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is complicated. Before accepting a position overseas, consult with an accountant to determine what rules apply and how to minimize your income tax liability in both the U.S. and your host country. Reflect on Learning: Can you list some of the challenges to obtaining a job overseas? Answer: visa/work visa restrictions, protective labor market requirements, financial sponsorship requirements, medical and criminal checks, household set up costs and confusion, pay currency, American taxes. II. Building Overseas Employee Competence With the growth of the global economy, many employers want to hire employees with cross-cultural experience and skills . Cross-cultural competence, also known as 3C , refers to the knowledge, skills, and motivation that enable a person to adapt and work effectively among people whose beliefs, values, customs and behaviors differ from their own. Living overseas for an extended period of time is very different than vacationing in a country for a few weeks. It can be a difficult transition because it requires long term adaptation to many changes : lifestyle, food, customs, beliefs, and often the language. Cross-cultural competence is important to an employer because it helps to make a workplace harmonious and productive and makes the employee more effective in an international work environment. A few ways of developing your cross-cultural competence include: PRODUCT PREVIEW Learn the Language. The ability to communicate is number one on the list of cross-cultural skills. If you have always dreamed of building your career in Spain, you should definitely start taking Spanish language classes now and practicing your language skills every chance you get. Even if you can’t build your skills to a level of fluency through high school or community based classes, a foundational knowledge will accelerate your language acquisition when you finally make the move overseas . Learn the Language of Your Profession. It’s not enough to learn conversational language skills. To communicate in your overseas workplace, you should have a handle on the language of your profession . For example, if you plan to work in the medical profession, focus your language skills on the special terms and phrases used in that field . Pursuing tech in Thailand? Add tech terminology to your language skills. Learn Business Etiquette. Good business manners differ from country to country. The penchant Americans have for directness, informality, and transparency is not appreciated in many parts of the world. What may be perfectly acceptable in the U.S., may be considered offensive elsewhere. For example, in a business meeting in Japan or India it would be considered rude to say no, even if you Good Guanxi The Chinese consider guanxi a crucial part of doing business. It means having a trusted personal and business-related relationship with network connections. Fin Lit Trivia Fin Lit Trivia Fin Lit Trivia Etiquette Education Etiquette governs the polite behavior of society in general; Protocol focuses on the behavior of government and/or diplomatic officials. There are special schools that train business people and diplomats in etiquette and protocol. Fin Lit Trivia Fin Lit Trivia Fin Lit
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 103
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