Taking your business abroad requires extensive knowledge of a new set of employment laws. Two essential characteristics of these laws are compensation and benefits. With Globalization Partners, you can expand to the...
Read MoreTaking your business abroad requires extensive knowledge of a new set of employment laws. Two essential characteristics of these laws are compensation and benefits. With Globalization Partners, you can expand to the Marshall Islands with the expertise you need on wages and employee provisions.
Taking your business abroad requires extensive knowledge of a new set of employment laws. Two essential characteristics of these laws are compensation and benefits. With Globalization Partners, you can expand to the Marshall Islands with the expertise you need on wages and employee provisions.
The minimum wage is one of the country’s critical compensation laws, and it varies according to the sector. For example, the public sector, government work, and nonprofit organizations have a minimum wage of $3.00 an hour, but the maritime industry operates on collective bargaining agreements (CBAs).
Work in the maritime industry relies more on safety concerns, hours, and other challenges, which calls for the CBAs. These agreements allow workers within the sector to gain representation and reach compromises with their employers. The minimum wage is subject to change as the CBAs do.
These differences in sectors are present for a range of compensation laws, from pay periods to overtime. Globalization Partners helps you navigate these changes according to your business, ensuring you’re always compliant.
While compensation is vital to your employees’ satisfaction on the job, benefits are also crucial. Employee benefits could include any provisions outside of monetary compensation, from annual leave to yearly bonuses.
Benefits in this island nation are like the minimum wage — they vary based on sector. Navigating these sector differences can be challenging, which is why Globalization Partners is a valuable resource during your expansion.
Meeting the benefits requirements in your sector is essential to your company’s compliance, but benefits management takes the concept further. While you need to provide the minimum requirements, you can always offer more.
Offering more provisions to your employees can inspire them to give their best effort. When workers feel cared for in the workplace, they give their best work to their employers, creating a positive, thriving professional environment.
Additional benefits can also make your company more competitive in the hiring landscape. Your extra provisions may encourage a talented worker to apply for one of your open positions, and their skills will support your professional success in the long run.
Possible additional benefits could include:
As an employer, you have to strike a delicate balance between providing for your employees and staying within your financial means. For this reason, benefits management can be a challenging task.
At Globalization Partners, we simplify your employee perks with tiered benefits packages. With these packages, you can choose from a range of provisions according to your budget. Every tier includes the minimum requirements. As you move through the levels, you can add more perks.
With this system, your employee provisions expand with your business. You’ll remain compliant while offering more to your workers as your company grows. You’ll stay within your means, and your workforce will feel valued and represented at your company.
Much like compensation and benefits laws, restrictions on these provisions will vary according to industry. Documents like the Minimum Wage Act of 2017 are critical in determining any notable limitations. Other limitations can be found in the following documents:
When it comes to compensation and benefits, you want to remain compliant while keeping your employees dedicated to your company vision. Globalization Partners offers the guidance you need while taking on all the associated legal risks.
Our compensation and benefits outsourcing in the Marshall Islands is your solution for growing beyond your borders. To learn more about our global expansion services, get in touch with us today.
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