The notion of “growth” can mean many different things to different companies, depending on where they’re at in their business journey. It’s not simply a line on a chart; it’s complex and multidimensional. When growing globally, expansion strategies should be customized to fit your company’s specific needs, goals, industry, and unique circumstances. Challenging the traditional linear growth model and acknowledging the need to be adaptable and flexible is crucial to thriving, especially in today’s macroeconomic climate.
When it comes to growth goals, typically, startups focus on making those critical first hires. For mid-size companies, expanding their teams rapidly, leveraging their product into new markets, and expanding that customer base are usually priorities. Finally, large enterprises generally think about priority scale, perhaps through acquisition or expansion into new business areas.
Examining these differing goals of companies at various stages reinforces the idea that growth is not a one-size-fits-all approach. This was the core takeaway of Jennifer McGuire, Partner Director at G-P, at a recent virtual webinar hosted by People Puzzles, a dedicated team of HR directors that work with businesses across the UK. As McGuire explained, the meaning of growth changes throughout various milestones in a company’s lifespan.
For instance, the most apparent growth forms are increasing profits, team size, market share, product suites, and customer bases. But growth can also mean the evolution of the company’s mission and purpose, transitioning from a local company to a more global company. Additionally, several simultaneous growth stages could be happening at once.
With that in mind, let’s explore three best practices for remaining nimble to ensure growth at any stage, as defined by McGuire at People Puzzles event.
1. Focus on total compensation to grow your employees’ confidence.
Growing a company’s internal resources to support and develop its employees is vital to growth at any stage. Many companies consider providing good pay and private healthcare more than enough for an employee’s happiness. But the reality is that most workers no longer prioritize traditional benefits and have placed more emphasis on other incentives — one of which is career advancement and upskilling opportunities.
A recent Gartner survey revealed that only 25% of employees feel confident about their careers. Companies need to consider and understand their employees’ needs for genuine success. Management must build a more human-centric work environment and prioritize employees’ needs, well-being, and preferences.
In 2024, upskilling is predicted to be a prominent form of growth, primarily as AI influences more of the existing job functions. It’s not just going to aid employees in career progression, but with the advancement of technology, a skills shortage is likely to unfold if professionals don’t have the technological skills to match.
In addition to avoiding these skills shortages, companies that upskill and train their employees with new technology will improve company morale and loyalty by reassuring teams that AI will only enhance, not replace, their roles.
2. Integrate technology that grows your ability to make better decisions.
Technology supports businesses undeniably. Regarding recruitment and expansion, it’s encouraging how many new technologies, products, and solutions exist today to help drive business success. For example, companies are using technology and AI to improve payroll, time-off management, attendance, and tracking ─ all while reducing errors and saving time.
AI can also enhance recruitment processes by analyzing and creating candidate profiles and job requirements and providing more accurate and efficient matching. As for growth, several market research and data analytics tools exist to help companies make more informed strategic decisions.
For instance, G-P recently released an Employer Burden Calculator, a tool that enables users to identify how much hiring for particular roles in specific markets will cost. Global companies can significantly benefit from these insights because the employer burden varies from country to country. Therefore, this knowledge is crucial to planning for otherwise unexpected costs, staying within budget, and getting the best value for your money when hiring globally.
3. Implement global growth strategies to help you spread economic risks.
Embracing a global mindset is a strategic imperative for companies seeking resilience. Although the OECD predicts an economic slowdown and headwinds, it isn’t all doom and gloom. Ruling out growth entirely is unnecessary for forward-thinking companies ─ particularly when considering the approach of “spreading the risk.” This idea refers to how, typically, companies that diversify their markets tend to be more successful, as relying on more than one economy exposes them to less business risk.
For example, despite a bleak global outlook, Western Asia’s GDP is forecast to grow by 2.9% in 2024. That’s up from 1.7% last year in South Asia, primarily driven by robust business expansion in India, which remains the fastest-growing large economy globally. This further highlights how global expansion allows companies to spread risk significantly when specific locations are heavily impacted by geopolitics, market demand, local regulations, and currency fluctuations. Offsetting the challenges in one market can actually bring success in another.
How G-P can help
Today, companies must customize their expansion strategies to fit their specific goals, industries, and unique circumstances. If your company is seeking to unlock new growth opportunities or expand into new global markets, teaming up with the best global employment experts will be essential.
With our G-P Meridian Suite™ of global employment product and EOR solutions on the industry’s #1 Global Growth Platform™, we make it easy for companies anywhere to find, hire, and manage employees and independent contractors in 180+ countries, quickly and compliantly. We take care of the hard part so you can focus on maintaining steady growth at all stages of your company journey. Explore the features and advantages of our platform by requesting a proposal today.
