running Head INTERNATIONAL JOB ASSIGNMENTS .docxwlynn1
Running head: INTERNATIONAL JOB ASSIGNMENTS 1
INTERNATIONAL JOB ASSIGNMENTS 3
International Job Assignments
Student’s Name:
Institution Affiliation:
Date:
International job assignment
Companies around the world frequently send some of their organizational staff abroad to work with affiliates for various purposes. Employees may be sent to further their education and develop their organizational performance and management skills. In most cases, employees are sent abroad to acquire higher experiences in international trade in their respective companies. When international job assignments are expected to last for longer periods, the employee’s families may need to accompany them. Basically, sending employees for international job assignments is an investment that an organization should plan and prepare to undertake for it to be successful and can be done through training, handling reparation and compensation planning.
Training
A fundamental aspect of successful international job assignment is to provide training to the target employees. In this case the target employees are the accountant, manager and an engineer. This provides them with an opportunity to know what they should anticipate in the new location. An effective training for employees should be rigor implying thorough. For long term employee relocation, the training should be comprehensive as oppose to short term relocations on job assignments. In cases when the employee has to fully relocate together with his or her family an even greater rigorous training is imperative (Rosenbusch, Cerny II & Earnest, 2015). Training may be conducted by use of videos showing the culture of the host country, lectures on trade and organizational operations in the host nation. For even longer assignments, intensive practical and empirical training including direct interactions with people from the host country may be important for both the employee and his or her family. According to studies, international assignments are more successful when families of the target employees are included in training and in consultation (DeNisi & Sonesh, 2016). Employees on international job assignments may go through three major types of training:
Documentary training is like a classroom learning session in which the employees are taught the cultural differences between them and the people from the host nation. In this kind of training, the differences are closely examined because they can be hindrance to successful job assignments in the target location. Cultural differences can easily trigger misunderstanding and conflicts. Such aspects that differ with culture include greetings, gender interactions as well as gift issuance which are common human relations. For instance the manager, accountant and engineer would be made aware about how valuable punctuality .
1. The document summarizes five key trends impacting the future of work identified by SHRM expert panels: (1) demographic shifts towards a more global and aging workforce, (2) loss of middle-skilled jobs due to automation, (3) a skills gap between educational standards and employer needs, (4) increased globalization and remote work due to technology, and (5) new models of work like crowdsourcing.
2. For each trend, the document outlines expected changes for organizations and recommends how HR can prepare, such as offering flexible work and lifelong learning opportunities, partnering with educators, and learning to manage remote and contingent workers.
3. The document encourages readers to review this information
Destination Asia - Expatriate Management Concerns - Stanley & VierraPhil Stanley
This document discusses expatriate management concerns in Asia. It provides details on challenges in major Asian locations that host expatriates, including China, Hong Kong, Singapore, Thailand, and Vietnam. Some key issues outlined are reductions in hardship allowances in China, poor air quality and high housing costs in Hong Kong and Singapore, political instability concerns in Thailand, and adapting to local conditions and medical facilities in Vietnam. The document also notes trends in expatriate packages in Asia, such as declines in full expatriate packages and perks like paid club memberships and R&R trips. International school waitlists are also growing in some locations like Hong Kong.
There are several key issues to consider in international compensation management:
1. Compensation packages typically include a base salary, allowances, benefits, and consideration of taxes.
2. Packages aim to maintain an expatriate's home country standard of living through the balance sheet approach or match local pay through the going rate approach.
3. Social security systems differ globally and must address issues like benefit portability and which country is responsible for payments.
1
Annotated Bibliography
2
Annotated Bibliography
Annotated Bibliography
Al-Khasawneh, A. L. (2014). The Role of Knowledge Resource Diversification Strategy Management in Improving Organizational Learning among Employees at the Commercial Islamic Banks in Jordan. International Business and Management, 8(2),101-111.
The publication by (Al-Khasawneh, 2014) gives invaluable insights on how the process of knowledge and information sharing can be of great importance in making any given organization realize efficiency; this the article highlights with reference to the banking sector. Al-Khasawneh also mentions that the benefits of knowledge resource diversification strategies cut across the entirety of the corporate divide and can be used successfully with any organizational manager that is looking to gain decent returns and maintain customer loyalty. With commercial Islamic banks in Jordan as a sure example, the author mentions that knowledge resource diversification strategy management can only be realized when an organization is willing to spend on Knowledge Management. Even though expensive in the short run, modern knowledge management systems often prove to be beneficial in the long run. Besides, the author recommend that any firm looking to realize knowledge diversification has to come up with a culture within the internal environment that is supportive to knowledge sharing.
