Before we discuss the 9 advantages of building a global team, I want to ask you a question. What sells more: a good product or a great seller? Some may conclude that a good product won’t even need a great seller, like water. Yet, without that thirst, which some call demand, bottles may not sell. Building a global team is much like hiring the best local salesperson for your products. They both will know what drives your consumers’ desires.
Remember the “sell me this pen” scene from The Wolf of Wall Street movie? (you can watch it here). After the “Black Monday” stock market crash of 1987, Jordan Belfort (Leonardo DiCaprio) ventures into trading penny stocks. Coupled with his talent as a salesman, the 50% commission motivates him to open his brokerage firm. Subsequently, to create the dream team of penny stockbrokers, he recruits his hometown boys. Sustaining that they can sell pretty much anything, Belfort challenges Brad Bodnick (John Bernthal) to sell an unremarkable pen.
A global team for a global demand
Although the viewers were excited about the whole supply and demand dialogue, the approach to the sales challenge wasn’t spot on. According to the real-life Jordan Belfort, the correct answer should be questions. “Before I’m even going to sell a pen to anybody, I need to know about the person. I want to know what their needs are. What kind of pens do they use. Do they use a pen?” says Belfort.
Given the fact that businesses are competing in the era of the global economy, having a good product alone isn’t sufficient to guarantee long-term success. In fact, companies have to focus on people if they want to stay relevant and grow exponentially. Addressing the client’s needs is the base of the equation, but without an equipped team able to identify those evolving demands and deliver them at the right time, the initial effort to solve a problem may fall short.
This article will explore the 9 advantages of building a global team to help your company stay ahead of the competition.
#1 Local Market Knowledge
Technology has enabled a new era of remote work. As a result, companies can pretty much hire anyone from anywhere in the world. Although convenience is an advantage, having international team members can be a strong strategy for companies aiming to expand globally. Foreigner employees offer local market knowledge, which will guarantee an easier insertion into new territory.
They are familiar with the opportunities and challenges. As a result, they are acquainted with the competition, laws, and regulations. They can help your company create a stronger and more genuine connection with the prospective audience.
#2 Risk Management
Employees who are close to the targeted market can hel
p companies prevent operational and strategic risks. As a result of being close to local markets, they may notice changes promptly and address potential issues more effectively.
#3 – Around the clock operations
Time is of the essence, more so for business. Another advantage of building a global team is using a range of time zones to operate around the clock without taking a toll on the employees. A global team will provide a greater reach than those working in the same time zone. As they are available at different times of the day, they can respond more rapidly to the needs of a global customer base.
# 4 – Maximized productivity
Related to the previous topic, productivity is another aspect that can be enhanced by building a global team. Because teams operate in overlapping time zones, they can tackle daily tasks with more speed. Consequently, when projects are completed, timely goals are met
#5 – Diversity in the workplace
As we covered in our article about female gamers changing the industry, diversity in the workplace is more than a political agenda. Having professionals from different backgrounds should be part of every company’s growth strategy.
They bring in a wide range of perspectives, expertise, and skills to the business and can aid in creating and developing better business solutions. A study labeled Diversity Wins: How Inclusion Matter (McKinsey & Company) shows that companies investing in diversity are more likely to outperform their less diverse competition when it comes to profits.
# 6 – Bolstered Reputation
Reputation is easy to destroy and hard to build. If companies focused primarily on their reputations to attract customers, then they now find themselves having to run an extra mile to retain employees. Furthermore, as we saw with the Great Resignation, people want to work for inspiring companies. They want to be part of something that provokes change.
Improved company reputation is another advantage of building a global team. When businesses welcome diversity, they signal to customers and employees alike that they are receptive to the new.
#7 – Multi-language team
Your team must speak the language of your audience to succeed. A multi-language team of professionals offers excellent opportunities to inspire other workers to learn a new language. In addition, it’s also a valuable trait to assist customers and create a stronger brand connection. When customers receive support or services in their native language, they build trust, leading to a lasting relationship with the brand.
#8 – Creativity and Innovation
Professionals from various walks of life will offer different solutions for a business’s challenges. With that in mind, when companies hire professionals from other countries, they automatically invest in innovation. Indeed, a like-minded staff will prevent friction in the workplace but at the cost of creativity. Having a workforce that shares the same background is detrimental for companies that want to stay competitive.
#9 – Cost-efficiency
In conclusion, the advantages of building a global team exceed the costs in many ways, as we have seen so far. Along with other quantitative benefits, companies can significantly reduce their payroll by hiring abroad. Besides, the difference between currencies worldwide gives companies a margin to offer competitive compensation for high-skilled professionals from other countries.
If you need more information about the advantages of building a global team, visit here and require a consult. Combine can help you create an even better team.