Challenges of Expatriate Management with Special Reference to Compensation
Business organizations are today no more confined in single geographical markets, the need to significantly grow to newer markets with its existing or new offerings has spurred globalization. The development in international business compels organizations to focus on world as a market. These organizations' setting up manufacturing plants and business development operations in different countries in order to develop international business. Global business operations have provided opportunities both to the business and to employees who may have to shift to other operational locations apart from home locations. These employees are known as expatriates and expatriate management has become a matter of concern for HR Managers as a large number of expats are flipping across borders. The international organizations should understand the crux of employing the skilled and competency based workforce. The concept of written policies for expatriate compensation must be followed. The importance of experienced staff and a proper measure of provision of expatriate benefits in terms of policies must be followed. The paper focuses on key issues such as International Benefits and Compensation, the Expatriate Compensation Balance Sheet, Compensation and Career Planning, the role of expatriates and as to how companies compensate their expatriates.