From Anywhere To Everywhere: Technology's Impact On Global Workforces

The global workforce is ready. Talented people across geographies, cultures, and continents are keen to embrace new roles and opportunities, explore the potential of their skills and careers, and discover new ways of working that empower them and their abilities. However, companies aren't ready.

According to PwC's Global Workforce Hopes and Fears Survey 2023, the global workforce is ready to learn new skills and embrace new challenges, but cultural and operational limitations hold companies back.

Gallup adds that employee engagement defines the success of the global business. In its State of the Global Workplace: 2023 Report, the research firm found that engagement has 3.8 times as much influence on an employee's stress levels as location and that 41% believed engagement makes a business a great place to work. The upshot? A geo-diverse workforce can deliver exceptional value and become an invaluable asset if employees feel engaged and connected.

The Digital Doorway To Effective Talent Engagement

How can companies engage with a globally diverse talent pool? How can companies enhance productivity and connections across a remote workforce? A recent survey by Ernst & Young found that the answers lie in data and digitalization. Companies can use flexible and comprehensive digital ecosystems to connect hybrid, remote, and in-office employees within a network of personalized interactions and services that cater to their unique needs.

How unique?

Several considerations will influence how a company engages with and retains its global talent. The first is the multigenerational workforce. Different generations have different expectations and companies need technology to help them map out these expectations and ensure they're met without drowning under a deluge of admin and complexity.

For example, Generation Z and millennials prefer earned wages on-demand payments that allow them to access their salaries every week. They also want to receive cryptocurrency payments as performance rewards or part of their salaries. Considering that 72% of the global workforce will comprise millennials and GenZ by 2029, meeting their payment needs is essential to ensuring engagement and retention.

Companies need an intelligent platform capable of transforming payment processes so they are faster and more efficient, and capable of empowering relationships with employees. Instead of rigid and inflexible payments that must be monthly and in a specific format, smart payroll solutions craft individual payroll benefits that are customized per person, per payment method, and per region.

Fluid payroll, driven by robust processes and technology, has the potential to optimize cash flow, payments, and talent engagement.

Digital Unlocks Effortless Compliance

Navigating global compliance standards grows more challenging by the day. With remote work increasing, ensuring adherence to country regulations is even more complex. Advanced payroll systems automate tax calculations, manage deductions, generate accurate reports, and safeguard businesses from non-compliance risks and penalties.

Human Capital Management solutions with robust compliance features enable swift adaptation to regulatory changes, ensuring seamless operations amidst evolving global workforce dynamics.

This same compliance can be felt within the onboarding process. The technology ensures consistent experiences and efficient management of onboarding documentation and compliance. Teams can access a central dashboard to upload documentation, manage onboarding steps, ensure compliance with taxation paperwork and regulations, and handle payments across multiple currencies and jurisdictions.

Employees with a more hands-on approach to their paperwork and payments build a sense of connection and community, particularly for globally dispersed teams.

Of course, there's the added benefit of data. A cloud-based Human Capital Management (HCM) platform designed to support global organizations and talent management will come with built-in data analytics capabilities, allowing businesses to make more informed decisions. Imagine the potential trapped within payroll data? Imagine consolidating payroll data from multiple regions and creating comprehensive reports and insights that identify trends, cost patterns, and opportunities for optimization?

The insights wrapped within the business can radically transform how companies engage with their people, expand into new markets, and create sustainable growth strategies.

The Value Of Embracing Digital

Investing in a reliable and efficient technology infrastructure provides businesses with a solid foundation from which to manage a global workforce. Employees have direct access to the tools they need to collaborate, engage, and perform, while equally ensuring everyone has visibility into metrics, organizational goals, objectives, and expectations.

Effectively steering a global and remote workforce demands a strategic focus on clear communication, performance goals, team culture, seamless onboarding, robust technological infrastructure, and work-life harmony.

By embracing these principles, organizations foster productivity, engagement, and unity among remote teams and bridge geographical divides thanks to transparency and connectivity. Seizing the advantages of remote work, harnessing technology, and nurturing trust and collaboration allows businesses to fully explore the potential of their talented people, no matter where they are in the world.

(Rick Hammell is the founder and majority shareholder of Atlas)