A 50% projected increase of international assignments between now and 2020 demonstrates the significance of our global economy. iWorkGlobal’s employer of record services related to the hiring, payment and management of employees empower companies to engage an international workforce. An article posted in the HR Daily Advisor identifies three critical tips for deploying a successful and fair global compensation plan.
In today’s global economy, sending talented employees abroad has not only become a growing trend, but a competitive necessity. It’s projected that between now and 2020, annual international assignments will increase by 50%—having already increased by 25% over the last 10 years. But overseas assignments can be extremely expensive: as much as three times the cost of a person’s typical annual salary.
While global compensation is incredibly important to an organization, management oftentimes undervalues the impact it has on assignees’ morale, motivation, and performance. It’s important that organizations know how to optimize the benefits of international assignees and are able to design and administer appropriate pay levels and rewards for a globally mobile workforce that lowers costs, improves parity, and simplifies the administration of assignments.
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Source: HR Daily Advisor