The past decade and a half have proven that companies that expand into global markets have a better inclination to fare better than those that concentrate on the domestic ones. Most big Indian firms such as TCS, Wipro and Infosys have done significantly well thanks to their global footprints. In the 21st century, with countries linked to each other in many ways in trade; global presence has proven to be the key.
Global Expansion is nothing but the planned expansion of a business into countries throughout the world. It is not just about investing in countries outside of the home territory but deploying resources to create a bigger impact on international relationships. The presence of your employee is vital to establishing your brand in different countries.
Sending your employees overseas to work is a confusing process and highly prone to errors. There are many Questions. Where would they work? Where would they live? Would their family accompany them? What about their accommodation? Would cultural issues add to the complication?
With the help of a GEO, many of these questions and more would be solved.
What is GEO?
Global Employment Outsourcing Organization is a third party that connects you to the rest of the world. Globalization is now a need, not just a luxurious activity to indulge in and with the competition rising every day, it is prudent to bring in a specialist to smoothen the entry into various countries.
GEO plays the role of an employing entity with additional purposes ranging from payroll to arranging for travel documents and connecting with a local partner.
Benefits of using a GEO
- Compliance of various countries: Lack of compliance with international laws will bring more trouble that one can handle.
- Mitigation of risks: When businesses are unfamiliar with foreign markets, the vulnerability to compliance issues increases. It takes an international GEO to handle global risk mitigation.
- Saves Time and resources: It is a fact that engaging the services of a GEO saves time, stress and costs.
- Faster entrance into a new market: With the exposure and excellent networking around the world, a GEO can help provide businesses with insights into various international markets.
The presence of a GEO is not only a simple choice but a very lucrative one. Let’s take a look at what a GEO can do for you.
- Understand the dynamics of a foreign country: Living abroad is a challenge. Understanding social, as well as legal norms, require the assistance of a GEO.
- Compliance of the international law: Understanding the tax codes and local business regulations are vital to the smooth running of the project.
- Establish business relationships: This is where networking plays a crucial role. A well-connected GEO can ensure that all the requirements of the employee and the business are taken care of.
- Sponsor work permits: Policies and regulations keep changing. A GEO ensures that all the travel papers are in order while sending an employee overseas.
- Run payroll: Payroll administration includes tasks ranging from compliance of international laws to calculation of employees’ remuneration. This is a complex process and requires a dedicated specialist to ensure that no laws of a foreign land are broken.
- Travel insurance: Travel Insurance is critical while sending an employee overseas. The intricate details can only be taken care of by someone who has a healthy foot in a foreign country.
- HR and Benefits: Handling time-sensitive HR tasks require the expertise of a specialist. It is vital to stay updated on the various changes in other countries.
Working with a GEO can help relieve your business of many HR-related responsibilities and risks. The GEO provides you with a legal entity in the country to take care of all your legal requirements. Employ a GEO when you think of global expansion. There are too many intricate formalities to be followed. This frees the business from taking care of the paperwork and other fine details in-house. It would be best to partner with a specialist to take care of all your assignments and endeavours overseas.
In one of our previous blogs, we talked about how to pick the right Global Expansion Partner while sending our employees overseas. Click here to read about the journey of an employee who was sent overseas and give us a call to find out more about how we can ease the transition of your employees overseas. Get Globalization 2.0 right.