More and more businesses are counting on a global workforce to help them compete in today’s global market. Around 113.9 million of the 169 million estimated international migrant workers live in high-income nations.
A global workforce consists of employees from different countries. A global workforce refers to a group of people working together despite their culture, language, and nationality differences. Multinational corporations can better compete in today’s market with the support of a globally distributed workforce.
However, there may be challenges associated with a global workforce. Misunderstandings and distrust are more likely to arise when team members originate from various cultural origins and places. Retaining competent personnel can also take time and effort. Listed below are proven methods for keeping your international staff.
1. Revenue-Sharing
Revenue-sharing schemes are one approach to enhancing benefits. Workers tend to be loyal when they believe they are fairly compensated and have access to good employee benefits. In addition, loyal workers are more inclined to care about the company’s well-being and contribute to achieving its objectives.
A devoted workforce is one that consistently gives their all for the company. That’s why ensuring your staff knows they’re valued and compensated well is crucial. The revenue-sharing business model is an excellent way for your firm to give back to its stakeholders.
Sharing more profits with investors, shareholders, and other interested parties is mutually advantageous. Revenue-sharing promotes a culture of ownership. When employees are rewarded for their contributions, they feel more personally invested in the company’s success and are more likely to go the extra mile.
Profit sharing is becoming standard practice in the American business sector. According to the annual U.S. Chamber of Commerce Employee Benefits Survey, 19 and 23 percent of American firms have offered profit sharing to their workers since 1963.
2. Reward
Research shows that offering incentives to employees boosts their enthusiasm and loyalty at work. In addition, employees are more likely to be loyal and productive when compensated for their hard work. But it’s crucial that everybody knows and understands the rules of these reward systems.
Get your staff familiar with the steps of earning rewards. Get the word out to your team on what they need to do to be eligible for rewards. Be open and honest about the evaluation standards. However, rewards can go beyond monetary compensation.
Numerous studies have found that non-monetary motivators, such as recognition and praise, foster sustained employee engagement. For example, recent research by McKinsey identified three non-monetary motivators: praise from direct supervisors, leadership attention (such as one-on-one conversations), and opportunities to take the lead on projects.
Additional methods of rewarding hardworking employees may include employee appreciation gifts, public acknowledgment at business events or company parties, special meals with the CEO, stocked pantries, etc. You can also receive this service from online gifting companies that aim to recognize and reward hard working employees remotely.
3. Relaxation Time
Companies benefit from a relaxed work environment because their employees are happier and more productive. A more comfortable and welcoming atmosphere in the office has been shown to increase output and decrease work-related stress. In addition, employees can collaborate better when they are relaxed about work.
Providing sufficient time off for vacation is essential. The U.S. Bureau of Labor Statistics reports that 76 percent of private sector workers are granted paid leave. That equates to an average of 11 days of time off with pay per year.
This estimate is based on a year of service for a U.S. employee working in the private sector. Giving your workers more than the average vacation can help retain them.
Provide time for your employees to relax in the workplace. For example, allow time off due to illness, family emergencies, new family members, etc. This is useful since it can develop long-lasting relationships among employees and encourage them to remain in their positions.
The physiological effects of relaxation are well-documented, including a decrease in heart rate and blood pressure. Rest areas for workers can reduce stress and help prevent problems like headaches and backaches. When you relax, your blood flows more freely, boosting your energy and increasing productivity.
A Global Workforce is Essential for Business
A 2017 Harris Poll results show that almost 55 percent of the businesses surveyed plan to hire workers from other countries. Your company may resolve complex strategic and operational issues more effectively by employing people from diverse cultural origins and perspectives.
You can assemble teams with top-tier global functional competence and in-depth familiarity with potential local markets. Teams, Zoom, and emails keep everyone on the same page, even in different locations. Retaining these talented global workforces is essential to keep your edge against competitors.