Expanding your business by delving into new markets is a natural part of growth for many companies. No one wants to stay in the same place for too long, after all. But just because it’s natural doesn’t mean it’s easy, and many scaling opportunities come with almost as many risks as they do benefits. To make moving into new markets a success, we’ve put together some of the challenges you need to be aware of and how to overcome them, giving you the foresight to prepare.
If you’re expanding into a different country – or even, in some cases, a different region within your own country – you need to become familiar with local law and best practices. You may need different licences to set up your business lawfully and hire employees, and potential talent might expect different offerings from your company.
For example, in some countries, it’s standard in certain roles to offer a sign-on bonus, while in others this is never best practice. Look into everything your business needs to do to fit in with the local environment, including:
These can change depending on the industry and sector you’re hiring within, too. Be thorough with your research to ensure you don’t create misunderstandings or lose out on top talent.
When moving into new territory, you probably don’t have an established presence. Most people may not have ever heard of your brand before, which will make it a little tricky to attract top talent. Even when advertising, the quality of the potential candidates showing interest might not be quite up to scratch for your brand.
To get around this issue, you need to make the right connections. Networking is a smart solution, allowing you to establish your name among other local business owners and find new hires through word of mouth.
This is where a company like WorkMotion can help, too, creating excellent job advertisements that are properly translated, offer benefits we know your audience is looking for, and cut through the jargon. With worldwide connections, we’ll find suitable candidates for your business, no matter the market you’re looking to expand into.
With a whole new set of challenges ahead, you need the right team by your side. But, when you’re not certain of the obstacles that another market poses, this can be very tricky. Add to this that the local pool of candidates may not have the skills you need and you’ve got what looks to be an impossible task.
Fortunately, though, there are solutions. You’ll need to take a flexible approach to hiring, looking for candidates that have a good set of soft skills and transferable experience. For example, a manager who’s worked in a newly established business in the past is a good choice, as is a candidate who’s taken part in scaling projects within their previous places of employment.
You’ll also need more niche skills that you may not be aware you require yet. Researching the ideal experience that’ll benefit your scaling company is wise. If you’re pushed for time, though, it’s best to outsource this task to a third party – like WorkMotion’s WorkGlobal platform – with a team that has the tools and knowledge to identify the skills your business needs in global hires.
Once you know more about the local practices and what sort of talent you’re looking to hire, it’s time to start marketing to your candidates. Just as with customer sales, you need to generate leads by appealing to your audience. In a competitive business world with unemployment at a low, many job seekers have their pick of the crop when it comes to vacancies. To stand out, it’s vital you get your marketing right.
Some effective tips to up your game and attract top talent include:
When reaching candidates, you can use many of the same tactics as you would trying to reach a customer. Effective prospecting solutions, like Outbase for startups, can be used to locate the right audience and start a dialogue, putting your company in front of the people you want to hire.
Once you’ve found the right team to help you break into your chosen market, it’s time to begin the onboarding process. Make sure you’ve prepared digital contracts and have an online programme ready if you’ll be onboarding your team remotely. Remote communication tools, like Zoom and Slack, can put them in touch with the rest of your team and relevant departments. Make sure your new hires know who to go to when they need help by implementing hierarchy systems, and create a welcoming, nurturing environment to give your expansion the best start possible.
For onboarding advice, our HR team at WorkMotion will be happy to help. With vital knowledge of compliance, we’ll ensure you do everything by the books for a smooth, hassle-free process.
Scaling your business in new markets is an exciting and challenging time, and one that’s full of possibilities. Hopefully, this article has given you some insight into what you can expect from the hiring process, as well as tips for a smooth process. For more advice or to learn how our team can take the stress of global hiring from your shoulders, reach out to us today.
We’re here to help you on your global hiring journey.