Yet, for the organizations that are now becoming accustomed to working with remote colleagues, global expansion could be considered the next logical step, from managing remote local employees to remote global ones.
So, with organizations looking to not just survive but thrive, they may seek the opportunities that come with a new market and a whole new target audience for their products or services.
Companies Switch Some Employees to Remote Work
As part of efforts to sustain both employee health and business continuity during the health crisis, many companies have re-evaluated their remote capabilities. In a recent poll, 85% of those surveyed advised that their company had implemented a virtual work policy in response to the pandemic, according to Harvard Business.
Many companies chose to switch some office-based roles to remote roles, including some companies that thought remote work wouldn’t work for them. A great example of this is Morgan Stanley, which expressed surprise at the ease with which its employees had slipped into working remotely.
“If you told me three months ago we could have 90% of employees out of
the office and be functioning with the volumes we have had I would’ve said
the probability of that being pulled off is close to zero, but it happened.”
James Gorman, Chairman & CEO, Morgan Stanley, speaking in an interview on CNBC.
Other companies made huge numbers of employees remote, including FIS Global, an international payments company that was able to facilitate virtually all of its 55,000 staff members to switch to working from home within six weeks, according to Forbes.
In the U.S., many industries reported high confidence in their ability to be effective while working remotely, suggesting that remote work is a smart choice with a role to play in future.
As businesses decide what the “new normal” will mean for them, they will also need to decide if they want to keep some or all of their employees remote, and if they will onboard new roles as remote moving forward. Twitter has already revealed that it is allowing employees to decide if they would like to remain remote permanently.
Of course, organizations looking to expand into a country aren’t likely to be already incorporated there, so compliantly employing there is impossible – until you partner with an Employer of Record.
Employing Across Borders Without an Entity IS Possible – If You Partner with An Employer of Record
For organizations that are now familiar with managing remote employees, global expansion is simpler than ever, even in countries that are restricting travel for non-residents. This is simply because by partnering with an Employer of Record (EOR), they will be able to employ staff in locations where they aren’t incorporated. If businesses intend to hire from within the country of expansion, no traveling or relocation needs to occur.
This is only possible because a Direct EOR already has entities in every country it is present in, and it can utilize these entities to compliantly employ your global remote workers. The EOR ensures that the employees are compliant and fully supported from an HR, payroll and legal perspective. This allows a company to concentrate on managing and supporting its new global colleague in the same way as any other remote employee – but without any of the risks typically associated with overseas hires.
Partnering with an EOR will simplify global expansion for any organization. It is a perfect solution for companies looking to expand, onboard, manage and pay employees in almost any country and will help companies utilize their new remote capabilities to quickly enter new markets without risk or travel.
About Elements Global Services:
Elements Global Services is an award-winning HR technology & services company. Elements provides employment solutions in over 135 countries – covering everything from payroll, benefits, HR, local compliance to visa & mobility. Headquartered in Barcelona, Spain, Elements has a global network of offices and employees delivering innovative solutions to its growing customer base. Elements’ Direct Employer of Record model helps companies expand, onboard, manage & pay employees worldwide. Visit www.elementsgs.com, LinkedIn or Twitter for more information.