Filson, D., & Olfati, S. (2014). The impacts of Gramm–Leach–Bliley bank diversification onvalue and risk. Journal of Banking & Finance, 41, 209-221.
Filson and Olfati, in their publication, give reasons as to why banks diversify their product lines every now and then. The author’s site that most banks diversify their product lines so as to encourage customers to take them up, ie to increase attractiveness and for the sake of helping customers to get customized product packages. Earlier, most banks noted that some customers were hesitant to do business with them solely because they were not sure of the risks involved and were doubtful of whether they would realize the value for their money. Bank diversification approaches such as the Gramm–Leach–Bliley bank come in to accord customers risk transference and better proceeds for their savings and investments.
Lam, T. Y., & Tipping, M. (2016). A case study of the investment yields of high street banks. Journal of Property Investment & Finance, 34(5), 521-534.
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...
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- The objectives of the chapter, which are to examine compensation complexities when moving from domestic to international contexts, key compensation components, approaches, and special problem areas
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- Key components of international compensation including base salary, allowances, benefits, and considerations for different employee categories
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- Benefits provided under local plus packages vary between locations and employers - for example, dependent education assistance and housing assistance are more commonly offered in China while pension plans often utilize host country schemes in Singapore and Hong Kong.
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COMPENSATION ISSUES
1. PERFORMANCE AND COMPENSATION MANAGEMENT
(HRM 751)
COMPENSATION ISSUES
AIDA AZREENA ROSLI
(2012698128)
Prepared for:
Assoc. Prof. Dr Roshidi Hassan
2. OUTLINE
1. Global Compensation Issues
Remittances by legal foreign workers
Factors of remittances
Positive Impact of Remittances
Negative Impact of Remittances
2. Competency Based Pay
Different between Job based and Competency based Pay
Why use competency based pay
Productivity linked with system
3. How to Attract and retain Gen Y
Job hopping
About fresh grad
3. Compensation System Design
Issues
Third-Country Nationals
Host-Country Nationals
Employees who are not citizens of their
home or host countries - for example, a
Swedish national employed by a Belgian
multinational company and working for
that company in Spain.
An employee’s host country is the
country to which an expatriate or
TCN is transferred.
Global
Compensation
Issues
Expatriates
Employees who are resident outside their country of citizenship (Home
Country). Typically employees on a traditional assignment of 1 – 5 years with
the expectation of returning to their home country.
5. Compensation Issues in Global Relocations
Malaysia
United
Arab
Emirates
(UAE)
China
• Work permit categories typical in Malaysia: Professional Visit Pass
(PVP), Employment Pass (EP).
• Foreign nationals must remain on home payroll while in Malaysia on PVP.
• Foreign nationals on an EP may be placed on either local or overseas payroll.
• The minimum salary level MSL in Malaysia only applies to EP holders. MSL is
RM5,000 per month, and RM 900 and applies to both local hires and international
assignees.
• A minimum salary of AED4,000 per month (AED3,000 if housing is provided by the
employer) is required to sponsor dependent family members for residence in the
UAE.
• The benchmark for females sponsoring dependent family members is higher. There
is no specific written guidance and is discretionary (a minimum of AED10,000 per
month is expected at the very least). This applies to both local hires and international
assignees.
• Foreign nationals placed on the payroll of a Chinese entity require a ‘Z’ Visa and a
work and residence permit.
• Minimum salary RMB 1,500 for the city of Shenzhen is the highest minimum
monthly salary requirement others depends on location
• Minimum Salary requirements are the same for local hires and international
assignees across China.
6. India
Japan
Canada
• The Employment ‘E’ Visa (typically used by ICTs and Local Hires) has an annual
minimum salary requirement of USD25,000
• Renewals in many parts of India (the rules vary by local jurisdiction) require proof
of compliance with tax withholding requirements
• There is a minimum salary requirement of 200,000 JPY per month for both local
hires and international assignees.
• This is the minimum salary requirement to process a work permit application in
Japan. Other minimum salary requirements may apply under relevant Labor
• Law regulations. For example, an assignee’s salary must be equal to that of a
Japanese worker in the same employment category
• There are minimum salary requirements for Canada that may differ depending on
the immigration category.
