How do you reward global talent?

1 Align rewards with values

One of the challenges of rewarding global talent is to ensure that your rewards align with the values and expectations of your employees across different regions and cultures. For example, some employees may prefer cash bonuses, while others may value recognition, feedback, or career development opportunities. To avoid misunderstandings and dissatisfaction, you need to communicate clearly about your reward philosophy, criteria, and processes, and solicit feedback from your global talent regularly. You also need to be flexible and adaptable to accommodate different preferences and needs.

2 Offer competitive and equitable rewards

Another challenge of rewarding global talent is to offer competitive and equitable rewards that reflect the market conditions, living standards, and legal requirements of each location. For example, you may need to adjust your salary ranges, benefits packages, and tax implications according to the local currency, inflation, cost of living, and regulations. You also need to be transparent and consistent about how you determine and compare your rewards across different regions and roles. You can use reliable data sources, benchmarks, and surveys to inform your decisions and communicate your rationale.

3 Provide global and local rewards

A third challenge of rewarding global talent is to provide a balance of global and local rewards that foster a sense of belonging and engagement. For example, you can offer global rewards that apply to all your employees, such as a company-wide bonus scheme, a learning platform, or a wellness program. You can also offer local rewards that are tailored to the specific needs and interests of your employees in each region, such as a cultural event, a charity initiative, or a social club. You can involve your local managers and employees in designing and delivering these rewards, and celebrate and share them across your organization.

4 Recognize and appreciate diversity

A fourth challenge of rewarding global talent is to recognize and appreciate the diversity and contributions of your employees from different backgrounds and perspectives. For example, you can use various channels and formats to acknowledge and showcase the achievements, stories, and feedback of your global talent, such as newsletters, podcasts, webinars, or awards. You can also encourage and facilitate cross-cultural learning and collaboration among your employees, such as mentoring, coaching, or project teams. You can also provide support and resources to help your employees overcome any language, cultural, or logistical barriers.

5 Reward for performance and potential

A fifth challenge of rewarding global talent is to reward for performance and potential, not just for tenure or seniority. For example, you can use clear and objective criteria and metrics to measure and reward the results, behaviors, and skills of your employees, regardless of their location, role, or level. You can also provide regular and constructive feedback and recognition to your employees, and link them to their career development and progression opportunities. You can also identify and nurture the high-potential and high-performing talent in your organization, and offer them challenging and rewarding assignments, projects, or roles.

Rewards are a powerful way to motivate, engage, and retain your global talent. By following these tips, you can create a reward strategy that is aligned with your values, competitive and equitable, global and local, diverse and inclusive, and performance and potential oriented. This way, you can show your global talent that you value them and their work, and that you are committed to their success and growth.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?