Global Compensation and BenefitsStrategy. Your firm is a multinational consumer electronics organization thathas five (5) profitable subsidiaries in Taiwan. Due to the pandemic, the firmsuffered 40% decline in overall revenue and whilst the business is still on the profitable path, all future expansion and acquisition projects were kept onhold until situation improves. The 3000 strong workforces are mostly localnationals with some expatriates (PCNs) in the management and highly-skilledroles. Recently, the country where these five (5) subsidiaries are based, haspassed a landmark law enacting a minimum wage and standard benefits beginningnext month. This will significantly impact people cost and disrupt budgetsalready approved. The CEO at the headquarters is concerned with the feasibilityof maintaining a significant number of local nationals. After a brief videoconference with the country manager, the CEO expressed his plans with the ideaof replacing half of the locals whilst simultaneously concerned on the risks ofhaving highly collectivist culture there. As the Chief People Officer at theheadquarters, discuss your action plans to the CEO relative to globalcompensation and benefits strategy and cultural management. Your plans shouldbe justified based on discussions learned in LO3.