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Assignment - International Compensation

MediaRite has decided to establish a location in another country. You are responsible for designing a total compensation/total rewards plan in preparation for this location. The location will include both individual and special groups discussed earlier in the course. In addition to designing a total rewards plan (that includes both compensation and benefits), you will need to research and choose the relocation country and draft a relocation policy.

Solution - INTERNATIONAL COMPENSATION

Introduction

The continuously increased pace of globalization forced the companies in developing effective compensation programs based on countries. Despite being an old phenomenon like globalization, it provokes organizations in focusing on the global phenomena or challenges into both authorities and business sections. On other hand, the human resource department is the most scrutinized department in these increasingly globalized and disturbed competitive markets. Besides the characteristics like motivation, retaining and attracting the employees within the organizational workforces, the human resource department should also have the ability of proper compensation structure to grow the business successfully. Besides the employees' retaining system, the literature on international compensation also covers the entire structure of the compensation system. Development and designing of an effective compensation package by human resource professionals demand the proper knowledge of employment laws, fluctuation of foreign currencies. Additionally, the situations of the socio-economic conditions of the country are also required to look after while developing the reward policies for the professionals. Here, the literature is written on the basis of a company called MediaRites, which is an NPO (Non-profit Production Organisation), based in Portland, Oregon. The company is going to spread its business into another country and this assignment covers the entire compensations and rewards plan for preparation of the place. The paper discusses the compensation plan for existing as well as special groups present in the new location. Besides this, the paper also focuses on a relocation policy of the new country, where it is going to operate.

Company details and history of relocation

MediaRites, a tax exempted 501(c) 3, NPO (Non-profit Production Organisation), based on Portland, Oregon and dedicated to spreading stories to different countries. The company spread knowledge and culture by providing the voices through the media, education and art projects. The company produced various award-winning film and radio documentaries, outreach projects, theatres and interactive websites from 1984. The company has a history of broadcasting the cross-cultural award-winning documentaries like "8-hour Asian Pacific American history series Crossing East" that wins the Peabody in 2007. In theatre, the company recently staged the famous Diaspora that presents readings for highlighting the Pacific and Asian American Islander arts and plays (Mediarites.org 2015).

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Throughout the years, the company is worked for the welfare of the regional communities of Portland through the community schools and organizations for creating media and arts opportunities for underserved groups and students for the specific area. Additionally, the company is also famous for releasing videos for the issues of societal development. As justified by Stiglitz & Rosengard (2015), it is one of the renowned companies based on Portland that tries to explore the intersections of the orientation, nationality, gender and race irrespective of geographical situations. The company is going to spread its market in the metropolitan cities of the United States in near future.

The company tries to relocate its business into New York, the most populous metropolitan city with approx 1,175 people/sq.km in the United States. As described by Nazir, Shah & Zaman (2014), the country's economic transactions share 8.8% of the entire nation's GDP. The area's economy generally driven by hospitality, leisure, health care, segments of business and professional services, construction, warehousing, education and transportation. As commented by Jensen, Quinn & Weymouth (2017), New York City is the pioneer into the section of municipal marketing and for spreading the company's business into this area, the company should analyze its political, economic, social and technological environment for getting a complete view as well as weaknesses and strengths of the city marketing.

Political factors into any country play some influential roles not only into the city marketing but also factors like decisions of investments by transnational corporations. As criticized by Rahmana (2016), political factors not only impacts the prolonged times' sustainability of the market but also the monetary factors of the doing businesses. The political system also influenced the governance system, institutions, democracy, law and order into the business market and most importantly chances of armed conflicts and military coups. New York's judiciary faces some serious issues at the time of facing proprietary technology and public interest. Additionally, the differentiation of the political responsibilities within the agents and governments have also influenced the ease of business doing. As commented by Jorge, Correia & Barnhart (2014), there are various government cooperation's those work on and as one agency for reducing the work complexity but this may increases both cost and time of the businesses, getting certificates and clearances. Additionally, the chances of the terror attacks (9/11 pentagon attack), civil unrest also may influence the business of the company. The company should prepare its insurance policy such a way that it can be prepared for these types of situations with different hedging instruments for mitigating the losses due to it. Besides this, the regulatory practices, governance political system, government deregulations and regulations and structures of the government budgets are also some influential points that can impact the businesses of the company.

