Amidst the dynamic currents of 2024, companies are casting their nets worldwide to find new ways to adapt to changing market conditions. In fact, almost two-thirds of executives plan to expand their companies globally in the next 12 months. To do so successfully, companies should take the time to assess the trends currently shaping the global workforce.
To explore these emerging trends, Laura Maffucci, Vice President and Head of Human Resources at G-P, hosted an interactive webinar to provide attendees with valuable insights and explore their plans to harness global opportunities in 2024. Let’s examine some of the key takeaways featured throughout the discussion.
#1: Employees are fueling the global growth revolution.
Shifting gears from back-seat observers to key contributors, employees are now taking on a more active role in shaping today’s workplace dynamics. “Employees really aren’t participants anymore. They’re drivers of what we see as a global growth revolution,” said Maffucci. Employees are fully aware of the opportunities connected to global companies and are ready to contribute their skills, expertise, innovative thinking, and global perspective to advance their careers.
Employees really aren't participants anymore. They're drivers of what we see as a global growth revolution.
Global companies offer diversity and international experience, two key contributors to employee satisfaction and retention. By recognizing the value of these elements, employers can infuse them into their company culture to gain a competitive edge in the global hiring marketplace.
#2: Time zone strategies and golden hours are key to building a more inclusive employee experience.
Sharing the burden of time zone disparities is an important strategy for global companies. This gesture will go a long way in helping streamline communication issues in dispersed teams. Scheduling all-hands meetings in different time zones or creating language-inclusive company updates are great first steps, and this logic also applies to setting time zone-sensitive deadlines for projects.
Maffucci also proposed the concept of “golden hours,” referring to the sparing times when dispersed teams’ work schedules coincide. “Having things like golden hours needs to be very department and team-specific, even down to a granular level,” she says. Nailing this down will ensure that people aren’t working too late on one end or too early on the other.
#3: Crowdsourced sites are unreliable when trying to determine the right salary compensation.
One of the most significant obstacles to successfully hiring global workers is understanding what qualifies as a fair and balanced salary in different regions. Maffucci explains that it can be costly to find global salary data and recommends avoiding crowdsourced information where there is no verification or context provided. However, she clarified that “it’s always good to look at those [crowdsourced sites] to see how far off you might be and what the perception sites like that might be driving.”
Alternatively, partnering with an Employer of Record, means companies can get access to a range of tools that take all of the guesswork out of employer burden costs, including salary per role and per country.
#4: Soft skills are redefining global recruitment.
What skills are companies looking for when hiring globally? According to G-P’s Global Growth Report, the essential skills that international companies seek are problem-solving capabilities, collaboration, teamwork, adaptability, and agility. In addition, soft skills such as openness to new approaches, cultural sensitivity, emotional intelligence, and empathy are also highly valued.
Maffucci highlights the true benefit of soft skills: “They’re transferable. Those can be taken with an employee anywhere. It allows them to adapt, and learning agility will enable them to upskill in technical areas more easily.”
#5: Familiarizing employees with AI will counteract the fear of it.
Maffucci stated that AI training is crucial to alleviate employee anxiety about advancing technology undermining their ability to earn a living. Employees increasingly fear that their work efforts might be undervalued by AI, triggering concerns about extra assignments, more challenging work, losing enjoyable tasks, and the risk of being replaced by technology.
But Maffucci does not believe that AI will lead to colossal worker layoffs, explaining this stance through her own experience using high-profile tools like ChatGPT. “You really do have to intervene in it. I think it’s great for a thought starter, but I would be very hard-pressed to think it could replace anything.”
Explore more workforce trends with G-P.
The 2024 business cycle is already in full swing, and new opportunities are beginning to emerge for companies at every stage of growth. To dive further into G-P’s insights and discover the plans that companies in our audience were sharing for 2024, watch the full webinar on-demand here. For more information on how to plan, hire, and manage global teams quickly and compliantly, contact us today or book a demo.
