Answer To: In this assignment, you will write a 3–5 page compensation and benefits package for a new...
Dipali answered on Feb 24 2023
WRITTEN ASSIGNMENT 8
WRITTEN ASSIGNMENT
Table of contents
Introduction 3
Pay or Salary 3
Benefits 4
Conclusion 5
Recommendations 6
References 8
Introduction
The introduction provides background information on Java Corp's plans to open a new office in London, England, and their need to fill an executive level position with a U.S. citizen. The HR manager is tasked with designing a compensation package for the position, which will be outlined in the rest of the paper. Java Corp is a US-based cold coffee and tea company that is opening a new office in London, England. As the new HR manager, I am tasked with designing a compensation package for an executive-level expatriate position that will be filled by a US citizen. The assignment will last for two years, and I must take into account the unique factors that influence pay and benefits for expatriate positions. This report will provide an overview of the key factors and decisions to make regarding base pay, pay considerations specific to expatriate positions, legally required benefits, standard benefit offerings, and additional resources that can be offered to ease the transition for expatriate employees.
Pay or Salary
Determining base pay involves several factors, including the employee's qualifications and experience, job responsibilities, and market rates for similar positions. To ensure that the base pay is competitive, I will conduct a market analysis to identify the average salaries for executive-level positions in London, taking into account factors such as job responsibilities and industry. Furthermore, the exchange rate between the US and UK currencies must be considered when determining base pay (Hetami, A. A., Aransyah & Yasshyka, 2022). Other factors that may influence base pay include the cost of living in London compared to the US, tax implications, and the availability of housing.So, one of the most important factors that the HR manager must consider is the base pay for the executive level position. The base pay should be determined based on the job responsibilities, qualifications, experience, market rates, and the employee's current salary and benefits. The HR manager should conduct research on the market rates for similar positions in London, England, and adjust the base pay accordingly (Tilley, 2021).
Expatriate positions may attract additional compensation considerations such as Foreign Service premium, incentive pay, hardship allowance, and mobility premium. Foreign Service premium is an allowance that is paid to employees who work outside their home country for a specified period. Incentive pay may be offered to employees who meet certain performance criteria. Hardship allowance...