What Are the Benefits of a Global Workforce?
The world is more connected than ever before, and more businesses are taking advantage of expanding their hiring worldwide. The global workforce creates expansion opportunities, gives you options to find more talent, and provides a more genuine connection to other countries and cultures.
Remote work is more popular than ever, so now is a great time to take advantage of virtual team opportunities.
Here are some benefits of a global workforce.
Access to the Global Talent Pool
Global expansion allows you to access a much larger pool of job candidates than you have access to domestically. Instead of hiring the most qualified or skilled workers in your state or country, you could hire the best in the world.
Modern technology allows global applicants to apply, interview and work completely virtually, eliminating the need to only have employees in the office.
Having the best employees will drive your business to faster and more tremendous success. You can be sure your competitors have already realized this and are trying to attract candidates that you could have working for you.
A Competitive Edge
Countries have different tax systems, holidays and pension rules that can give businesses a competitive edge if used correctly.
Nations celebrate different holidays, so you will likely have employees willing to work on your typical days off that they don’t observe. Just be sure you’re ready to give them their holidays off.
You are also likely to find financial advantages in the global market since the local economy might allow you to pay less than you may need to contribute to a pension. Businesses can shop around in areas with different pay rates.
Businesses looking to expand to a global market often face challenges connecting with international markets since they don’t have enough local knowledge. Employees in these regions will be familiar with the language and culture and what influences customers there.
Local employees will help you expand your business faster by eliminating the need to send a research team overseas to quickly connect to another culture. It also allows companies to be more genuine when marketing to a new demographic.
You shouldn’t rely on one country’s economy due to unexpected social and political events. Natural disasters, economic crashes and other crises affect businesses’ ability to function. You won’t have all your eggs in one basket when you’re in a global market.
Having a crisis in one country or region means that only some of your global workforce will be affected, not all of it. This will prevent you from shutting down when things are rough and can preserve your business long term.
People from different locations, cultures and backgrounds will have different life experiences that provide them with other skills to overcome obstacles and face new challenges.
Knowing a co-worker from a different culture can also help employees become more creative. Research shows that being close to someone from another country can boost creativity.
A multicultural team will develop new strategies and ideas to solve problems and drive success. Different backgrounds increase creativity and lead to innovation, which will help your business succeed.
Potential Challenges to Overcome
The advantages to creating a global workforce are substantial, but there are some potential challenges you’ll need to overcome if you’re currently running your company domestically. These include:
- Tolerance: Patriotism can come with the consequence of superiority. It’s hard for different nationalities to come together if there are members that frame themselves as superior. Tolerance training and translation services can help combat this.
- Understanding legal differences: Different countries have laws regarding how much to pay and how to handle taxation. Educating human resource team members on managing these variations ensures you won’t run into legal issues.
- Management: Having a global team means you will need to rely on more regional managers, which can be a challenging skill set to find remotely.
- Information technology (IT) integration: A global team requires a system that can be used worldwide.
Benefits of a Global Workforce
The world is more connected than ever, and it’s becoming essential for businesses to take advantage of the international marketplace and create an international team. The benefits of a global workforce are varied and can put your company at a competitive advantage.
Gathering information about different countries and how your business can fit into them can lead to greater success and a broader outlook.