By the end of 2020, it’s predicted that 87% of businesses will have a presence in one or more foreign markets, and it’s no surprise considering the plethora of benefits that come with it. But before you decide to build an international customer base, build your market/revenue share and achieve a streamlined global expansion, there are some key considerations to take.
Are you ready to keep up to date with in-country laws and legislation?
The requirements for remaining compliant differ substantially in different jurisdictions, and country-specific laws and regulations are constantly changing and becoming increasingly complex.
Variations in payment, holidays, working conditions and taxes, are just some factors that need to be taken into consideration and addressed in order to achieve a successful global expansion. Not doing so can prove detrimental to business both financially and reputationally. With a PEO, the legalities and compliance aspects are fully taken care of every step of the way, saving you time and endless amounts of admin.
Are you getting the best access to skills and resources?
More and more businesses are deciding to expand abroad. Access to cheaper resources, a wider variety of skills, increased market share and a wealth of new opportunities are just some of the benefits of building a global workforce.
Global teams bring a wealth of local knowledge and business diversity, making companies more creative and productive while increasing flexibility and inclusiveness.
Plus, when going global with your workforce, you gain wider access to a talent pool where skills that aren’t as available in your current country of business could become more readily available, giving you a vital edge over your competitors.
Are you retaining the best talent in the job market?
People are the most important part of your business. When it comes to global expansion, it can feel like there are a million and one other things to think about alongside ensuring that your employees are satisfied.
Employee turnover is the highest it’s been in over a decade, that’s why at Procorre Global, we put employee satisfaction at the core of what we do, so you can be sure your employees are carrying out the best work for your business.
According to new research of more than 600 US businesses, 63% say retaining employees is harder than hiring them; it’s no wonder that employee satisfaction is so pivotal in the running of a successful business, both domestically and abroad.
Retaining the best talent for your business is challenging enough when you’re doing it in-country, but from hundreds, or even thousands of miles away, it’s a whole different ball-game. Retention isn’t a simple process; when communication and employee satisfaction is key, doing this from abroad requires an extensive amount of additional time and resources.
Plus, once you have the right talent, engaging them from overseas can be difficult (especially when there is a time difference).
Instead, when you work with Procorre Global, who will act as your Employer of Record, you can be sure that your employee’s satisfaction is at the core of everything we do, and we consistently prioritise the retention of your workforce. Because retaining the right talent is always more cost-effective than hiring.
Do you know the full extent of your in-house capabilities?
“From payroll and human resource management to benefits and compensation, entrepreneurs can spend up to 40% of their day engaged in these tasks.” – Toddi Gutner, Entrepreneur Magazine
If you’ve decided which countries you’re ready to start doing business in, it’s crucial to weigh up the full capabilities of your in-house teams and work out whether you can facilitate a seamless global expansion or should consider outsourcing certain HR and compliance functions.
Too many organisations underestimate the full extent of their global expansion workload, and as a result, end up losing sight of their core business aims in the process. It’s vital that you keep your focus on those core aims, and find the right support to tackle your global expansion challenges head-on.
As your PEO partner, we can provide bespoke support with some or all of your global expansion challenges. Let’s face it, you didn’t come into business to get bogged down with administrative tasks, luckily – that’s exactly why we did.
Head to our website to find out more about how you can benefit from accessing new global markets and how to get set-up quickly and cost-effectively.