Employing individuals outside the jurisdiction of the government of their head office requires important and special considerations. First, it means that they cannot pay employment taxes as this needs a tedious and complicated the process of dealing with each country's tax collecting institutions. Secondly, this leads to a contractual/self-employed status of the country analyst since the business organization will not also be able to offer non-monetary benefits like health and insurance. It should be noted that employment of more than six months in a firm requires the company to provide health and social security benefits for their employees. Thus, the contract of a country analyst is renewed often in order to comply with this requirement.
In order to compensate with the lapses, Euromonitor pays its country analyst above the market direct pay. My friend informed me that she is actually paid a weekly income which is equivalent to a month's entry level minimum wage in her country. Thus, in her position, she is getting four times the minimum wage which is 50% more than what is offered by local firm in the same position. However, Euromonitor pays on a project basis. A project is scheduled in four weeks or more. A country analyst is paid 45 days after he submit the project. Unfortunately, extensions are not paid. When a project is scheduled for six weeks and the analyst completed it in nine weeks, the extra three weeks is unpaid. Furthermore, the salary is adjusted according to the performance of the analyst.
Aside from this monetary side, working at home as a country analyst for Euromonitor provides non-financial rewards. These include: work-life balance by allowing the employee to work at the comfort of his own home with his family; casual dress because the employee does not need to dress up for work; flexible time because the employee can work at his most comfortable time as long as he complete an eight-hour work; on-the-job training on conducting each phase of market research; and performance reviews.
For a country analyst in developing, this compensation package is effective as it answers the need of each employee for higher than market compensation. It should be noted that Asians often require high salaries since employees are more motivated to work if they earn more. Working at your own pace at your time is also appreciated by employees. Recognizing the heavy traffic in developing countries, working at home frees up time to spend on research and other tasks which should be undertaken. The package is also commendable since it motivates employees to work within the deadline as extra weeks of work are not paid. Performance reviews allow the country analyst to evaluate the quality of his work which will give a way for self improvement together with a possible raise in payment.
However, there is also a downside in employing this compensation package. For one, paying the country analysts 45 days after the final report is submitted can be agonizing for employees. For one, if a project is slated for twelve weeks, it means that the analyst is paid only at the fourth month after the project starts. The employee is then left to resort to other sources of finances in order to cover the expenses on