Knowing where your employees are on various project aspects can be challenging when spread out across the globe. The right tools and systems to aid your global project management are essential to ensure efficiency and proper budgeting. Without the right resources, the number of costs and delays can quickly spiral out of control.
What exactly constitutes a global project may rely on many things. It could be collaborating with overseas freelancers or moving entire departments abroad. Below, we have summarized the following key points to remember when expanding or moving your operations overseas.
What is Global Project Management?
Global project management involves the structures, systems, and considerations necessary to manage various legal entities and resources across multiple countries. This need may come about due to outsourcing or as a natural part of a company providing services to new markets.
As markets become increasingly globalized, these opportunities will increase for companies across various industries. With the rise of remote work, digital workplaces also give us increased access to talent in other countries.
The Challenges and Benefits of Managing a Global Project
Communicating effectively with your team when they are based worldwide means using potentially unfamiliar tools and software. You can quickly lose time if you spend too long deciding which app to use or getting to grips with new video conferencing software.
When dealing with quick projects, there may be issues when team members cannot work together due to time zone restrictions.
Forcing employees to work outside of regular hours to compensate for management shortcomings can also be stressful and lead to low employee satisfaction. It may also be illegal in some places.
Culture and Language Differences
Hiring employees from different cultural or linguistic backgrounds requires more adapting to local needs. Only working in one common language can be a problem for some and lead to issues of confusion. Furthermore, employees can become disheartened if they feel that their cultural expectations or beliefs are seen as problematic by others in the team.
Regarding time zones, differences related to public holidays can be a problem for forming contracts, project deadlines, or budgeting.
Managing payroll for employees within a single tax jurisdiction can already be challenging. Combining unfamiliar payroll processes in multiple countries can quickly become confusing and lead to a high risk of costly errors.
Expanding how you think about your teams means gaining access to a world of talented professionals. You can quickly improve the skill set and experience of your business while gaining access to new local knowledge in key overseas markets.
Diversity in a team may seem challenging at first, but ultimately it is a benefit. It promotes innovative thinking and increased problem-solving abilities due to the different ways team members approach challenges.
By basing your staff worldwide, you can offer your services to client companies wherever and whenever is convenient for them, giving you a competitive edge.
Working globally pushes you to use technological tools and improvements to boost your overall business output and keep you ahead of the field. Mastery of these tools can be a significant selling point.
What is an Example of a Global Project, and What Tools are Essential?
It’s easy to imagine a company that wants to sell their range of services in a new country. Let’s call this company “Company X” and its target market “Country Y”.
Company X wants to offer their full range of services in Country Y, so they want to hire 2 new employees to manage this project. They may also need an experienced independent contractor to provide critical skills and expertise in a vital part of the project.
Their first thought may be to set up a new company branch in Country Y. However, they’ll need to become familiar with a range of company formation and labor practices in the market to do this.
Instead, it can work with a global EOR services provider to offer employment for employees and contractors through a pre-existing structure.
Global Employer of Record services would mean hiring employees through a local third party. This third party would take care of all HR functions as the employees’ legal employer.
Once they have some kind of useable local entity in Country Y, they can hire the staff they need. In this case, they might require the experience and resources of a global talent agency. They can partner with them to provide overseas recruitment expertise and assistance.
Once new employees have been successfully onboarded overseas, Company X will have to incorporate a range of new payroll and tax requirements. Understanding multi-country payroll is critical for continued efficiency and avoiding compliance errors.
As they grow, Company X’s Human Resources will utilize new communication tools. These will allow them to keep in touch with all their staff members and projects. These can range from daily scheduling tools like Monday.com, to the total packages of Microsoft teams.
Why is International Project Management Important?
A proper system to manage projects across multiple countries is vital for preventing delays and losses that can crop up when a company begins to expand globally.
Without the same level of local knowledge and resources available in new markets, companies quickly lose efficiency when they need it most.
A company like INS Global is ideal for offering you the full range of outsourcing services you need to manage your global projects quickly and effectively. INS Global’s teams of expert HR and global mobility advisors are based worldwide. They’re available at all times to offer HR and global employment outsourcing expertise.
Our range of services includes PEO (Professional Employer Organization) and Employer of Record (EOR) employment options. These services provide multi-country payroll, invoicing, independent contractor management, global recruitment, and RPO (Recruitment Process Outsourcing) options in over 80 countries worldwide. We have the teams and expertise to fulfill your needs whatever your time zone.