In today’s world, the technology sector is constantly improving and changing, which opens up new avenues for globalization. It increased the world’s economic growth for more than 200 years. For the next 100 years, Globalization 2.0 and 3.0 emerged as advances in manufacturing and transportation made trade faster and less expensive. However, the digital economy and the ability of businesses to hire remote workers have ushered in globalization 4.0. This type of wave has expanded beyond the purchase and sale of goods to include the services industry.
Globalization has an impact on many industries, including agriculture, manufacturing, finance, and health care. After the COVID-19 pandemic, remote work has increased as a result of business globalization. Globalization and remote work are two distinct concepts, but they are inextricably linked because globalization has aided the rise of remote work. The Internet makes it possible to communicate and collaborate with colleagues and clients from anywhere in the world, making remote work possible. People can now work from home, in coworking spaces, or in locations other than a traditional office setting. Continue reading this article to learn about the advantages of globalizing business through remote work.
What is business globalization?
Business globalization refers to businesses that operate on a global or international scale. This entails the majority of the world’s economies cooperating to provide and produce goods and services. The three main components of globalized businesses are import, export, and business location.
Benefits of globalized business through remote work
Globalization has numerous advantages that make it a game-changer in the way we work today. We go over some of the benefits of globalizing business through remote work.
- Entering new markets as part of a global team:
Taking a small business globally is a complex and dynamic process. A deep understanding of the targeted markets, competitors, and current local market trends is crucial to successfully launching and driving growth. However, with global markets only a mouse click away, the complexity of managing your company’s growth in those markets can be daunting. It is a reasonable chance to overcome obstacles like time zones, languages, and cultural norms while maintaining a consistent global presence. Those opportunities are worth the effort. Employees can work from the comfort of their own location and time zone, bringing all their local and cultural expertise with them.
- Remote work increases productivity in business globalization:
The past year has proven that it’s not necessary for team cohesion or quality of work to maintain a workplace culture without a physical workplace. Some people claim that working from home makes them more productive, with 30% doing more work in less time and 24% doing more work in the same amount of time. If there is a need to commute to and from work, it robs an average worker of 8.5 hours a week. If the employees do not commute, they can sleep longer and experience less stress, which contributes to better productivity. So, Remote employees experience less stress.
- Technology makes collaboration easy:
Communication is a basic requirement for collaboration. Employees in the digital age can communicate with one another via email, Slack message, or video call. All of this communication has the potential to strengthen teams, foster camaraderie, and ultimately drive collaboration. Technology can make it simple to replicate parts of the office that encourage collaboration while eliminating those that do not. Instead of lengthy email chains, public documentation tools enable employees to keep projects and notes visible to all. Your team will be able to work more efficiently asynchronously if they use these tools with a remote-first mindset.
- In globalized businesses, working outside the office reduces overhead:
One of the largest costs for any company is office space, after salaries and benefits. Companies that are completely remote have no need for the unnecessary costs associated with a centralized office, like rent, parking fees, security systems, and minor maintenance projects. This is unnecessary when every employee works remotely. Set up your company to work remotely to reduce the need for office space. Alternatively, you can opt to do away with your office entirely or have your employees not come in every day to save on surface area.
- Flexible working hours:
Working remotely means having the ability to create your own schedule, and employees can start working earlier or later depending on preference and what best suits their needs and personal lifestyle. Flexible working hours can increase employees work-life balance, and they have the opportunity to meet their many obligations outside of work, such as pursuing job training and education, caring for family members who need them, and taking time to exercise and eat well. Instead of measuring working hours, measure the outcome that the employee provides; this allows leadership to focus on meaningful metrics and gives employees more freedom in their work.
Closing Thoughts
After the COVID-19 pandemic, which forced remote work across the globe, it will be the great equalizer of the 21st century. Despite these challenging situations, the relationship between globalization and the rise of remote work is likely to continue to evolve and grow in the coming years. In the future, we can expect to see more and more globalized businesses embrace remote work in order to access a global talent pool, increase productivity, enter new markets, have flexible working hours, and engage in easy technological collaboration.
Name: Sweta Kumari Panda
About the author: Sweta is an SEO content writer from Brahampur, Odisha, but currently lives in Bangalore. She is doing an internship in Digital Marketing and writing content for the leadership category. She graduated from Brahampur University in 2016 and has a degree in Mathematics (Hons).