opinion expressed by entrepreneur Contributors are yours.
The COVID-19 pandemic has completely changed how we handle business, especially where corporate relocation is concerned.
We’ve seen how digitization has challenged the idea of reigning supreme, and we’ve seen how well some businesses can function without physical offices. Does this mean that corporate relocation and physical expansion have fallen by the wayside?
transfer is $14 billion industryBut the trends have changed in the post-pandemic scenario. This means that companies need to reevaluate how they handle relocation, expansion and recruitment.
There are three things businesses should consider in this new world of remote and hybrid work.
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1. Transfer and its importance (or lack thereof)
Before that, relocation and opening of regional offices was something to work on. Opening up another location was a goal to be celebrated, and workers were often happy to move in and accept new responsibilities.
This is no longer the case after the pandemic. Regional branches are still required in larger markets, but the overall concept of relocation is somewhat diluted.
Now that everyone is accustomed to Zoom calls, Skype conferences, Slack chats, and Discord meetings, the idea of uprooting their entire lives to move seems absurd. Owl Labs found that there are 50% more video meetings now before the pandemic, and 59% employees Only want jobs with the ability to work remotely.
Similarly, COVID-19 has prompted such levels of remote global connectivity that opening new physical offices is of little importance. In fact, there is now an entire industry around being able to rent a meeting space or office setup for the increasingly rare occurrence of having a face-to-face meeting.
I think businesses should recognize that we have permanently changed our view of what needs to be done personally and what can be done remotely. For example, I spent a lot of time flying to meet pre-pandemic customers. If I wanted to negotiate a deal, there was a widespread belief that it could not happen remotely. The coronavirus forced us to rethink that, and we now know that a business team doesn’t need to be tied to a specific location to be successful.
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2. Selecting the Right Person for the Job
The pre-pandemic idea of opening a new office has now turned into hiring a person from the area as a representative. This may sound like a challenge, but it is an excellent opportunity for businesses that can take advantage.
Now, there are no barriers to fast meetings. If there is mutual interest, a video meeting can be set up anywhere in the world, and people can complete business very quickly. Earlier, it would have been necessary to allocate massive resources for individual meetings and opening an entire office. In the post-pandemic environment, we can now have a remote team of just a few people to do the same thing. It largely improves outlook on growth, innovation and global expansion.
One of the challenges here is addressing the soft skills gap when hiring remote workers. McKinsey noted that 87% of companies worldwide are already aware of the emerging issue of the skill gap. In America alone, many youth activists struggle with basic functions Like prioritizing tasks, emailing professionally and handling business calls.
To counter this, I believe it is worthwhile for businesses to reallocate some of the resources they may have used to transfer to recruiting and training suitable remote candidates. Investing in your team is an excellent growth strategy, and making sure your remote employees have a solid foundation of soft skills can pay off huge dividends.
In my experience, it’s easier to teach someone about your industry. It is not easy to teach them to be charismatic, to understand the target audience and to embrace the local culture. When remote hiring, find someone with these skills to make initial contacts and spark interest with potential customers. You can let the rest of the team handle subsequent meetings and technical details.
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3. To balance the changing times and maintain your brand DNA
COVID-19 Accelerated Globalization and Digitization In a place that experts had not expected to see for years. There is little need for product customization and new interfaces in our globalized reality. This new culture has shown us that human behavior and needs are quite similar across the world. If you refuse to change your strategy over time, you are reinventing the wheel and setting your business up for failure.
However, companies need to find a balance between accepting globalization and maintaining the integrity of their unique brand. Understand that people have the same overall needs, but find ways to channel your values and energy into each new market.
For my company, I will often send one person from my initial office as a “seed” for a new location. In a remote work scenario, recruiting the right candidate can be challenging, so I find it helpful to send someone already familiar with our values to make the process easier.
It’s worth spending the extra time and resources, if necessary, to find someone who fits your “corporate DNA” when recruiting. They will be a long-term asset, especially in the “new normal” of remote work where you may only have one or two people local to the new market to help navigate the expansion.
Think of it as an investment in your brand as well. Establishing a unique company culture in the global market is what gives you the right brand identity, which is important when you expand into new markets and don’t have a customer base yet.
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Think of New Business as Planting a Tree
To be a successful international company, you need to maintain an open-minded global outlook when choosing your team. Setting a globally inclusive example is woven into the fabric of your brand and makes it easy to move into new markets.
View the process of opening a new business as planting a seed from which a tree can grow. You choose what type of tree to grow by planting the correct seed (or individual) in the new location. It may not be instant gratification because trees take time to grow and flourish, but it will be an excellent investment in your future.