Nearly two-thirds of firms (62%) aiming to increase the number of remote employees they hire outside of their central nation of operations over the next 12 months; Perkbox, a global benefits and rewards platform, has discovered that hiring is truly going borderless.
The expansion of remote and hybrid working made possible by technical advancements over the previous two years has fueled this movement. These developments can now be used by businesses to strengthen their strategy for borderless collaboration.
There are many motives, but the top three, according to a Perkbox poll of more than 500 business leaders in the UK, include diversifying the workforce to access a larger talent pool (35%), fostering innovation (32%), and expanding the workforce globally (29%) to serve a more extensive client base.
Borderless Working Is Outpacing HR Policies
Business executives have taken notice of this fact. In the past 24 months, nearly three-quarters (73%) of those who have already adopted borderless working claim they have altered their methods for managing their international personnel.
Currently, organisations prioritise implementing dedicated policies for remote working (42%), flexible hours (43%) and other work schedules. However, only 31% of respondents (or less than one in three) have started investing in solutions to support borderless workers.
Only 29% have seen the value of creating a localised benefits package to meet market needs. Many organisations are skipping a vital step to keep their borderless staff motivated and performing their jobs.
Perkbox CEO Gautam Sahgal, “The more competitive talent market has increased the importance of having the right policies in place which retain and inspire the best employees.” Leaders must now make sure they’re concentrating on how to implement these policies equally across both international and domestic personnel as borderless working gains popularity.
No Matter Where You Are, You Can Receive Rewards And Recognition
The study found that many companies are beginning to establish a cohesive culture.
The following strategies were highlighted as the most effective ones to use for this:
- Allowing employees to journey without restriction and work when overseas (32%
- Access to financial and wellbeing support across the entire firm (32%)
- Establishing a corporate platform for praising employees across all locations (29%)
Borderless employment is here to stay, continues Sahgal. Therefore, companies must modernise their traditional rewards and perks while evolving employee value propositions. We are aware of how crucial this change is.
Therefore, our attention has been on creating a platform that can synchronise benefits and compensation across complex worldwide organisations. Our objective is to democratise enterprises’ access to global markets.
The Global Reward tool, developed by Perkbox and aimed at meeting the demands of a global workforce, was just released. It makes designing and assigning a reward budget to retain and develop talent globally simple and seamless.