關于經濟全球化和金磚四國的留學assignment
11-08, 2014
在過去的幾十年里，經濟全球化和金磚四國的出現，已經為國際律師事務所開創了有重要意義的新機遇。千禧年見證了魔法陣的轉動，英國律師事務所利用中國加入世界貿易組織這一契機，將他們的版圖擴展到了亞太地區。基于中國于2001年加入世界貿易組織，許多的國際企業決定與中國合作建立外商獨資企業。但英國律師事務所已經在長期海外合作計劃上派遣了高級官員來建立國外子公司。本篇dissertation將探索和推斷英國法律部門派遣他們的自由職業員工與金磚四國進行海外計劃的實際薪酬待遇上的微小區別。
引言：
在現今的經濟形勢下，跨國公司在削減支出和尋找海外商業的新方式上承受著很大的壓力。在一本1986年出版的，名為在全球產業中競爭的書中，波特說道：“國際間的競爭對于許多公司來說，是必須的，而不是一件可以自己選擇的事情。”對于跨國公司來說，傳統的方式就是擴展他們的海外市場，派遣高級員工去海外來建立和管理新的商機。
Globalisation and the emergence of the BRIC economies have opened up significant new opportunities for International Law firms over the last couple of decades. The turn of the Millennium saw the majority of the 'Magic Circle' UK Law firms expand their presence into the Asia Pacific (APAC) region looking to capitalise upon China entering the World Trade Organisation (WTO). Upon China entering the WTO in 2001; many International businesses decided to create wholly owned foreign enterprises (WOFE) within China. A side effect of which is that UK Law firms have been sending senior level staff on long term overseas assignments to setup foreign subsidiaries. This research paper aims to explore and extrapolate the different elements of an effective compensation package that the UK legal sector offers to their senior fee-earning staff embarking on an overseas assignment within the BRIC nations.
Introduction:
In today's economic climate, Multinational (MNC) organisations are under a lot of pressure to cut costsand find new innovative ways of conducting new business overseas. In the 1986 book titled Competition in Global Industries, Porter considered that, "Competing internationally is a necessity rather than a matter of discretion for many firms." The traditional way for MNC's to expand their overseas presence is to send senior employees to setup and manage new business opportunities on foreign shores. Multinational Law firms need to think carefully about whom they send overseas and the key business drivers for doing so. It is therefore important that employee's being sent on foreign postings are adequately compensated and properly motivated to ensure that the opportunity is a success for both business and individual. Sending senior employees on a foreign posting generally costs three to four time as much as employing local staff. (Economist Dec 14th 2000). Selecting and retaining the right kind of expatriate from the outset is key, as the cost of early departure for US workers posted overseas, can cost the business north of $1M (Insch G.S 2002)
In order to successfully motivate, retain and attract qualified expatriates, businesses must strike the right balance when devising compensations strategies in order to remain competitive in their foreign operations (Robert H. Sims and Mike Schraeder 2005). Key elements of an effective compensation strategy will include the achievement of organisational goals aligned with the overall strategic plan, (Larry .Phillips and Fox 2003) as well as an attractive remuneration package which retains and motivates the expatriate throughout contractual obligations. The home country balance sheet approach (Solomon 1995) is the most common system for compensating expatriates. The balance sheet method is designed to equalize the cost of living between the host and home country taking into account housing, children's education, healthcare, goods & services and taxable income. Mervosh (1997, p. 14) alludes that the balance sheet approach is appropriate if the business is initially moving into the new jurisdiction. As the business matures in the international market, the company's business is no longer an extension of the home office; it becomes an entity in its own right. This is now the case for many of the top UK Law firms who have been operating in the BRIC economies for a decade or more.
Given the current crisis in the economy; the future strategy for expatriate compensation packages based on the balance sheet approach may need to be reviewed within legal MNC's to assess whether or not it is generating the expected ROI for the business and successfully motivating and rewarding the individual to meet his/her contractual obligations .
引言：
在現今的經濟形勢下，跨國公司在削減支出和尋找海外商業的新方式上承受著很大的壓力。在一本1986年出版的，名為在全球產業中競爭的書中，波特說道：“國際間的競爭對于許多公司來說，是必須的，而不是一件可以自己選擇的事情。”對于跨國公司來說，傳統的方式就是擴展他們的海外市場，派遣高級員工去海外來建立和管理新的商機。
Globalisation and the emergence of the BRIC economies have opened up significant new opportunities for International Law firms over the last couple of decades. The turn of the Millennium saw the majority of the 'Magic Circle' UK Law firms expand their presence into the Asia Pacific (APAC) region looking to capitalise upon China entering the World Trade Organisation (WTO). Upon China entering the WTO in 2001; many International businesses decided to create wholly owned foreign enterprises (WOFE) within China. A side effect of which is that UK Law firms have been sending senior level staff on long term overseas assignments to setup foreign subsidiaries. This research paper aims to explore and extrapolate the different elements of an effective compensation package that the UK legal sector offers to their senior fee-earning staff embarking on an overseas assignment within the BRIC nations.
Introduction:
In today's economic climate, Multinational (MNC) organisations are under a lot of pressure to cut costsand find new innovative ways of conducting new business overseas. In the 1986 book titled Competition in Global Industries, Porter considered that, "Competing internationally is a necessity rather than a matter of discretion for many firms." The traditional way for MNC's to expand their overseas presence is to send senior employees to setup and manage new business opportunities on foreign shores. Multinational Law firms need to think carefully about whom they send overseas and the key business drivers for doing so. It is therefore important that employee's being sent on foreign postings are adequately compensated and properly motivated to ensure that the opportunity is a success for both business and individual. Sending senior employees on a foreign posting generally costs three to four time as much as employing local staff. (Economist Dec 14th 2000). Selecting and retaining the right kind of expatriate from the outset is key, as the cost of early departure for US workers posted overseas, can cost the business north of $1M (Insch G.S 2002)
In order to successfully motivate, retain and attract qualified expatriates, businesses must strike the right balance when devising compensations strategies in order to remain competitive in their foreign operations (Robert H. Sims and Mike Schraeder 2005). Key elements of an effective compensation strategy will include the achievement of organisational goals aligned with the overall strategic plan, (Larry .Phillips and Fox 2003) as well as an attractive remuneration package which retains and motivates the expatriate throughout contractual obligations. The home country balance sheet approach (Solomon 1995) is the most common system for compensating expatriates. The balance sheet method is designed to equalize the cost of living between the host and home country taking into account housing, children's education, healthcare, goods & services and taxable income. Mervosh (1997, p. 14) alludes that the balance sheet approach is appropriate if the business is initially moving into the new jurisdiction. As the business matures in the international market, the company's business is no longer an extension of the home office; it becomes an entity in its own right. This is now the case for many of the top UK Law firms who have been operating in the BRIC economies for a decade or more.
Given the current crisis in the economy; the future strategy for expatriate compensation packages based on the balance sheet approach may need to be reviewed within legal MNC's to assess whether or not it is generating the expected ROI for the business and successfully motivating and rewarding the individual to meet his/her contractual obligations .
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