• Minimum salary is position specific and must be comparable to what a Canadian
national would earn in a similar position
Del Rey, Bernsen &Loewy, July 24, 2013
7. Remittances by legal foreign workers
Workers’ remittances are narrowly defined as current transfers by migrants who
are employed in new economies and considered residents there. Workers'
remittances is of considerable interest to economists and analysts because it can have
a significant impact on poverty reduction and / or can finance economic growth in
receiving economies for receiving country.
The mail online, 11 November 2013
8. Remittances by legal foreign workers doubled from RM10 billion in 2009
to almost RM20 billion 2013, Deputy Finance Minister Datuk Ahmad Maslan.
3.2 million foreign workers of which 1.9 million are legal workers and an
estimated 1.3 million are illegal. Total amount remitted by illegal
estimated to be more than RM20 billion.
Total amount remitted from Malaysia about US$6.24 billion is slightly over
1% of the amount remitted worldwide by 232 million international
migrants, which is 3.2% of the world’s population.
Top three countries are in Asia and the third largest is a Southeast Asian
country shows there is a strong cross-border movement of money in Asia
and also shows there is a huge supply of human capital that is available.
9.
10. Factors of remittances
Altruistic
feelings
• Migrant may be a motivation for transfer income to
family and relatives left behind. The migrant feel cares
about poverty of their family and diversifying the
resources of income (Kaijage,2008)
Investment
for the
future
• Fixed capital, public assets or to be eligible to other
resources in the community. Migrants may have
investments that need to be tendered while they are
away , in this case they need family members to act on
their behalf as trusted agents (Chami et al, 2003)
Family
contract
• Between migrant and those at home relies on the
notion of risk diversification. It become convenient
strategy for a household member migrates to a noncorrelated labor market to diversify economic risks by
entering a type of contract agreement with the
household left behind. (Amuedo-Doranates &
Pozo,2002)
11. Positive impact of remittances
Remittances may move countercyclical relative to the economic cycle of the
recipient country. Remittances may rise when the recipient economy suffers
a downturn in activity or macroeconomic shocks due to financial crisis,
natural disaster, or political conflict, because migrants may send more funds
during hard times to help their families and friends.(Clarke & Wallsten,
2004)
Remittances affect international capital market access is through the use of
structured finance techniques. Several banks in Malaysia like CIMB, Maybank
and International Monetary Fund (IMF) have been able to raise relatively
cheap and long-term financing from international capital markets via
securitization of future remittance flows. (Levitt and de la Dehesa, 2003).
Large remittance inflows can lead to exchange rate appreciation and lower
export competitiveness. (Amuedo Dorantes & Pozo,2004)
12. Negative impacts of remittances
Remittances can create a moral hazard problem where by a
government fails to put in place economic measures to solve
deteriorating economy due to trade deficit or higher
unemployment as it anticipates receiving money transfers from
migrant workers (Kapur & Aldaba, 2004)
Kapur (2004) argues that remittances are an important
mechanism to fund terrorism, civil wars and liberation
struggles. He points out that the support is based on migrant
organizations based in different countries such as Sir Lankan
Tamil migrants in Canada supporting the militant Liberation
Tigers of Tamil Ealam (LTTE)
15. 2
Why Use Competency-Based Pay?
Competency-Based Pay Supports
High-Performance
Work Systems
Strategic
Aims
Performance
Management
16. Competency-Based Pay
‘A payment system that relates salary
progression or a cash bonus to the display of
“competencies” by individual employees.
Systems originate in the identification of
competency, understood as the key attributes
and behaviours of employees that underlie
good performance in a particular organisation
or job.’
Heery and Noon (2001)
17. Different between Job Based Performance and
Competency Based Performance
•
Job-based pay is a more traditional
pay structure in which jobs are slotted
into salary schedules
•
Knowledge-based pay rewards
employees who set goals to learn new
skills and acquire new knowledge
•
Each position is assigned a pay range
based on job duties and the only
variance in pay is based on education
and seniority
•
Ambitious, self-motivated employees
typically prefer this approach because it
gives them a reason to focus on career
development
•
This offers employees a more
predictable method of pay, making it
easier to budget and plan for raises
each year.
•
Contribute to a systemic raising of the
bar for performance across all jobs.
