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What are the most effective ways to ensure that your global compensation and benefits package is competitive?

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As a global talent acquisition professional, you know how important it is to offer a competitive compensation and benefits package to attract and retain the best talent across different markets. However, designing and managing a global compensation and benefits package can be challenging, as you have to consider various factors such as local laws, regulations, taxes, cost of living, cultural preferences, and market trends. How can you ensure that your global compensation and benefits package is competitive and aligned with your business goals and values? Here are some effective ways to help you achieve this.

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1 Benchmark your package

One of the first steps to ensure that your global compensation and benefits package is competitive is to benchmark it against the relevant market data and industry standards. You can use various sources of data, such as surveys, reports, databases, and online tools, to compare your package with the average or median salaries, bonuses, allowances, and benefits offered by your competitors and peers in each market. You can also adjust your data for factors such as inflation, exchange rates, and purchasing power parity. Benchmarking your package will help you identify any gaps or discrepancies in your compensation and benefits strategy, and enable you to make informed decisions on how to adjust or improve your package to match or exceed the market expectations.

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Pasupureddy Rupesh Kumar

Recruiting Operations Team Lead @ Experis/Manpower Group | ChatGPT, Gen AI Recruiter Certified Recruiter
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International assignment compensation has many moving parts and is difficult to standardize. Many factors affect the compensation of a particular expatriate, including assignment type and length, location, family needs (if any), and benefits. The main compensation items for expatriates involve base pay, cost-of-living adjustments, housing allowances, home leave, education assistance for dependents and premium pay.

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Tony Nevin

Total Reward Director
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Data is of course vital but its an incomplete picture. Collaborate with HRBPs, the business and TA to understand not just their market view but their direction of travel so you can plan for it. Understand the way employees particularly younger employees think. They like frequent progression so benchmark lower and progress regularly. And always remember it's about benchmarking total reward and the proposition ti truly support the business in attracting and retaining talent. Also think about where the business wants to be not just where it is

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Lisa B.

Rewards Consultant (Manager) @ Deloitte | ACA | CIPD Student
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Although benchmarking is a useful tool the aim should not be to match the median or follow but just give insight. You need to consider the company’s own unique position, nature of the company, responsibilities of your employees etc. Benchmarking alone will not give the answer.

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2 Customize your package

Another effective way to ensure that your global compensation and benefits package is competitive is to customize it according to the specific needs and preferences of your target talent segments in each market. You can use various methods, such as surveys, focus groups, interviews, and feedback sessions, to understand what your current and potential employees value most in terms of compensation and benefits. You can also segment your employees based on criteria such as job level, function, location, performance, and potential, and offer different levels or tiers of compensation and benefits to them. Customizing your package will help you create a differentiated value proposition for your employees, and increase their satisfaction, engagement, and loyalty.

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Tony Nevin

Total Reward Director
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As I mentioned it's not all about pay, what policies and benefits can you use to attract. Recognition is a powerful tool and does not have to be monetary. A simple and personal thank you goes a long way.

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Pasupureddy Rupesh Kumar

Recruiting Operations Team Lead @ Experis/Manpower Group | ChatGPT, Gen AI Recruiter Certified Recruiter
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Compensation and benefits differ in their purpose yet complement each other. Compensation is a direct form of remuneration based on performance. It is given to attract new hires and retain highly skilled employees mainly. On the other hand, benefits are indirect forms of payment provided as part of employment agreements and not based on performance. Benefits are given as a way to enhance the welfare of employees and motivate them to work and produce high-quality output. Offering competitive compensation and benefits packages will attract many potential candidates while maintaining the satisfaction of current employees.

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Lisa B.

Rewards Consultant (Manager) @ Deloitte | ACA | CIPD Student
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If you are a company that operations in many locations you will need to consider cultural / country-specifc differences. What employees expect or want in one country may not be the same in other countries - there will standard benefits you can potentially provide globally but companies will need to be flexibile in the benefits they consider and potentially offer in different countries as employee needs/wants/desires may vary from country to country.

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3 Communicate your package

A third effective way to ensure that your global compensation and benefits package is competitive is to communicate it clearly and transparently to your current and potential employees. You can use various channels, such as websites, newsletters, social media, webinars, and podcasts, to showcase your package and highlight its features and benefits. You can also use stories, testimonials, and case studies to illustrate how your package supports your employees' personal and professional growth, well-being, and happiness. Communicating your package will help you build your employer brand and reputation, and attract and retain the best talent in the global market.

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4 Review your package

A fourth effective way to ensure that your global compensation and benefits package is competitive is to review it regularly and update it as needed. You can use various tools, such as dashboards, metrics, and analytics, to monitor and measure the effectiveness and impact of your package on your business outcomes and employee outcomes. You can also use feedback mechanisms, such as surveys, polls, and reviews, to gather and analyze the opinions and suggestions of your employees on your package. Reviewing your package will help you identify any issues or opportunities for improvement, and enable you to adapt your package to the changing market conditions and employee expectations.

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5 Align your package

A fifth effective way to ensure that your global compensation and benefits package is competitive is to align it with your business goals and values. You can use various frameworks, such as the balanced scorecard, the SMART model, and the OKR model, to define and communicate your business goals and values, and link them to your compensation and benefits strategy. You can also use various incentives, such as performance-based pay, recognition programs, and profit-sharing schemes, to reward and motivate your employees for achieving your business goals and values. Aligning your package will help you create a shared vision and purpose for your employees, and foster a culture of excellence and innovation.

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Jim Marshall

(Retired) Compensation Lead.at Pace Univ.
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In most organizations a proper step to take before any competitive comparisons is to align them with your business goals and values. This not only helps your organization determine which comparisons to make competitively (i.e. , what organization benchmarks to use) but will assist you in convincing your upper management of the validity of the final results.

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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?

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Cybersecurity Leader | Maker | Mentor
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Also, don't forget to remember for the right talent paying over market can still be a great deal. Many companies right now are paying bottom dollar and in 6m will find themselves back filling that position. Because they quit because someone offered them 10% more or sometimes as little as 5% more.

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Lisa B.

Rewards Consultant (Manager) @ Deloitte | ACA | CIPD Student
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Remember that you cannot please everyone, there will be benefits that some of employees may want which companies cannot put in place due to affordability, practicality etc.

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What are the most effective ways to ensure that your global compensation and benefits package is competitive?

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5

6

1 Benchmark your package

2 Customize your package

3 Communicate your package

4 Review your package

5 Align your package

6 Here’s what else to consider

Global Talent Acquisition

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What are the most effective ways to ensure that your global compensation and benefits package is competitive?

1

2

3

4

5

6

1 Benchmark your package

2 Customize your package

3 Communicate your package

4 Review your package

5 Align your package

6 Here’s what else to consider

Global Talent Acquisition

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