Countries are now competing for business AND for talent. In some ways, governments are making it easier. Estonia is now offering entrepreneurs e-Residency to the countries without having to live in the country. Ireland’s tax rate remains the lowest major industrialized country in Europe and free trade zones that offer tax incentives are popping up all over the world.
So what are some of the challenges that we face when “going global”? There are numerous costs; legal costs to set up a company, union costs, corporate taxes, VAT taxes, translation costs, employment costs and many more.
In PWC’s annual survey of US CEOs, 72% of CEOs said they are still looking outside the US for growth and many are looking at cross border acquisitions. 60% of companies say their international planning will increase. Where are they looking? A lot of companies based outside the US re looking for acquisitions in the US, the BRIC countries; – Brazil, Russia, India and China is where most see the opportunity.
There are challenges to overcome, including cultural differences, business practices and VMS/MSP capability but the benefits outweigh the challenges. We’ve listed below some of the benefits of leveraging a global contingent workforce strategy.
- Integration of global talent into your temporary workforce strategy
- Seamless visibility for spend, trending, headcount across countries
- Standardized practices for procurement of temporary talent across countries
- Mitigating Talent War
- Expanding talent supply chain to multiple avenues for talent (freelancer, contingent etc)
- Standardized processes to mitigate risk
- Manage regulatory requirements, tax, risk, employment law
To be competitive, you need to understand and leverage the new global workforce landscape. The Global Talent Supply Chain is expanding and changing; thanks to Technology. Use it to mitigate the talent war!
The above is one of the five topics covered in the recent Bloomberg BNA webinar co-hosted by John Smith and Terri Gallagher on Thursday July 19, 2016 at 11am – 12:30pm ET.
Contact our global team to learn more about how CXC Global use their workforce solutions to assist businesses all around the globe to implement and manage their Global Workforce Strategy and expand internationally.
Written by Kathryn Hopkins.
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