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Economic checklists of any country, as well as the region, often have a direct role in the potential attractiveness of the country's market. Factors of the country's economy aids in the evaluation of both the existing and destined countries like growth rate of GDP, disposable levels of incomes, inflation rates etc. As discussed by Sudtachat, Mayorga & Mclay (2016), disposable consumers' income or household income in New York is not increased from late 1980s, city marketing often influences by this trend for expanding the market by targeting the traditional customers. Likewise, the company should also engage traditional customers by incorporating various and differentiated marketing campaigns. The country's economy shows higher rate of economic growth and trends of GDP, so the company can utilize the situation by targeting new age consumers and diversifying the product lines. As opposed by King et al. (2014), the company also requires developing a well structured and fully furnished research and development department for mapping the changes into the emerged value proposition and consumer buyer behavior closely. The country's employment rate is high that aids the company by making profits through enough consumers for its products. On the contrary, the company may face some high costs of workforces for hiring skillful and talented employees. Besides this, factors like government spending, various fiscal and monetary policies, productivity of workforces and rates of foreign exchange may impact the country as well as the business of MediaRites Company.

Besides society's economy, social factors like structures of power, women's participation in the business and demographic trends influence the levels of the demands of consumers and availability of the workforce talents. As said by Casas et al. (2016), the attitudes regarding the safety and health of the society always reflected the costing structures and quality of the manufacturing products. The company should follow some strong regulations towards the safety and health aspects into the specific economic for not having high structured marketing factors. Additionally, the demographic trend plays an influential role in the population of the country like the growing nature of the older population in this country caters the increased demand for the products which serve them. Furthermore, the societal hierarchy and norms, educational levels, social contract between society and government, power structure, awareness and social concerns, savings attitudes are the several other factors that are going to influence the business of the company.

As told by Wilkinson et al. (2016), technology is the most paced factor that disrupts business models by interrupting the macro business environments by developing artificial intelligence. Additionally, using the analytics of big data and artificial intelligence for predicting the growing importance of the platforms of the servicing providers and consumer behaviors are also will be helpful be the technological developments. As told by Sayarshad & Chow (2017), marketing analyses should cover areas like supply chain systems like more transparency, flexibility and clarity. Furthermore, the company should be always prepared for recent technologies like 5G infrastructures, acceptance of the payment services for up to date with the requirements of the people. Besides this, proper adoption of the Fintech services, trends and production cost, patents protection, property rights, integration as well as disruption of the technology will be helpful for the company to spread the business.

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Relocation policies

United Kingdom companies that constantly relocate their employees' one place to another constantly face the changing environment. In this case, as on one hand, the company has to maintain its talent management program by providing the benefits of competitive benefits, on other hand they have to control the cost containment. As justified by McKnight (2015), addition of the fluctuation real estate market comprises both home finding and home sale benefits that help in meeting the requirements of the employees. Additionally, the company should be always preparing for some fluid conditions for updating its relocating policies as requires by the time to time.

The company MediaRites should be always prepared with effective planning to success that will help in achieving the perfect balance of the organizational support and employees' satisfaction. As described by Colley (2014), evaluation of the existing as well new relocation program for identifying the important indicators of strategies is always helpful for the business authorities trying to spread market in new places. The company should prepare marketing as well as relocation and employment policies considering the special and normal people group. Moreover, the company should analyze the macro and micro determinants of the destined country for determining the specific details of the entire policy. As criticized by Fagan & Rubery (2018), from various policies available into the market, companies should choose the final one based on the geographic locations, demographics, business structure and economic condition of the place. The company should determine the advantages and disadvantages of the adopted policies to overcome arisen issues.

After completing the previous levels, based on the analysis, the company also differentiates its long term and short term goals and the interdepartmental culture within the local and special group that may interrupt the decisions of policy structures, risks and costs. As discussed by Foster & Walker (2014), by collaborating the policy structure with the organizational requirements companies can move towards the desired directions of the company's policies and its growth. Despite the strengths and weaknesses of the adoption of the relocation policy, proper understanding of the company's intercontinental culture along with its goals helps the authorities in setting the design of the policy.

As told by Dvouletý (2017), in the United States, the relocation policy is prepared based on the company types, its relocation packages. These support the relocated employers in tailoring their respective schedules for offering most attractive and competitive packages for retaining and attracting top talent from the country. Organizations like MediaRites can appoint a domestic relocation manager for helping into overseas matters of relation from beginning to end. In other hand, the company also can shares the complex responsibilities with a relocation professional management company for executing the job. The company successful relocation from United Kingdom to United States hugely depends on the comprehensive, competitive packages for the employees.

