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International employers must find an effective way to manage the geographic and cultural differences found within their diverse workforce. A global HR strategy can do just that while helping to achieve maximum efficiency. Standardizing processes that help support regulatory compliance makes it easier to recruit and maintain highly skilled global talent for international companies.
While a global HR strategy used to be reserved for highly established international companies, that’s just not the case anymore. Countries are more connected than ever, and these days, nearly any business can acquire a multinational workforce. Globalization and interconnected countries allow businesses of nearly any size to expand while growing their global footprint. There are many reasons for a global workforce besides diversity and insights. Here are some of the many benefits of a truly global HR system.
Global Regulatory and Tax Compliance
Operating an international company of any size means every aspect of compliance is crucial in any country. Each country, locality, and possibly even industry will have its own tax and regulatory compliance laws. A successful global HR strategy will help ensure ongoing compliance to reduce liability and mitigate noncompliance risk.
Tax, regulatory, and reporting compliance is handled by the global portion of the Employer of Record (EoR), freeing up your internal HR staff to focus on more important tasks, like building a great company culture. When a global HR strategy works in conjunction with an internal HR staff to ensure regulatory, tax, and reporting compliance, clearly defined company parameters optimize efficiency and reduce overhead.
Company Growth and Flexibility
The very best way to ensure company growth and flexibility is with an appropriate global HR strategy. Global HR is about a lot more than just recruiting the very best international talent in the global pool, but that certainly doesn’t hurt either. Maintaining a gifted workforce affords your business more expansion opportunities to grow past industry benchmarks on a consistent basis.
Intelligent insights, value propositions, new perspectives, and even higher efficiency ratings are all benefits of a global HR strategy that promotes company growth and expansion. An effective global HR system allows your company to remain flexible enough to meet the market demand on public terms which promotes multiple revenue streams.
Meeting market demand while maintaining flexibility creates a robust talent pool that is not afraid to think outside the box. Thought leadership becomes a vibrant part of the company culture rather than something to strive for in the future. The growth and flexibility afforded by a great global HR strategy is perhaps as important as future business plans.
Global Virtual Teams
Getting the very best working minds together within a single company used to be a costly abstract venture that paid major dividends for those who could afford to pull it off. While it was critically beneficial, it was costly enough to be reserved for special important projects. The return on investment was often measured against the boost in revenue to determine the viability of such ventures.
These days private virtual networks and servers, along with secure clouds, allow remote workers all over the globe to work together on global virtual teams without the travel. The company still enjoys all the benefits of the brilliant minds collaborating together and what they can accomplish. Since it doesn’t cost a small gold nugget to get them together from all over the globe, companies can afford to better compensate these special workers for their superior abilities and input.
Rather than being reserved for special projects and events, global virtual teams can meet and collaborate regularly. The company benefits from the value propositions and special insights harnessed by the creative contributors on these teams. The excellent value system created by this added virtue benefits the company year-round rather than only on special occasions.
Cultivate Leadership from Within
A great global HR system enables companies to cultivate incredible leadership from within. As the company expands, employees can be promoted from within rather than recruited from the outside. Recruiting management from outside the company requires added training to bring the new recruit up to speed. This increases company overhead while using up valuable resources which could be allocated elsewhere.
Promoting from within gives employees a better sense of accomplishment while saving resources and time for the company. Employees feel like the company is investing in them as they get promoted and tend to give 150 percent because they love getting recognized for their efforts. Growing up with a company they enjoy working for is an added bonus.
Promoting from within the company costs less and saves company resources. Employees are already vested in the company and tend to be somewhat familiar with the new position. It doesn’t take as long to train a current employee for a management position.
Acquire and Maintain the Best Global Talent
Acquiring and maintaining the best global talent is simple with a great global HR system. With traditional local systems, companies can be left searching for qualified candidates for months. Once qualified candidates are found, they must still be interviewed and vetted before attempting global immigration for work.
Even social recruiting and recruitment marketing don’t allow companies to vet potential hires before bringing them on. Properly vetting potential candidates and running adequate background checks can be costly and time-consuming without a global HR strategy in place.
A great global HR system not only allows you to acquire the very best global talent, but it helps ensure you maintain that talent long term. It helps vet potential employees and get the proper paperwork in order for global immigration prior to their start date.
Global HR Offers Numerous Benefits
A great global HR strategy not only ensures international compliance and company growth, but it also cultivates leadership from within and allows you to build global virtual teams with the very best talent available. Growing international companies enjoy the many benefits and insights offered by the global talent pool while properly allocating available resources. Companies no longer need to be huge conglomerates to benefit from global immigration or a global HR strategy. If you run an international company of any size, consider the many benefits you could enjoy with a global HR strategy.