•
Employers that use a skill-based pay
structure must provide continuing
opportunities for employees to gain more
skills and training. This allows a company
to reduce employee turnover and
encourage professional growth
•
Job-based pay structure may offer
opportunities for employee
development, but it is not specifically
used as a platform for employee
growth and wage increases.
18. Competency-Based Pay in Practice
Introduced competency-based pay because the previous
performance-related pay scheme was ambiguous and provided
limited incentive to improve
Because applying a normal distribution curve to performance
means that most staff are rated as average and there is little
differentiation in pay awards
Their competency-based pay scheme describes the ten critical competencies required
for each job family. Staff can be placed on three or four levels of achievement.
This means there is a motivation to demonstrate the competencies and these are fully
transparent. The system encourages flexibility and breadth, there by helping the
company get a broad base of experience.
19. Why Use Competency- Based Pay
4 main ways in which employers were making the link between
competencies and pay:
76 % of organizations that used competency-based pay used
competencies in design of the grading structure
80% used them to determine promotions
88 % used competencies to determine pay rises or pay cuts
56 % used competencies to determine how an overall
pay rise should be divided into pay shares.
Adams (1999)
20. Competency-Based Pay
Organization – Related
Outcomes
Employee-related outcomes
Greater workforce flexibility
Enhanced employee
understanding of organization big
picture
Increased effectiveness of work
teams
Fewer bottleneck in workflow
Increased worker output per
hour
Greater employee selfmanagement
Improved employee satisfaction
Greater employee commitment
More career-enhancement
opportunities
21.
22. WHY IT
HAPPEN??
Minimum wage policy takes effect on 1st January 2013, many companies
will be facing great issues in restructuring their compensation system in
order to stay competitive in the market. Ongoing debates on the impact
of the minimum wage policy, a proactive solution should be taken in
place. Productivity Linked Wage System (PLWS) establishes the link
between wages and productivity
WHAT IS PLWS??
PLWS is a system which establishes the link between wages and
productivity. The system will ensure that wage increases proportionate
with higher productivity, thus enhancing competitiveness at the
company. This dynamic compensation system will directly reflect the
company and individual performance to ensure organization
sustainability and individual motivation.
23. WHEN IT START??
PLWS was introduced in 1996 following an agreement between the
National Labor Advisory Council (NLAC) and the Human Resources
Ministry on the need for wage reform but has only been sluggishly
adopted since
ELEMENTS IN PLWS
The Fixed Component comprises basic wage, plus an annual increment. It provides
for income stability, acts as an indicator of the job value, reflects the cost of living and
is adjusted accordingly through the annual increment. However, the annual
increments should only form a small portion of the wage bill to meet the rising cost
of living.
The Variable Components wage incentive, based on productivity or profit sharing
formula. It determines the take home pay of an employee
24.
25. ISSUES ON PLWS
COUNTRIES
USD Thousand
%
Hong Kong
65174
2.7
Singapore
55702
2.1
Taiwan
43 827
1.9
Malaysia
14 217
4.55
Thailand
4801
-1.1
China
4443
8.7
Philippine
3341
0.5
Indonesia
3040
5.0
India
2827
4.8
PRODUCTIVITY LEVEL AND GROWTH OF MALAYSIAN AND SELECTED ASIAN
COUNTRIES BY MPC PRODUCTICITY REPORT 2011/2012
26. In the Asian region, Hong Kong, Singapore and Taiwan
productivity levels are much higher than Malaysia ranging from
USD 65,000 to USD44,000 compared to Malaysia only USD14,000
In the OECD countries, 9 countries having highest productivity
levels ranging between USD97,000 and USD35,000, with Ireland the
highest and New Zealand the lowest levels.
Malaysia’s productivity growth is increasing but productivity level is
low.
