What is globalization?
Globalization is the interaction and integration of businesses of different countries. This process has been catalyzed by international trade and information technology.
Modern globalization has enabled the proliferation of international business and trade.
For companies of any size, this means opportunities in regards to fabrication, manufacturing, labor, and markets. It also means increased complexity in terms of ethics, culture, language, laws and regulations, currency, shipping, and transportation.
Working in multiple countries can pose specific HR challenges for companies, including:
- Complex payroll requirements
- Compliance with country-specific employer regulations and legislative updates
- Compensation benchmarking
- Employee data consolidation
- Time and labor tracking and planning
- Recruiting and hiring
- Employee performance tracking
- Employee engagement
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