In 2020, remote work took off as a result of the pandemic, and in 2022, it’s still trending upwards. But many businesses aren’t just stopping at remote hiring; they’re thinking bigger - they’re thinking globally.
We already know that global teams are smarter than their local counterparts and that they’re best positioned to weather the current economic storms and ongoing “Great Reshuffle.” In other words, global teams are good for business. But their impact doesn’t stop there because global teams are also a catalyst for a better society.
In our report on the Globalization of Teams, author and journalist Laurence H Knight discusses the idea of global teams being the “great equalizer.” They offer a means of rebalancing professional and economic opportunities so anyone with the right skills can access top knowledge worker jobs, no matter where they’re based.
Traditionally, the world’s best-paying, highest-potential jobs have been based out of big cities like London or centralized, industry-specific hubs like Silicon Valley. This required talent to move to those locations or forfeit those jobs, leaving a lot of people out of the running entirely: people who can’t move due to family commitments, visa complexities, financial constraints, lack of accessibility, caregiver responsibilities, or simply out of personal choice. This has led to an imbalance of opportunity, heavily weighted towards those in high-income countries and against some of the most marginalized communities in society.
While many businesses are now hiring remotely, even the hybrid work model can prevent many of these highly skilled candidates from securing top knowledge worker jobs. If the expectation is that they must live within a commutable distance from the office and show face a couple of times a week, then the same barriers apply.
Thankfully, the emergence of global teams is throwing the doors of opportunity wide open, and the people who previously couldn’t apply to such jobs will be able to soon. As employers remove geographical restrictions from their recruitment processes, they can welcome talent from across the world - whether they’re a developer in Nigeria, a product manager in India, or a copywriter in Bulgaria.
“In the future, anyone anywhere on the planet with the right skills and access to the internet will be able to compete in a single global talent market,” says Laurence. The Globalization of Teams “affords tens of millions of workers the opportunity to compete for highly paid knowledge industry jobs that have until now been the preserve of a handful of privileged [...] cities.”
As a result, global teams will help to rebalance world economies, offering a huge opportunity for low-income countries to accelerate their economic growth and converge with higher-income countries. As knowledge workers in these regions get access to higher-paying jobs, they’ll increase their country’s hard currency earnings, stimulate local employment, and increase tax revenues for improved infrastructure and public services. This will also help stem the brain drain that many of these countries face as talent relocates in search of better opportunities.
There are, of course, challenges to overcome as businesses build global teams, including creating a truly inclusive workplace where every individual can thrive and ensuring fair salaries across borders. But with a well-considered approach, global teams have the power to change society for the better. Not only do they offer a seat at the table for individuals who’ve previously been excluded from it, but global teams can also level the playing field for economies, systems, and communities as a whole.
So, while your business stands to benefit from hiring internationally, there’s a much greater spillover effect at play - and the impact won’t be limited to any single organization or industry alone.
If you’d like to learn more about the Globalization of Teams, download our expert-led report now.