International expansion has a wide variety of benefits for just about any company, from being able to reach out to new customers to insulating themselves from market issues in their original country. However, like any business proposition, there’s going to be an element of risk. International expansion going wrong has damaged or even sank some companies, and it’s largely due to some of the following reasons:
- Misreading the new audience
- Neglecting your original client base
- Failing to follow regulations in your new market
What Is A Global PEO Solution?
At the core, a global PEO (a Professional Employer Organization) is a company designed to serve as an outsourcing firm for companies looking to do business abroad. What this essentially entails is that rather than hiring individuals directly and dispersing them to international locations, the PEO will take care of a lot of these elements. These can range from:- Insurance/benefits
- Payroll
- Hiring
- Retirement
- Regulatory compliance
- Training/development
Risks And Concerns Of Hiring A Remote Workforce
As mentioned earlier, any business decision comes with risk, and the same applies to a remote workforce. Some potential risks include:- Misclassifying full-time workers as independent contractors
- Failing to adhere to labor laws in terms of benefits/tax responsibility
- IP accidentally being attributed to a single worker versus your company
- Trade secrets being spread by your international team