Benefits Of A Formal Pay Strategy For The Administration...

LOYOLA UNIVERSITY CHICAGO QUINLAN SCHOOL OF BUSINESS GLOBAL HR – HRER 422 WINTER TERM 2015-2016 ASSIGNMENT: Final Exam PROFESSOR: SCOTT, DOW (PHD) Name: PLACIDO, ELIANA Email: (EPLACIDO@LUC.EDU) CellP: 773 – 971 – 4997 1. There are a number of pay philosophies and methods used to pay expatriates including what has called host country, global and home country approaches. What are the advantages and disadvantages of these approaches? Why is the home country approach most often used? What are the limitations of the home country approach? Organizations use pay strategies to assist in the administration of compensation plans. The use of a formal pay strategy allows the assessment and grouping of similar jobs together. Global employers follow different pay strategies because pay strategies are profoundly influenced by different factors such as culture, social contracts, labor relations and management practice. Compensation creates a link between reward and results. Meaning that organizations seek to achieve the return of investments made on employees by motivating and appropriately rewarding them to influence performance, making the design and implementation of effective performance management systems an extremely important aspect of global HRM. The biggest advantage of the strategy to pay locally or host country approach, is that it is designed and implemented to be compliant with the local laws, policies and culture but it may be difficult and not at allShow MoreRelatedCompensation and Benefits1695 Words   |  7 Pages | |Compensation and Benefits | |Human Resource Management Coures | | Employee compensation and benefits are critical factors in the new hire acceptance process andRead MoreHrmt 326 Henderson Printing Essay1511 Words   |  7 PagesHenderson Printing Case Study Henderson Printing is a small-to medium sized firm that manufactures account books, ledgers, and various types of record books that are used in business (Long, 2010, p. 512). 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