Globalization has become the biggest words in the business and economic jargon in the past decade or more. However, while we speak about it in a holistic and macro level context, often we do not replicate this phenomenon into basic people processes such as Rewards. Indian MNCs have shown an increase in number as well as expanded their operations by acquisitions. The direct impact of this has been the absence or lack of awareness on how to create a global rewards strategy. We are able to identify local compensation elements in any market that we operate in, look for compensation benchmark data and identify what to pay for which role, in terms of market competitiveness. What we are unable to do are the following –
1. Determine a global rewards approach that a diverse set of employees understand and accept.
2. Drive a performance-oriented rewards strategy that includes the values and motivation factors applicable to individuals in various markets.
3. Communicate the overall organizational rewards framework or philosophy particularly the non-financial and...