Fit 4 LifeBackground:Fit 4 Life is a fitness chain throughout the United States. They recently decided to open up four new gyms in Florence, Italy, with the objective of growing the organization globally and establishing an international presence.The premise of Fit 4 Life’s strategy is that clients use gyms as a social event. They promote clubs, small groups and large events throughout the month to encourage clients to come together socially as well as to work out. Each club has a general manager and 3-5 fitness instructors who provide support for the clients and the events.The organization has decided to use this expansion as a pilot project and if all goes well, they will consider spreading out across Europe and South America. This is a strategic endeavor, so it is important that the organization finds an effective formula to operate successfully in the global arena.The organization has hired you to provide consultation on how they should proceed.⦁ Distinguish national and global culture and the impact they have on the globalized workforce in order to contribute to human resource practices across countries and cultures⦁ Analyze and assess global human resource policies, practices, and functions in order to meet an organization’s goals and objectives while maintaining the values and traditions of the local cultureDirections:The management team has now hired 4 managers, who are PCNs (parent country nationals). Now they need to figure out how to develop a compensation plan that is aligned with the company’s compensation but also takes into consideration the host country’s financial situation. You are asked to:⦁ Put together a compensation plan, including a balance sheet⦁ Assume that the base salary of a manager in the U.S. is $5500 a month.⦁ You may need to do some additional research to find out what taxes are in Florence, what is a typical housing allowance, and cost of living⦁ Your balance sheet should reflect monthly amounts.⦁ List the top three benefits that should be offered to the expatriate.⦁ Explain why you chose these as the most important.⦁ Make sure the cost is included in your balance sheet.Guidelines:⦁ Please stay focused on the specific questions asked.⦁ Respond to each question separately, using subheadings⦁ Use at least three course resources for this assignment.⦁ Please include APA formatted cover page and reference page. (Samples provided in classroom writing resources)⦁ Please keep your paper to a maximum of 3 pages, excluding cover and reference pages.Q1: Expatriate Compensation PlanWrite a brief introduction about why Fit4Life needs an expatriate compensation plan for managers relocating to Italy from the United States– one or two sentences will do ……….Write briefly about the balance sheet approach and why it is useful – one or two sentences will do……Describe your plan, including the rationale you used for each item (separate paragraph for each) in the balance sheet, citing the sourcesof your information – for example, difference U.S vs Italy tax rates, legal or regulatory requirements, expatriatecompensation guidelines, or and any other research you used to arrive at the figures in your balancesheet.Balance SheetTable 1Fit4Life balance sheet for US Managers working in Florence, Italy.Item United States Italy AllowanceTax Rate % %Base Salary $ $ $Housing $ $ $Overseas Premium % $Total Allowance $Total Salary and Allowance $ $Q2: Top three benefits that should be offered to the expatriate.Benefit NameExplain the benefit and the rationale for why it is offered to expatriates. Use your own words, but cite your source for any information, data or statistics to which you may refer.Explain the relevance of the benefit for a manager relocating to Italy from the US. Use your own words, but cite your source for any information, data or statistics to which you may refer.Explain the costs you have allocated and why – if not fully addressed in Q1.Double check that the costs related to this benefit are on the balance sheet in Table 1Benefit NameExplain the benefit and the rationale for why it is offered to expatriates. Use your own words, but cite your source for any information, data or statistics to which you may refer.Explain the relevance of the benefit for a manager relocating to Italy from the US.Use your own words, but cite your source for any information, data or statistics to which you may refer.Explain the costs you have allocated and why – if not fully addressed in Q1.Double check that the costs related to this benefit are on the balance sheet in Table 1Benefit NameExplain the benefit and the rationale for why it is offered to expatriates. Use your own words, but cite your source for any information, data or statistics to which you may refer.Explain the relevance of the benefit for a manager relocating to Italy from the US. Use your own words, but cite your source for any information, data or statistics to which you may refer.Explain the costs you have allocated and why – if not fully addressed in Q1.
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