In any workplace, the importance of supporting and rewarding employees cannot be overstated. Attracting talent, retaining employees and recognizing and rewarding high performance are integral to business success. The compensation and benefits scheme you provide will have a significant impact on attracting talent, staff retention and the satisfaction of your greatest asset: the people.
You may be familiar with compensation and benefits management in your home country. Abroad, however, the story is different. Benchmarking your business against others is important in ensuring that you are an attractive employer, so your employees feel you are meeting and exceeding their compensation and benefits expectations. How will you know that this is true for your foreign team members, and that you are rewarding them at the same level as the employees in your parent business?
The schemes you provide are what will ensure you comply with legislative requirements, but also that people want to work for you and stay with you.
Your compensation package is more than the salaries you pay, and can include enhanced vacation entitlement, stock and bonus options, family allowances, car schemes, variable compensation plans and performance-based financial incentives.
The right corporate rewards will enable your business to attract and retain the best candidates globally, motivating them to achieve and incentivizing them to stay loyal to your company. Importantly, your compensation package has the ability to benchmark your business competitively against other in-country recruiters, especially when combined with an attractive employee benefit scheme.
International Employee Benefits
Paying employees well and cultivating a supportive work environment may not be enough. Many businesses are seeking to make their employees’ personal lives more enriched by providing an attractive employee benefits scheme, beyond what the legal minimum standard cites.
In the US, a restricted social security system means these benefits are mostly provided at the choice and cost of an employer. Abroad, the situation is very different. Different governments have different demands from business owners, perhaps setting strict requirements for taxable and non-taxable benefits, sick pay entitlement and bereavement leave entitlement.
Working globally, you are expected to know and understand these regional differences. Moreover, you must balance your global employee benefits with those provided to employees in your parent business.
With our knowledge of the intricacies of international benefit law and practice, we use our vetted benchmarking, planning and implementation process to provide complete solutions for you.
Private medical insurance, life insurance, disability insurance, enhanced annual leave entitlement, mobile phone allowances, car schemes and professional education and work training opportunities are some of the employee benefits available to help you to meet and exceed your obligations overseas.
In your home country, understanding workplace expectations comes naturally and therefore planning employee reward schemes is relatively simple. Doing this internationally, however, is much more difficult. Do you know the reward options most likely to motivate your employees in other cultures?
Your business must transcend cultural and geographical differences and perform competitively against other employers; regardless of how much you know about or how far away you are from that country.
IRIS HR Consulting can aid your HR manager in choosing and building a tailored employee incentive program, encompassing options such as variable pay schemes, enhanced compensation and benefit packages, holiday allowances, career development opportunities, private medical insurance and work-life initiatives.
We will help you to benchmark your company competitively against other employers, regardless of distance or culture. IRIS HR Consulting understands that reward and recognition are integral to attracting and retaining talent, and that your international offices must perform as highly as your parent business.
Louise is very helpful. We have no experience of Benefits plans in the US so it’s really good to have someone helping us navigate what is quite a slow and painful process of getting benefits in place for our new US Office in NYC.
Nickie Torbet is amazing! She consistently goes above and beyond to ensure our employees are taken care of, plans are in place, and all of the moving parts are aligned.
Nickie Torbet is by far one of the best benefits consultants I worked with.
We have the most amazing client support through Sue Sigrist. Sue is the most knowledgeable and efficient Benefits Adviser I have ever had the opportunity to work with and we are very lucky to be able to partner with her.
I feel that everyone I interact with is amazing, very professional, always willing to do what is ever needed.
HR solutions tailored around you
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