A little bit of research shows that to succeed at a high level, your company must transform into a global business. Small to midsize firms need to branch into international markets to stay competitive. New markets open up the potential for a wider reach among customers and expand a company’s influence on its industry.
We compiled the five hottest global business trends happening right now to keep you in the loop and help you on your path to international expansion.
1. Emerging Markets for Global Business
We find a mixed batch of emerging markets for global expansion. Many of the experts believe that the best places for companies to invest include regions in Europe and Asia. These locations range from Turkey, Egypt, Malaysia, and the Czech Republic, to Qatar, China, Peru, and India.
The most interesting aspect of these markets is the diversity among GDPs. The amount of individual wealth is incredibly different among countries like Qatar and India, but all of these countries show promise for investors and businesses.
Growing populations and a focus on promoting economies in these eastern and western regions prove promising for companies seeking unique opportunities in diverse markets. We suggest the waters of a new market with Foreign Subsidiary as a Service (FSaaS) or International PEO. These options provide businesses with smaller startup fees with full access by establishing an in-country presence.
2. Best Industries for Global Business
As the technology age continues thriving, the best industries are, not surprisingly, tech-based. Industries including drones, sustainable manufacturing, sustainable energy, artificial intelligence, and fraud detection software are on the rise. Businesses not focused on technology, it’s important to know the hot trends and consider investing in one of these firms to help your capital thrive.
3. Remote Employees
Telecommuting is up more than 37% over the past year, according to Gallup. Despite the uptick, there is still a negative stigma surrounding remote employees. It’s time to hop on board if you haven’t already. Global businesses need to embrace remote workers. As commute times increase and employee engagement remain stagnant across the world markets, employees desire to work from home more than ever. Even if it’s just one day a week, consider this option when you’re crafting a global expansion strategy.
4. Employee Engagement
Speaking of employee engagement, it’s more than just a buzzword and a trend. Employee engagement is a key player in your business that can make or break your bottom line. Countless studies show that engaged employees are more productive, loyal, and motivated. Only 13% of global employees are engaged at work. That means that nearly 90% of the global workplace views their job as a hindrance.
As organizations transition into multinational businesses, they need to focus on how to keep their employees, both local and international, engaged. Highly engaged workplaces lead to high performing organizations with increased profits. It’s a win-win and a factor of your business that is not only simple to improve but also fun.
5. Unemployment Rates are Down for Global Business
Good news – unemployment rates are relatively low throughout the span of global business. With rates ranging from five to six percent across the developed countries of the world, it’s a likely time for businesses to expand globally.
Your business can continue to improve the global unemployment rates by hiring permanent or temporary employees through an International PEO. If you’d like more information on this employment option, get in touch with the Velocity Global team!