1. To describe how global organizations reward employees, including wages/ salaries, benefits, short and long-term incentives and equity/ownership
Creating an Organizational Roadmap for Digital Nomads | WorldatWork https://worldatwork.org/resources/publications/workspan-daily/creating-an-organizational-roadmap-for-digital-nomads
2. To understand the legal/regulatory, cultural and economic forces impacting remuneration management strategies and programs
Global Compensation Management & Payroll
Global Payroll Services: Challenges, Solutions and Best Practices | SPARK Blog | ADP https://www.adp.com/spark/articles/2023/11/global-payroll-services-challenges-solutions-and-best-practices.aspx
Write 2 paragraph post about reflection and opinion based on these.
Sample Answer
Sample Answer
Reflection:
After researching the topic of global organizations’ reward systems for employees, it becomes apparent that there is a wide range of factors and strategies at play. The first article, “Creating an Organizational Roadmap for Digital Nomads,” highlights the importance of considering the needs and preferences of digital nomads when designing compensation packages. It emphasizes the need for flexibility and remote work options, as well as the importance of offering competitive wages and benefits to attract and retain top talent.
The second article, “Global Payroll Services: Challenges, Solutions and Best Practices,” focuses on the legal, regulatory, cultural, and economic forces that impact remuneration management strategies. It emphasizes that organizations must navigate various legal and regulatory frameworks when it comes to compensation, which can vary significantly across countries. Additionally, cultural differences and economic factors such as inflation rates and exchange rates need to be taken into account when designing global compensation programs.
Opinion:
Based on this research, it is clear that global organizations face complex challenges when it comes to rewarding their employees. To create an effective reward system, organizations must not only consider the specific needs of their workforce but also navigate legal, regulatory, cultural, and economic factors. Flexibility in terms of remote work options and competitive wages are crucial for attracting and retaining top talent in today’s digital nomad era. Additionally, organizations must stay informed about the legal and regulatory landscape in each country they operate in to ensure compliance with local laws. Moreover, understanding cultural differences and economic forces helps organizations tailor their compensation programs to meet the unique needs and expectations of their international workforce. Overall, creating a successful global reward system requires a strategic and comprehensive approach that takes into account the diverse factors impacting remuneration management.
