If you’re looking to make a name for yourself as a business today, “going global” is more than just a passing trend.
Although the concept of a global economy is nothing inherently new, the strength of such an economy signals good news for those doing business across borders.
Recent projections by the World Bank note that the global economy will grow by 3.1%, an uptick from last year which exceeded expectations from experts.
With more and more businesses looking to attract a global audience, businesses are adopting new strategies and planning meticulously to thrive in an international setting that seems to be supporting up-and-coming companies.
Below we’ve broken down a number of the most important trends and developments which will have a direct impact on the global economy in 2018. Consider also that many of these trends apply to domestic businesses as well, but are particularly of interest to international businesses.
Attention to Compliance
Having a pulse on rules and regulations has become increasingly important in the global marketplace, and 2018 looks to prove no different.
Why does compliance sit as a top priority for those who want to reap the rewards of international commerce? Consider the fact that regulations are rarely uniform across borders. For North American companies doing business in Europe or vice-versa, there are tons of variables in terms of the law to consider.
In order to avoid legal battles, potential bribes and other related headaches, the adoption of compliance and risk management software is becoming a no-brainer for companies doing business internationally. Compliance firm Reciprocity Labs notes that companies that want to do good work these days need to likewise have “good answers.”
In a day and age where international business scandals are fresh on the minds of the public at large, following regulations is an absolute must-do.
The Meteoric Rise of Remote Work
Technology has afforded remote workers more opportunities than ever, as evidenced by the rapid rise of freelancers and the gig economy. In the United States alone, over 43% of the population does at least a portion of their jobs out of the office. Remote working opportunities are
Despite initial reservations, companies are obviously warming up to the concept of hiring more remote workers. For starters, keeping up with such talent has become exponentially easier thanks to many tech tools which have become staples of today’s companies.
From project management platforms like Trello for daily workflow to webinars and livechat for onboarding, a personal connection with remote workers is no longer out of the reach of employers.
But perhaps most importantly for employers is the ability to hire the best talent possible. Rather than be confined to a single, geographical talent pool, the possibilities are endless for management. Meanwhile, workers have the freedom to pick and choose where they ply their craft as well.
The Increase of the Global Population
Plain and simple, more and more people are entering the global workforce. This rings especially true in Asia, who are likewise benefiting massively from the remote work revolution.
This trend spells a certain degree of concern for job seekers, perhaps worried that their roles are at risk of being taken by a worker across the country. Although this fear might be justified to an extent, it’s all the most reason for workers to hone their skills and commit to growth.
Competition is a catalyst for change. More workers signals a sort of “raising of the bar” in terms of what’s expected of the average workers and the skills they need to be successful in the workplace. Similarly, those in the startup sphere should expect fiercer competition as it seems like new players are emerging daily with no signs of slowing down.
The Fourth Industrial Revolution
As noted earlier, technology has become absolutely integral to the way we do business. Not only are the tech-savvy fields of automation and AI dominating the news, but also highlight the expectation of the workforce to fully embrace the digital realm.
Think about it. Access to technology is an expectation in the global economy, as is the expectation for workers to have a basic grasp of digital communication, particular software solutions and online etiquette.
However, this blurs the line between what’s considered a “high skill” or “low skill” role.
Tech-based roles are no longer reserved for anyone in particular, but are rather accessible to all walks of life. The continued boom of machine learning will perhaps only blur the lines even further, but once again points to the need for people to embrace these developments rather than shy away from them.
Only time will tell whether or not the global economy meets the outlined expectations. Regardless, there’s no denying the big picture implications of companies at large expanding their horizons beyond their own backyards.
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