A global mobility strategy offers several advantages to businesses invested in the benefits of remote work.
Building a global team allows businesses to access international talent, draw from broader perspectives, and — with talent working across different time zones — effectively operate around the clock, lowering costs while supporting employees’ work-life balance.
With virtual management tools like the messaging app Slack and the video conferencing platform Zoom now standard in the workplace, the ability to go global through telecommuting has never been more effortless. Here are the top five reasons to build a global team.
Access to a Diverse Talent Pool
According to Deloitte, 90% of business leaders report that recruiting and retaining talent is a moderate or major challenge. Expanding globally provides companies with access to a diverse talent pool, significantly enhancing the chances of finding the perfect fit for each role.
Ireland, for example, has a thriving tech scene powered by a highly educated workforce that prefers hybrid work and remote job opportunities, making the Irish an attractive choice for companies building a global team.
But the benefits of remote work aren’t limited to Ireland. Studies show that flexible work and remote teams present borderless advantages for employers and employees.
Increased Productivity
Around-the-clock operations can be a game-changer for businesses requiring continuous, full-time customer or IT support.
Global teams empower companies to make this a reality and expand coverage beyond the traditional 9-to-5 workday.
But it’s not just a matter of expanding hours of operations. Global virtual teams can also drive productivity.
A peer-reviewed study completed before the COVID-19 pandemic found a 13% performance jump among those working from home versus on-site, in-person at a physical office — and those numbers have continued to climb in recent years.
Employees empowered to create a work schedule that aligns with their personal rhythms experience improved work-life balance and overall well-being. This contrasts with traditional office settings that typically lock employees in to rigid 9-to-5 schedules.
As a result, remote employees often report increased productivity due to fewer distractions and the ability to work in their preferred environment.
Cost Savings
Recruiting remote global talent can help companies reduce overhead, save on salaries and benefits, minimize turnover, and boost the bottom line.
From Belmopan, Belize, to Astana, Kazakhstan, it’s no secret that many countries have a significantly lower cost of living than London or Silicon Valley. Recruiting from these regions helps companies employ skilled talent at comparatively lower salaries than those required in major tech hubs.
Remote workers also help companies reduce overhead costs. Studies show that business owners can save up to $11,000 per employee per year by switching to remote work and lowering expenditures on expenses like rent and utilities, office equipment, and even taxes.
Besides these direct savings, global hiring and remote work can lead to indirect cost reductions like lower turnover. Studies find that remote employees experience more job satisfaction and are up to 35% less likely to leave.
Agility to Flex Up and Down with Business Needs
Eliminating the costs associated with a large brick-and-mortar footprint does more than lower day-to-day operating costs. Going global helps companies gain the financial flexibility to employ talent where they want and when they need it.
Such flexibility can be critical for small-to-medium-sized businesses and startups, which often operate with lean budgets and fluctuating staffing needs.
If a project requires additional manpower, for example, global mobility empowers companies to quickly onboard remote contractors from anywhere in the world. Similarly, if demand slows, they can reduce their workforce without the burden of maintaining excess office space or laying off staff.
Happier and Healthier Employees
Remote work offers employees numerous benefits beyond the convenience of working from a home office, co-working space, or local coffee shop.
Less time spent commuting improves employees’ personal lives by saving time, money, and stress, allowing them to enjoy healthier lifestyles, spend more time with family, or indulge in hobbies.
That’s huge. Remote employees report lower stress levels and improved sleep than those in traditional office settings. For employers, this results in a more focused and motivated workforce.
Furthermore, remote work contributes to a better work-life balance, even when employees work more hours.
This is a critical factor in overall happiness and well-being. Happier employees are four times more likely to stay with their company than unsatisfied employees, and employee happiness directly impacts employee retention, including a company’s ability to retain top talent.
Build Your Global Team With RemoFirst
Expanding your team worldwide can be beneficial, but it comes with hurdles.
Navigating the complex maze of international employment laws, ensuring compliance with local regulations, understanding the risk of permanent establishment, and managing a multinational payroll can become overwhelming.
It’s essential to ensure you remain compliant with the laws in all the countries where you hire a remote workforce. This is where an Employer of Record (EOR) can help.
As an EOR, RemoFirst provides a comprehensive solution that simplifies global hiring and empowers you to expand your workforce rapidly. An EOR can help you handle:
- Compliance and risk
- Payroll and benefits management
- Onboarding
Book a demo today to learn more.
