Human Resource Solution- A Vital Requirement The globalization of the business environment and technological up gradation have led to the birth of a globally mobile workforce. The multinational companies in their expansion and diversification process also face the challenges of managing employee benefits and compensation for their international workforce. These organizations need to have proper corporate governance, and a globally a centralized control over benefit programs with localized customization. In other words, these organizations require an efficient human capital management in place so as to be able to maximize operational and cost margins. An effective Human resource policy for the global workforce should be the one which would help the organizations in employee benefit planning, understanding the local market risk, providing effective payroll solutions, Wealth management and retirement planning, on-boarding and concierge services, understanding international eligibility and enrollment maintenance as well as be legislatively compliant. A number of organizations specialized in Human resource management solutions have a lot to offer to their client companies. One needs to partner with human resources service organizations with expertise to serve the employees working in a global arena, locally. Such expertise in a globally mobile environment will help to ease the administrative cost off the shoulders of the clients companies and allows them to focus on core competencies and other corporate strategies. The global payroll solution offered by these HR solutions providers facilitates visibility and access to strategic payroll information and enables the top management in managing the workforce-cost-talent links in the organization. Irrespective of the employees being local, international, expatriate or offshore, these web-based payroll system provides for customized reporting and data collection to payroll distribution, tax withholding and filing and tax compliance services in every location. By interfacing with the employee service benefits system, this provides facilities for reviewing and reconciling Insurance Carrier billing as well as audit processes, policies and payroll deductions as per local calculations. Besides, the human resources solutions for a global organization should look into various other aspects such as Employee Benefits Consulting, Health & Welfare Benefit, Financial Analysis and Reporting, Electronic Enrollment System, Reporting Services and Global Benefit Capabilities. A good employee benefits program looked forward to by the employees is one, which would provide a retirement annuities for self and family, Life Insurance, Flexible Spending Accounts and assistance for family time. Most of these benefits are part of the total compensation program but at times there is a small contribution on the part of the employees too. Such benefit programs help to attract and retain talented employees and promote the morale of the employees leading to better productivity.
Published on Nov 20, 2011
Published on Nov 20, 2011
The globalization of the business environment and technological up gradation have led to the birth of a globally mobile workforce. The multi...