Business Rewards Strategies Essay by Neatwriter

Business Rewards Strategies
A look at the importance of business reward strategies and approaches in the international organizations.
# 62015 | 2,687 words | 8 sources | MLA | 2005 | US
Published on Nov 05, 2005 in Business (Management) , Business (Human Resources)

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This paper examines reward strategies and other associated approaches in the terms of their potential to add value in our modern international business environment. The paper explains that as the trend of escalating globalization continues, human resource managers and business leaders will have to contend with all new intercultural differences and many multinational organizations require their employees to work abroad. The writer points out that consequently, organizations will need rewards systems and approaches that will address the challenges that will arise in this new global business spectrum. The reward systems will need to be able to address the needs of multiple cultures as well as in multinational teams. The paper shows that since international business has fueled the global economy, from the perspective of business leaders, most feel that the world economy is driven by specific aspects of their organizations. The paper concludes that the how these international business organizations recruit, hire, train, retain and motivate their people will be the true engine that drives the world economy.

Table of Contents:
Human Resource Management
Reward Strategies and Globalization
Rewards that Add Value
The Effect on Employees

From the Paper:

"When this process is functioning properly, employees benefit by having their ranking systems leveled and therefore it is not a disadvantage when working in location A over location B. The classification systems of a well managed rewards process does not penalize any employee who chooses to relocate for the benefit of the firm. Other employee advantages to a well managed rewards process can also be seen in the overall job satisfaction, communication and other intrinsic symbols of organizational success.
Rewards packages clearly benefit employees of international organizations when they take into consideration the various cultural differences that may be present throughout the organization. The program must understand how people work in different countries in regard to geographical and organizational differences. These differences could be driven by each country's specific laws, beliefs and cultural expectations. "Depending on where you're sending employees, different services-such as social security, leave and health insurance -will be alternately government-provided, mandated by the government or voluntarily enrolled in by the employee."

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