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In today’s global business environment, companies are faced with navigating challenges like the lingering impacts of the pandemic and the onset of a global recession. One key factor in overcoming these obstacles is retaining highly skilled workers throughout the ups and downs. After all, losing talented team members can also mean the loss of hundreds of hours of training and developed skills. However, there are ways to keep your workforce happy, engaged, and motivated.
Luckily, we live in an age where remote work is a highly valuable option for companies. So, even despite turbulent economic times, offering remote work flexibility with the right technology can play a critical role in your ability to retain talented employees.
The benefits of remote working
There are numerous reasons why remote work is becoming even more popular among employees in 2022, including the ongoing cost of living crisis. Remote work enables workers to relocate from expensive cities or countries to cheaper, alternative locations. According to a 2022 survey by Tracking Happiness, remote employees report a happiness level about 20 percent greater than office-centric ones.
By providing remote work options for employees that want it, a company is likely to boost that employee’s morale, with an increase in performance and results in return. Additionally, by creating an employee-focused workplace, that company’s reputation will likely flourish and so it will attract and retain top talent.
For example, a survey by the International Workplace Group identified that 83 percent of employees stated flexible work options would be decisive in helping to decide between two similar jobs.
Why talent retention is important
Losing talent is expensive. Between recruiting, onboarding, and training, replacing an employee can cost up to two times the employee’s annual salary. It is becoming increasingly difficult to retain staff, with Gartner forecasting employee turnover to be 50-75 percent higher than in previous years. Adding salt to this wound is the fact it is taking 18 percent longer to fill roles since the pandemic.
This translates to managers’ time being increasingly squeezed trying to find staff in an expensive and competitive market. This longer talent sourcing process distracts mangers from focusing on driving performance, in turn affecting growth. Therefore, developing a clear retention strategy should be a core component of any company’s transformation plans, particularly one that involves closing entities.
This strategy should focus on identifying the key talent to retain and be backboned with a clear and concise communications plan to nip any potential uncertainty for this selected talent in the bud.
What is a global employment platform?
Technology has enabled an interconnected workforce — one in which cross-cultural communication and collaboration will unlock the future of work. But expanding your global workforce brings challenges as well as opportunity. From ever-changing rules and regulations to payroll policies and local labor laws, effectively managing the nuances of international employment is more complex than ever.
One of the most reliable and efficient means to responding to this challenge is to use a global employment platform, which acts as an intermediary for the employee and the client company.
A quality global employment platform provider works independently and backs their technology with HR and legal expertise in local business culture, employee trends, tax regulations, and labor laws. Through a global employment platform, a company can continue employing international workers despite never having its own entity or shutting it down in that country. This is because the global employment platform acts as the legal employer of the worker based in the international country in question.
Partnering with a global employment platform provider eliminates the need to establish a legal presence in-country, as the provider will have entities in the target country. At the same time, the company directly manages their employees’ day-to-day work and tasks. One of the most significant benefits of leveraging a global employment platform during global growth is the ability to maintain legal compliance while retaining key talent.
Here are some of the other main benefits that working with a global employment platform can provide:
1. Smooth operations
Time-consuming tasks like payroll and benefits fall under the responsibility of the global employment platform. This frees up a company’s internal resources to focus on driving performance and growth, thus achieving key business objectives.
2. Effective payroll management
Payroll requires meticulous attention to detail to ensure compliance with country-specific laws. For instance, tax rates vary from country to country, as do labor laws and regulations. However, a top-performing global employment platform will pair their technology with a robust legal team to monitor these requirements and correctly process payroll.
3. Access to global talent
In the event a company has to close an entity, they may target a new location to focus their hiring efforts. However, many companies are finding a shortage of talent in their local area, making it difficult to fill key roles and succeed in today’s business world. This has made the war for talent incredibly fierce. Leveraging a global employment platform is a quick solution to this challenge, allowing companies to take their recruitment strategy beyond borders and access top talent in new countries. A quality platform will enable organizations to find, hire, and onboard their ideal talent, anywhere in the world, with just a few clicks.
How G-P can help
G-P’s Global Growth Platform™ can help you retain top talent. Our technology and in-country expertise enable businesses worldwide to access talent in 180+ countries without the need for subsidiaries or local branches. Built-in legal and HR functionality mitigates the cost, time, and pain of establishing your own entity.
And we never forget that behind every hire is a human being. That’s why, as we make employment opportunities accessible to everyone, everywhere, we deliver a connected and supportive experience for all.
Save resources and focus time on building a profitable international company without worrying about complex administrative tasks and managing changing labor laws and tax policies. Download our eBook, “20 Questions to Ask Before Choosing a Global Growth Platform,” to discover more about partnering with a global employment platform and making the best decisions for your company.