A Strategic Approach to Building a Consistent Global Rewards Program

Abstract

For organizations operating on multiple continents, the development and implementation of a global rewards philosophy and total rewards program has taken on increasing importance. A global philosophy not only provides direction and focus but also ensures local programs are sensitive to relevant culture, practice, and regulations. Global companies are moving toward centralization and consistency in their approach to global rewards. Many of them have realized that beyond the potential for enormous savings realized through effective global compensation management, there is a possibility for a gain in overall efficiencies. The development of a thoughtful, consistent, and strategic approach to global rewards can help to align employees globally on common priorities, facilitate employee development and cross-border transfers, and in many cases help companies to save millions on their annual compensation investment. Following a structured and inclusive approach supported by appropriate technology greatly increases the odds of success. By building a comprehensive and integrated approach to global rewards, organizations can effectively focus on a shared set of goals and objectives while simultaneously earning attractive returns to shareholders.