关于经济全球化和金砖四国的留学assignment
11-08, 2014
在过去的几十年里，经济全球化和金砖四国的出现，已经为国际律师事务所开创了有重要意义的新机遇。千禧年见证了魔法阵的转动，英国律师事务所利用中国加入世界贸易组织这一契机，将他们的版图扩展到了亚太地区。基于中国于2001年加入世界贸易组织，许多的国际企业决定与中国合作建立外商独资企业。但英国律师事务所已经在长期海外合作计划上派遣了高级官员来建立国外子公司。本篇dissertation将探索和推断英国法律部门派遣他们的自由职业员工与金砖四国进行海外计划的实际薪酬待遇上的微小区别。
引言：
在现今的经济形势下，跨国公司在削减支出和寻找海外商业的新方式上承受着很大的压力。在一本1986年出版的，名为在全球产业中竞争的书中，波特说道：“国际间的竞争对于许多公司来说，是必须的，而不是一件可以自己选择的事情。”对于跨国公司来说，传统的方式就是扩展他们的海外市场，派遣高级员工去海外来建立和管理新的商机。
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：
在现今的经济形势下，跨国公司在削减支出和寻找海外商业的新方式上承受着很大的压力。在一本1986年出版的，名为在全球产业中竞争的书中，波特说道：“国际间的竞争对于许多公司来说，是必须的，而不是一件可以自己选择的事情。”对于跨国公司来说，传统的方式就是扩展他们的海外市场，派遣高级员工去海外来建立和管理新的商机。
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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