With the right compensation strategy, your organization can gain a competitive edge in your market, cut compensation costs, and retain talent for longer.
But choosing a compensation strategy gets complicated when you have remote employees scattered across countries and continents.
In this guide, we’ll explore four common remote employee compensation strategies:
- Compensation based on local employee rates
- Compensation based on your head office location
- Global compensation rates
- Benchmark rates plus cost of living (COL) adjustments
This guide will walk you through each compensation strategy, laying out the calculation methods, advantages, disadvantages, and key considerations to make before moving forward.