The competitive packages also should be considered with the regulations of IRS and organizational objectives and goals, based on the numbers and types of the components of the relocation packages. As opposed by Dvouletý & Lukeš (2016), employees and employers both play crucial roles in adapting relocation policy for a company as it hugely depends on the employees' retaining. The household goods of the employees of MediaRites will be packed by the moving companies that will save the employees' stress and time. On other hand, the company will also provide a good moving company with reasonable coverage of insurances based on the entire weights, lost or damaged goods.

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Assistance on lease-breaking or home sale based penalties will also be provided by the company to support the relocation from United Kingdom to United States. As said by Ball, DeLong & Summers (2014), home sales will help the employees through various ways like quick selling of homes, professional marketing in accelerating the timing of the sales. On other hand, costs on hunting of the new houses in new country often give stress to the relocated employees, the company will offer the company quarter or hotels in rent to its relocated employees for temporary periods. Besides this, temporary housing, transportation towards final destination and other miscellaneous expenses like temporary costs of living, storing goods, education of family are also will be carried by the organization itself.

Employment policies

Relocation policies are mainly offered to specialized or high-level employees and with the increased competition and highly educated workforces the competition for efficient talents is increased day by day. As justified by Barnett, Malcolm & Toledo (2015), companies now a day provide exiting relocation facilities to attract and retain their best employees also in a foreign location. As the company based in the United Kingdom, it will also try to provide various relocation facilities to its relocated as well as new employees. As described by Rubery, Keizer & Grimshaw (2016), a recent study shows, there is an increase in 13% of company workforces by offering exciting benefits to their employees. The company MediaRites requires to understand the adoption attractive and strong relocation package for not becoming reality for other competitive organizations but also for making excellent branding and business senses. The business world is experiencing some huge changes in the workforces into a company as the employees demand flexible working environment. As criticized by Cornia (2014), recent graph shows 15% increase in the growth of the company the offers assistance to relocation facilities. Besides acknowledgment of the contribution, the employees also have the demands for a perfect balance within private lives and work and flexible working hours. Nowadays, relocation packages not only used as the tool of making the domestic talent happy but also an important tool for recruiting careerist people, who have the urge of broadening the personal as well as professional experiences. Considering the above factors, the following chart has been offered some of the important relocation benefits offered by MediaRites while relocating from United Kingdom to United States.

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Figure 2: Employees' relocation costs

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The above job relocation package develops on the basis of the company's financial structure, employment structure, nature of the employees in the home country. As commented by Barnett, Malcolm & Toledo (2015), in a recent survey, it can be shown that 7% increase among the new hires and 4% increase in the relocated employees occurred due to the exciting relocation packages. On another hand, it also covers the costs of storing and moving the households and furnishing, costs due to selling existing houses, house renting, travel and temporary living costs of the employees and their families in the new location. As discussed by Rubery, Keizer & Grimshaw (2016), it can be said that more than 71% of young professionals show interest in taking opportunities of working abroad in most of their lifespan and this is the opportunity that should be grabbed by the corporate recruiters. Besides, the above costs, there are also other costs for the special groups mostly originated from the destined country. As the company relocated to United States, the company should aware of its regional and cultural holidays, languages, art and videos. As the company deals with the art, literature and videos there would be probably a requirement of the conversation starter or language translator in the country to execute the job without any hassle. Besides the above costs, there are many opportunities like direct billing, lump sum, reimbursement, relocation of third party and expatriation assistance at the time of relocation. As said by Cornia (2014), direct billing is an important process, where the company directly pays and hires for the moving company along with the costs of selling the recent homes and other services that helps the employee in relocating.

Conclusion

In conclusion, it can be said that relocation policies adopted by the companies to retain the in-bound employees as well as attracting new talent towards the talent pool. The above paper also collected various research work, where it shows young people are interested in developing their career outside of the home country. Furthermore, it also can be shown that companies adopted attractive relocation and employment policies experience a significant amount of employee and company growth within a few years. Here the paper discussed the relocation policy of the company MediaRites, a renowned NPO (Non-profit Production Organisation), based on Portland, Oregon. The company deals with arts, crafts, broadcasting, and history like intercultural non-intellectual components and it tries to relocate its business from United Kingdom to United States. The above paper sheds light on the various aspects of the relocation and employment policies to offer their employees exiting benefits. Furthermore, the writing also discusses the company background and the macro environment description of the country where it is going to relocate. The paper also offers some of the relocation costs like storing and moving the households and furnishing, costs due to selling of existing houses, house renting, travel and temporary living costs of the employees and their families in the new location.

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