With vaccinations underway, many businesses are beginning to think past survival mode. During the pandemic, companies were forced to adjust their business operations and abandon some of their larger goals and growth strategies.
Now, businesses can finally devote resources to their success beyond the pandemic. However, the landscapes of work and business still look different now than they did a year ago, so there will be some hiccups along the way. If your business is starting to focus on new priorities, are you sure you have all the tools needed to ensure your success?
In this blog, we’ll break down why a business intelligence solution is the best way to maneuver the challenges of compliantly growing your business once the pandemic has subsided.
First, let's break down what a business intelligence solution is. In the case of HR compliance, a business intelligence solution is a platform where HR and business leaders find country-specific employment laws and compliance information. Legal experts monitor labor laws, so you know the information is always accurate. Since it's all in one platform, you don't have to navigate between different sources of information or consult with outside legal counsel.
These insights help inform your HR and expansion decisions and strategies—for example, if you can easily compare paid leave and wage laws for two countries you're considering for expansion, you can make a smarter budgetary decision.
This kind of solution may also include access to experts, who can provide personalized support when you run into roadblocks or have questions that are more specific to your business.
Here's more about why a business intelligence solution is beneficial:
During the pandemic, travel between countries became more difficult, or even impossible, creating trouble for businesses that had employees placed in other countries. The situation was a wake-up call for companies that still needed to have employees physically in those countries in order to do business. New compliance challenges appeared for those existing employees, but it also highlighted a weakness in the overall strategy—what do you do when global events effectively shut down borders and threaten your operations?
For businesses that relied heavily on global mobility, now might be a good time to consider building a truly international workforce and hiring workers who are local to the countries they do business in. Remote work is becoming the new norm, creating even more incentive for companies to give this serious thought. With global talent, your business also benefits from the kind of local expertise that drives success.
Business intelligence solutions can support you by providing all the labor law information necessary to maintain compliance and avoid costly mistakes as you begin to hire workers local to other countries. Your HR teams will need to know everything about paid leave, wages, employee taxes and more for each country. The right solution will enlist legal experts to perform this research for you, collect all of the data in one convenient platform and constantly monitor legal developments to ensure you’re always compliant. The best support comes from an option that provides easy access to this information while also allowing you to draw on personalized insights from experts during trickier situations. This way, you can work on your own and draw on further support when needed.
The pandemic devastated the global economy—yet some economies fared better than others. It’s shown how diversification is more essential now than ever if companies want to remain successful. Businesses that operate in several markets stand a better chance of weathering the storm—if one local economy is suffering, they have the strength of another to offset the business loss.
Even if businesses realize this, what many fail to do is build their global expansion on smart strategy that’s backed by business intelligence. Choosing an expansion target is a careful equation that requires you to balance many different factors. It’s not just about the potential that a market holds. It’s also about your organization’s actual capability to support business in that country.
With a business intelligence platform, you’ll have the information needed to perform the math and gain a better understanding of your feasibility to do business in a given country. If you know you’ll need to hire local employees to support the growth strategy, it’s important to understand how it will cost your business. A business intelligence platform can help by allowing you to sort through countries at your leisure, comparing the costs of hiring in one country versus another in terms of wages, bonuses, paid leave, vacation time, employee taxes and more. All of these factor into any discussion of business growth.
If there’s more than one global market on your radar, a business intelligence solution can make it easier to decide between them by allowing you to easily compare this data. Depending on the number of countries you’re considering, that research could otherwise take up a lot of time and resources, whether you rely on in-house teams or attorneys who charge by the hour.
In the wake of the pandemic, businesses have realized the need to infuse their business operations with agility, flexibility and resilience in order to quickly adapt to unforeseen circumstances. Many countries are taking stock of their employment laws to address gaps across sick leave, childcare support and more. For global businesses, it’s potentially caused the need to update HR policies on a larger scale than ever before to ensure you’re meeting the needs of your employees.
By providing access to global labor laws, a business intelligence platform empowers your ability to audit HR policies for compliance and competitiveness at any point in time. An efficient solution will notify you of any changes to employment law in your countries as they occur, so that you can update your policies accordingly. It’s someone’s job to monitor global labor laws, whereas your in-house teams or outside counsel likely have other responsibilities detracting from their attention on compliance. That makes it easier than ever to keep your policies up to date, while allowing you to focus on the other business challenges that are especially present as you recover from the pandemic.
Expandopedia’s business intelligence platform and consulting services provide support for expansion and hiring in over 150 countries. Contact us here to learn more about how we can help your business prosper beyond the coronavirus pandemic.
Expandopedia is a global compliance and business intelligence platform designed for HR professionals and business strategists.
Headquartered in Chicago, Expandopedia is powered by a global network of HR & Legal professionals to provide the intelligence that businesses need to thrive and remain compliant when running a multinational business.
Expandopedia provides all the knowledge and insights to successfully onboard, retain and offboard employees as well as data-driven analysis to empower strategic decision making.
Written by Annalisa Rodriguez