With the help of global expansion, companies of any and all sizes can now capitalize on global opportunities. This will play a big role in helping them take their business to places they could not have fathomed earlier. When companies make the decision to go global, all employees in the company have an important part to play. Human Resources becomes one of the most important sector in the global expansion process. All HR professionals act like the key piece that help their companies stay focused on compliance and other regulations, other local labor laws, maintaining employee satisfaction and also hiring the right people at the right time. The checklist below keeps in mind all the main questions that HR professionals need to consider when their companies undergo global expansion:
Developing Your Global StrategyWhen companies start their global expansion process, HR professionals should start with developing a strategy that will let them build their global team both efficiently and compliantly. HR professionals need to keep in mind the primary goal of the global expansion for the company, see if they have finalized the countries they want to expand to, the time frame of their expansion and how long they want to spend in each country and ways to stay updated on the constantly evolving labor laws and regulations.
Conducting Market ResearchAll countries have different types of labor laws, which means they will have different requirements and expectations of their employers when conducting business. Companies need to conduct a thorough market research to learn all ins and outs before they enter a new market. They need to answer how the new market will help them achieve the company's global goals, make sure the cultural differences do not affect the business greatly, and ensure that the HR teams have a total understanding of all the labor laws and regulations of the country. Companies need to check on the compliance challenges and find out all obstacles that could act as a hindrance.
Hiring Global EmployeesHR professionals need to finalize means of hiring global employees, the country's immigration requirements, the factors that need to be considered if companies hire international independent contractors, and all legal issues that go with the hiring process, the benefits all employees get and means in which they will ensure employee satisfaction in the new country.
- Companies need to develop a global strategy before entering a new market for their global expansion process
- HR professionals are responsible for conducting thorough market research of the new country
- They need to make sure the company is compliant as well as follows all labor laws and regulations before hiring in the new market country