26 May BUS 434 Week 5 Discussion 2 Responses
| Discussion 2 Benefit Packages in a Global Business Environment |
Today’s globally competitive business environment has caused many U.S. businesses to reduce the value of their employee benefit packages. Examine how an organization can maintain its costly benefit structure while remaining competitive against countries whose companies do not offer such benefits.
Guided Response: Be sure to cite at least two sources in addition to the course text. Respond to at the two classmates’ posts listed below.
I need someone to reply to the 2 classmates post.
Reply to Elyse Willfong
In order to be able to continue competing with foreign companies and still maintain the benefits that exist, a company must be able to compete in the benefits area as well. One of the things an organization can do is research what is important to those who live in the country or area in which the business is. By doing this, an organization that produces or conducts business in a foreign country can do so with respect and draw in more business. This can also help by bringing in local employees who call these foreign countries home. Offering them a benefits program that fits their culture could possibly draw them to working for “your” business versus a business owned by someone in their society. This helps to compete as well. Keeping the benefits up to date may help also. What I mean by this is updating benefits that are important to the employees and getting rid of those that may be more undesirable. These are just a few things that could be done to stay competitive with others in a foreign industry.
Weathington, B. L. & Weathington, J. G. (2016). Compensation and benefits: Aligning rewards with strategy [Electronic version]. Retrieved from https://ashford.content.edu
Reply to Christy Moulton
Today’s globally competitive business environment has caused many U.S. businesses to reduce the value of their employee benefit packages. Examine how an organization can maintain its costly benefit structure while remaining competitive against countries whose companies do not offer such benefits.
Legal considerations must also be taken into account since laws vary dramatically across countries, as wementioned earlier. Even concepts such as “at-will” employment vary. In some countries, it is easy to fire ordisplace poor-performing employees, while in others it is not. Laws regarding what constitute fair wages aswell as acceptable working conditions and hours also vary across countries and need to be taken into account.A company can run into trouble if it is perceived to be taking advantage of the local workforce. Legalprofessionals familiar with laws across national and jurisdictional borders must also determine whether localemployment laws apply to expatriates (Weathington & Weathington, 2016).
The localization approach is essentially the opposite of the balance sheet approach. Instead of attempting tomaintain the status quo in terms of standard of living, localization bases the expatriate’s salary on that of localsin the host country. This is particularly useful when local talent is available for comparison since similarpositions may pay quite differently in different countries. Using the localization approach based on salaries ofthe local market for talent provides a sense of equity similarity between expatriates and locals. This has theadvantage of also simplifying the administration of pay and benefits. The downside to this method is that itmay be harder to entice employees to relocate to locales where the prevailing pay for their specialty is lowerthan in their home country. Negotiating and strategically providing benefits can help alleviate this concern (Weathington & Weathington, 2016). This approach will help organizations understand the locals and what they consider to be fair in terms of compensation and benefits. I think you should research the culture of the country before relocation, because what is acceptable here in the US can be unacceptable in other country.
Weathington, B. L. & Weathington, J. G. (2016). Compensation and benefits: Aligning rewards with strategy[Electronic version]. Retrieved from https://ashford.content.edu
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