To manage and maximize global expansion: partner with an Employer of Record for compliance, adopt global payroll, build mobility framework, employ flexible strategies, utilize effective tools for streamlined global expansion and remote team management while achieving international growth .
5 Tips for managing international business expansion and remote teams effectively:
- Partner with an Employer of Record service.
- Adopt a global payroll solution.
- Build a global mobility framework.
- Develop a flexible international expansion strategy.
- Prioritize employee well-being and support by implementing remote work policies.
Global expansion strategies that maximize growth
Global business expansion delivers a host of unique challenges for businesses looking to capitalize on new opportunities and new global markets around the world. But with the right tools and solutions in place, managing global expansion and remote teams can be streamlined and simplified to maximize business growth and minimize risk while effecting reaching your target markets to gain a competitive advantage and expand your market share.
Here are some key strategies for managing your global business expansion and remote teams.
Partner with an Employer of Record service
For growing businesses looking to break into a new territory, partnering with the right Employer of Record service provider is extremely important to penetrate the new markets while effectively reaching your target market compliantly. Setting up your own local entity through which to hire international talent with full compliance is extremely time- and resource-intensive, and often leads to spiralling costs. Employer or Record services solve this problem by becoming the on-paper employer of your remote team, taking full legal responsibility for them.
This is usually achieved through a ready-made network of international subsidiaries. A good Employer or Record service will make sure you are completely compliant with domestic market tax and labor laws, helping you avoid the significant penalties associated with accidental non-compliance. With an Employer of Record service, you can move much faster by avoiding the bureaucratic bottlenecks which inevitably slow down your entry into the global market.
Adopt a global payroll solution
Global payroll solutions make paying international employees and contractors easy, reliable and error-free. The right global payroll solution will allow you to manage payroll for employees and contractors, no matter where they are in the world, ensuring they’re paid on time, every time, in the currency they prefer, while managing the more complex aspects of tax and social security contributions.
A global payroll solution also helps you keep track of local laws in relation to remuneration and benefits expectations, so you can keep in step with the hire local experts best practices and remain competitive in foreign job and international markets.
Build a robust global mobility framework: Streamlining Visa Acquisition, Remote Onboarding, and Cross-Border Collaboration
Setting up shop in a foreign country will inevitably involve both hiring locally and relocating current employees to the new frontline. To manage this successfully, you’ll need build a global mobility framework that facilitates visa acquisition, resettlement support, remote onboarding and more.
Your global mobility framework will involve partnering with one or more suitable global mobility service providers to help you safely navigate the legal and regulatory requirements of hiring in a new territory.
It also requires setting up the digital systems and processes that make remote work possible, including facilitating seamless asynchronous work, successful remote onboarding and effortless cross-border collaboration.
Develop a sound international business expansion strategy
To mitigate risk when growing your organisational presence in new foreign market, proactive strategic planning is mission-critical. A new market territory is rife with unpredictable variables, so your global business expansion strategy should be premised on flexibility and agility, allowing you to pivot quickly and efficiently when required.
An international expansion strategy comprises market entry strategy including crucial choices in regard to primary markets of focus, determination of target customer and channel strategy, resource allocation, product and service value offerings, brand positioning, and creation of an operating model.
Any global expansion strategy also needs to be underpinned by exceptionally granular market research to identify all target market opportunities, barriers to entry and potential stumbling blocks.
Manage international business expansion and remote teams effectively with Playroll
Playroll’s industry-leading solution was specifically built for those looking at expanding your business internationally and into a new market and territories. Our Employer of Record services, global payroll solutions and global mobility platform allow you to successfully hire and manage remote international employees and contractors in over 170 different countries, thanks to our established network of international trade subsidiaries.
From EoR to visa support services, legal advisory services and remote onboarding to our cutting-edge global payroll management platform, Payroll sets you up with everything you need to carry out a successful global expansion business strategy – all in one place.
See for yourself: book a demo today and find out how Playroll can help you manage global expansion and remote teams with ease.