As firms continue to increase their exposure to international opportunities, there is more interest in global mobility in emerging markets from employees. Global mobility benefits both employers and employees.
For example, companies begin to attract talent by establishing a presence in global hotspots. The talent based locally, and across the globe, are interested in relocating for valuable opportunities. Plus, companies with a multinational presence have a greater chance of attracting top talent and keeping them onboard, especially when they provide supplemental benefits and opportunities for growth.
To further your understanding of global mobility, we pulled together the basics. In this post, we’ll explore the benefits of global mobility for your company and how you can expand overseas to make this idea a reality.
Defining Global Mobility in Emerging Markets
As more and more companies expand their presence overseas, employees are beginning to consider international assignments to boost their resume and foster personal development. This growing interest in international assignments in known as global mobility.
Your company can benefit from the rising interest in global mobility by expanding into emerging markets, which we’ve laid out in more detail in this post.
Taking advantage of global mobility in emerging markets gives your firm increased access to:
- Exceptional Talent
- Excited Consumers
- Competitive Edge
Top Countries for Global Mobility
When considering where to grow, know that there are regions around the globe that thrive in attracting foreign nationals and expatriates. These global mobility hotspots include:
- New Zealand
- Hong Kong
- Qatar, UAE
- Costa Rica
When your company expands into these regions, you’ll attract and retain quality talent that can take your operations to the next level. Plus, your new (and current) team members benefit from new skill development, opportunities to travel around the globe and diversification in business communication. You’re not only helping your employees, you’re also benefiting your company by building a powerhouse team that has multinational experience.
Preparing Workforce for Global Mobility in Emerging Markets
Along with attracting new talent, global mobility gives your current team members an incentive to stay with your company. When you open up opportunities for growth and the chance to work overseas, this expands their business knowledge and improves their experience.
Our current education system doesn’t do a solid job of preparing the workforce for global operations, so as an employer, it’s your job to step in and fill those gaps.
We suggest working with an international partner during global expansion. An in-country expert helps your team understand the basics of the culture, your consumers, and how to navigate the business landscape in your new region.
Overall, a team with international experience boosts the value of your organization. Also, international assignments increase your company’s exposure and understanding of new cultures, foreign languages, and expands your professional network.
Hiring Employees Overseas
Once you determine the best markets for global expansion, you’ll need to create a legal presence to begin hiring an international team.
A simple way to create a compliant presence in your new country is through International PEO (Professional Employer Organization). This service allows you to hire team members overseas with a light footprint, so you don’t have to create an expensive and time consuming foreign subsidiary. International PEO is a great option for employers looking to expand their global presence to give their team members opportunities for global mobility in emerging markets without a full commitment in each country.
To learn more about the benefits of International PEO and how to increase your firm’s global mobility, contact the Velocity Global team!