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Invest in Romania

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Your company sells underwear for men and women. You decide to invest into a firm in Romania that will produce this product for you. You are sending a manager for the subsidiary, an accountant, and an engineer for this Romanian firm. What kind of training would you give them prior to their departure for their new assignment? How will you compensate them?

Keep in mind that Romania is a member of the European Union (EU) as from January 1, 2007.

Please include-

-Statement of the problem
-Requirements to be on a foreign assignment?
-Training
-Compensation
-Conclusion
-If possible include references

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Solution Summary

Your company sells underwear for men and women. You decide to invest into a firm in Romania that will produce this product for you.

Solution Preview

Statement of the problem:

The problem is to prepare accountant and engineer to perform their duties efficiently in Romania as an expatriate by adjusting to the local conditions.

-Requirements to be on a foreign assignment?

The major requirement on such foreign assignment as an expat is to understand the local culture, customs, business practices, cultural sensitivity issues, language, communication styles and working practices of the country where such assignment will take place.

In the above mentioned scenario, Both accountant and engineer will need to extensively research and understand the cultural issues in Romania, Romanian business culture, practices and customs, local laws and regulations, cultural sensitivity issues, language and communication, negotiation, meeting and other etiquettes about the country. This is necessary to adjust well with employee of the Romanian firm and collaborate/coordinate with them in an efficient manner. Further, they will need to learn about the corporate culture and working styles of the Romanian firm to win the trust, respect and support of local employees of the Romanian firm.

Accountant will also need to learn about the financial reporting and accounting practices prevalent in Romania and European Union to perform efficiently. He will also need to develop skills about taxation, repatriation and other cross border or international financial management issues to perform his duties effectively.

They will need extensive training on business culture prevalent in Romanian enterprises, such as importance of hierarchy, formal culture, communication preferences of Romanians, etc.

In terms of attire, accountant and engineer should understand that ...

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  • MBA, Rochester Institute of Technology
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