Global Growth in New Markets

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Global growth can be difficult to navigate in new countries or markets.
Global Growth in New Markets hr advice payroll professionals

Global growth can be difficult to navigate in new countries or markets. Many times, HR professionals only have expertise in a few countries, and are tasked with ensuring compliance for the entire organization globally. For companies operating in 10+ countries this can be a very challenging task for HR teams. They often tell me “We don’t know what we don’t know.” Every country and market is very different and it can be hard to keep up to date with changes in our current evolving COVID era.

Sometimes a solution to this problem is for HR professionals to take a class or workshop about a country’s labor law or labor code, employment practices, and compliance, which costs the company money. When that HR professional leaves the organization that education investment goes with that individual. Another option for organizations has been to hire more HR staff that have the HR expertise required in each region.

However, if you use your payroll vendor as your expert and leverage their knowledge to educate your teams, you can reduce resources or additional expenses for your team. When your vendor offers compliance tools, technology, and experts to educate your team and answer questions, it allows you to leverage your current investment with your payroll vendor, instead of paying for education or hiring your own HR experts in each individual country or region.

Here are some examples of tools/resources that HR professionals find useful to navigate global growth:

  1. Global People Strategist – HR compliance technology with labor law and labor code updates for all countries that you operate in. This portal also has template documents for Employment agreements, HR handbooks, and termination letters that meet the requirements of each country.
  2. Local global payroll experts in each country that understand payroll compliance, taxes, deadlines in each country that can assist with questions.
  3. Global Consultants with extensive expertise in global growth, acquisitions, mergers.

 

Starting with company formations, payroll and compliance setup, and hiring employees, there are so many aspects to consider and compliance issues to contend with. Having a partner to help you navigate the process will make it seamless and successful.

 

Author – Blue Marble Payroll

Black Mountain Group

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