Factors for low level of productivity:
- Dependent on large number highly unskilled labor (70%)
- Contribution of services sector to GDP as per cent of GDP is only
54%
- Low level of technological development
- Lack of R & D activities and innovation (Full time work equivalent
per 1,000 people)
27. To achieve productivity improvements by:
Enhancing business environment to be more
conducive is among the factors that can improve
productivity. The need to ease in the public delivery
system and facilitate business investment
Computers and related equipment are now the
fastest growing segment of tangible investment
At the same time, a polarization in Malaysia labor
markets is taking place as skilled labor is in demand
whereas demand for low-skilled workers is declining
28. BENEFITS OF PLWS
Improve competitiveness
Provide recognition for improved performance
Creates openness and commitment
Provides for equitable sharing
Provides job security and stability in difficult times
Improves the standard of living
Enhances skills and knowledge
Provides the drive for innovation
29. CONCLUSION OF PLWS ISSUE
• Going for higher income economy and to be competitive, Malaysia must
sustained its GDP growth of at least 6 per cent continuously by 2020
• Productivity growth must grow persistently at 5 per cent and productivity
level will also rise higher
• Employment rate must be maintained at full employment level
• Human capital must be upgraded through training and the number of
unskilled workers must be reduced
• Provide conducive environment to encourage FDI
• Encourage industries to invest in new technology and encourage innovation
that will increase productivity
• Promote R & D activities
• Encourage industry to implement productivity linked wage system (PLWS)
30.
31.
32.
33. 3
HOW TO ATTRACT AND RETAIN GEN Y IN
COMPANIES?
76 % of employers surveyed said an employee who works less
than a year is considered to be a job hopper.
84% employer would not hire someone with a job hopping
tendency.
At the ages of 25 and 34 surveyed think job hopping is a
healthy trend as they could get more experience from the
different jobs.
Over 65 % of employees surveyed said they have worked less
than two years at their jobs, but most of them are already on
the lookout for a new job. From the survey, it also showed that
these young workers have switched jobs twice in the past 5
years.
Jobstreet and Kelly services survey, May 2013
35. Ms. Chook Yuh Yng, country manager of JobStreet.com said, “If employees
job hop too often, nothing is substantial.
Employers are highly unlikely to hire someone with a job hopping
reputation, which will reflect in their resume.
Companies are also incurring huge recruitment and training costs as they
race to meet their talent needs in a market dominated by job-hopping
generation Y workers.
High turnover in employees also has a direct impact on a company’s
productivity. Aspects contributing to this include lost time in rehiring,
interviewing and training, lost sales or a lost customer base.
According to Kelly Services marketing director for Singapore and Malaysia
Jeannie Khoo, this trend is predominantly seen in Gen Y, and no, it's not
always just about the money.
36.
37. EMPLOYERS
EMPLOYEES
GAP
It’s unhealthy Gen-Y
employees tend to quit
their jobs more easily
(84%)
Will not hire someone with
job hopping tendency
(83%)
No career development
(75%)
Provide training, better
working environment and
compensation (68%)
Job Hopping Trend
Job Hopping Mindset
Reason for Job
Hopping
How to Retain
It's healthy to get more
experiences from the
different jobs
(75%)
Intend to switch job within
1-2
years(49%)
Require more reward and
compensation(81%)
Provide competitive
rewards
based on
performance(36%)
39. What employers think is lacking among unemployed
graduates
• Expectations – 64%
– Should ask not what the company will do for them but what they can do for the
company first
– Should know the market value (do research)
• Attitude – 60%
– Should demonstrate continuous learning/self learning
– Should demonstrate ownership/commitment etc.
• Good communication skills (English) – 56% & 52%
– Should be able to communicate & articulate well in the business language
– Should be able to work as part of a team
– Should show confidence
• Choosy – 38%
– Should know the market outlook
– Should be realistic about the ideal first job/ company
40. General Expectations from Companies of a
Good Graduate/ Hire
• Good values
– (e.g. honest, confident yet humble, innovative and creative)
• Positive attitudes
– (e.g. proactive, hardworking, high motivation and curiosity driven)
• Work-related skills
– (e.g. communication, entrepreneurship and leadership skills)
• Preparedness to work
– (e.g. industry-ready skills and ability to perform well in a working
environment).
Source: Unesco Report
42. OVERCOME ISSUES
It is important that the education program offered are able to equip
graduates with the necessary skills to join the workforce including both
intellectual and practical skills
– (e.g. Technical or domain specific knowledge & skills)
– (e.g. Other important skills including Communications, Logical thinking,
Project
Management, interpersonal skills, General Knowledge etc.)
• It is also important to align to the needs of the Work Place, so that
Graduates
have the right “preparedness to enter the workforce”
– Internships is key
– Projects/ Coursework
– Involvement of industry in curriculum review, guest lecturing, providing
career talks etc.
45. "Give a man a fish, and you feed him for a day. Teach him to
fish, and you feed him for a lifetime," is explored as Trump and
Kiyosaki teach you what they believe you need to know to be
rich.