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Definition

Global compensation

Definition (1):

Global compensation can be defined as pay practices relating to employees who are working on assignments in international locations. A service premium and additional incentives are often included in the compensation package to offset differences in taxes and the cost of living.

Definition (2):

Global compensation is planned for giving equitable and competitive compensation that matches the company’s short and long-term strategies and attracts, retains, and motivates high-performing employees. Again, the team gives programs that help leaders to identify, reward, and reinforce sustained and excellent employee performance. It-

  • Gives strategic direction to accomplish reorganizations, which can involve the legal risk analysis in partnership with the Board of Directors and related job evaluation and documentation processes.
  • Performs benchmarking for ensuring external market competitiveness.
  • Conducts job evaluations for ensuring appropriate leveling and internal equity depending on the competency framework.
  • Discusses offered salaries for new recruitments, promotions, equity/market adjustments, temporary salary increases, and annual merit increases.
  • Administers recognition and annual bonus programs.

Definition (3):

Global compensation and bonus programs are powerful tools to motivate and reward global teams. But a range of legal problems can be involved in paying employees across borders.

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