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Prentice Hall, Inc. ? 2006 12-* A Human Resource Management Approach STRATEGIC COMPENSATION Prepared by David Oakes Chapter 12 International Compensation Prentice Hall, Inc. ? 2006 12-* Compensation Challenges Further corporate interests abroad Encourage employee expatriation Minimize workers’ financial risks Enhance overseas experiences Repatriation issues Promoting lowest - cost strategies Promoting differentiation strategies Prentice Hall, Inc. ? 2006 12-* International Employees Host country nationals (HCNs) Citizens work for U.S. company in own country Third country nationals (TCNs) Citizens of one country work for a U.S. company in another country Expatriates U.S. citizens work for a U.S. company in another country Prentice Hall, Inc. ? 2006 12-* Compensation Factors Length of overseas assignments Short-term Extended-term Staff mobility One or more foreign assignments Equity: pay referent groups Domestic workers Host country workers Prentice Hall, Inc. ? 2006 12-* Compensation Components Core compensation Base pay Incentive compensation Fringe compensation Standard benefits Enhanced benefits Prentice Hall, Inc. ? 2006 12-* Setting Base Pay Home country-based Similar to domestic employees Host country-based Similar to employees in foreign sites Headquarters-based Not based on home or host country’s pay levels Prentice Hall, Inc. ? 2006 12-* Purchasing Power Stability of currency U.S. dollar foreign money Exchange rate fluctuations Inflation Increase in prices of goods services Increase in inflation lowers purchasing power Prentice Hall, Inc. ? 2006 12-* Incentive Compensation Foreign service premiums To Encourage Expatriate Assignments Hardship allowances For tough work living conditions Mobility premiums For willingness to relocate to an assignment Prentice Hall, Inc. ? 2006 12-* Hardship Allo