Why global-first organizations are tomorrow’s leaders

Almost every business, regardless of size or industry, is now competing on a global stage for products, services, and talent.

Singaporean companies need to embrace this reality, which is driven by the interconnectedness of markets, the mobility of talent, and the ubiquity of digital platforms. If they don’t — and they continue to operate with a local-only focus — they will be at a significant disadvantage, and miss out on all the benefits of global scale and diversity.

In this article, we’ll explain how adopting a global-first approach can put your business in a strong position — and ensure that you continue to grow.

Defending your ground

If you’re currently only hiring and selling domestically, you are already battling against global competitors who can muscle in on your turf with exponential advantages of scale. The challenging nature of the world’s economic environment means the stakes are high right now, and any sustainable advantage is precious.

As a result, businesses that don’t operate with a global-first model will struggle to compete, while those that pivot quickly and adapt to the global playing field will be able to consolidate their position.

But how do you do that — and how exactly does such a shift impact your day-to-day operations?

The benefits of going global

According to Remote’s Workforce Report, employers cite improved employee retention, increases in productivity, and savings on labor as the biggest plus points of going global.

Some of the other key advantages of adopting a global-first approach include:

• Access to global talent. The traditional model of confining hiring within national borders is limiting. By tapping into the global talent pool, your company can find the best candidates, regardless of their location. This is particularly crucial in industries facing talent shortages.
• Cost efficiency. Global hiring allows your company to optimize its labor and employment costs. Different regions offer varying compensation levels, enabling you to achieve significant savings without compromising on quality.
• Enhanced productivity. The adoption of remote and asynchronous work models has been shown to boost productivity. Without the need to collaborate in only one timezone, you can unlock serious advantages.
• Market expansion. By employing staff in diverse regions, your company can gain local insights and adapt its products and services to meet the specific needs of each market. This localized approach can significantly enhance customer satisfaction and loyalty.
• Innovation through diversity. A globally diverse team brings different perspectives and ideas, fostering innovation. This diversity is a critical asset in developing unique solutions that give a competitive edge.

So, with this in mind, how do you create and implement a global-first strategy?

Implementing a global-first strategy

Transitioning to a global-first business requires careful planning and execution. To ensure a smoother transition, consider the following steps:

• Adapt — or overhaul — your culture. Embracing a global-first mindset must start at the top. Business leaders should promote values that support a global-first approach, and ensure that all employees, regardless of their location, feel valued and integrated. You should also adapt in practical terms, and introduce asynchronous working methods.
• Leverage technology. To manage a globally distributed team effectively, your companies need the right tools. It’s essential to invest in a robust tech stack that facilitates communication, collaboration, and management.
• Prepare your existing workforce. Prepare your team for the transition to a global-first approach by providing genuine support and comprehensive training. Focus on cultivating skills that enhance cross-cultural communication and collaboration.
• Hire across regions. 60% of decision makers say that the quality of their applicants has gone up since hiring internationally, according to Remote’s report. This is because a lot of top talent is now actively seeking to work remotely, and live on their own terms.
• Understand compliance. Operating across borders involves navigating various legal and regulatory frameworks. You can, of course, manage this yourself, but it’s highly recommended to partner with a global HR and employment expert that can handle all the heavy legal lifting, provide guidance, and make it quick and easy to hire, pay, and manage both your domestic and global team members.

This last point is particularly important, with platforms like Remote massively simplifying the global hiring process. It removes the need to open costly legal entities in every country you want to hire in, and allows you to onboard talented hires in days. You don’t have to worry about compliance or payroll complexities; everything is handled, allowing you to focus on finding the best talent — and growing your business.

To learn more — including where to find the best talent — read the full Remote Workforce Report.