International Human Resource Management
First, the policy should be consistent with the firm’s strategy as a multinational one. The policy should also be consequent with the overall business needs of the multinational company. This is the most significant reason why firms become multinational: it is made to expand business and ensure that it retains its profitability. Therefore, all firms’ strategies have to take as a center stage the compensation policy (Dowling, Festing & Engle, 2008).
Secondly, the policy has to attract and retain work where the multinational company has the greatest needs and opportunities, therefore, it has to be competitive. Thus, the issues of the core structure of a company come into play, and as it is known, it is very important to make sure a firm can retain its most important resource – the employees (Dowling, Festing & Engle, 2008).
Thirdly, international human resource management should facilitate the transfer of international employees from one country to another in the most cost-effective way for a firm. This procedure emphasises the profitability, because the firm should be able to maintain its profits in order to remain viable and sustain its internal functions (Dowling, Festing & Engle, 2008).
Finally, the compensation policy should be given considering equity and ease of administration. For the smooth running of a business, it has to be administrated, so if a policy contravenes this vital function of business, it can be inadmissible. It should also take into account the employee’s objectives, such as financial protection of living costs in a foreign country, opportunity for financial advancement, and the other issues that, amoung others, include home schooling and recreation (Dowling, Festing & Engle, 2008).
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