Embracing the Shift to a Global Workforce

Khalid Keenan

CEO

Feb 23, 2024

·

3 mins

The world of work has undergone a significant transformation in recent years, with the rise of the global workforce. Companies are no longer limited to hiring talent within their local markets, but can now tap into a pool of skilled professionals from around the world. This shift has brought about increased opportunities for both employers and workers, while also promoting fairness and access in the global job market.

This isn’t just a passing trend but rather a fundamental transformation in the way companies operate. As technology continues to advance, the global workforce will become even more prevalent and companies that embrace this shift will have a significant edge against their competitors that continue to function with a geographically limited talent pool.

This change in dynamic has been particularly empowering for talent from emerging markets who have long been overlooked by employers despite possessing the skills and experience necessary to excel in their fields.

Breaking Barriers Through Technology

Platforms like Deel, Remote.com, and RemotePass have emerged as facilitators of this global workforce revolution. These platforms connect companies with talent from emerging markets, providing opportunities for professionals who may have previously been overlooked.

Deel for example achieved this by knocking down a lot of the blockers that prevented global hiring and payroll. By allowing employers to effortlessly oversee contracts, configure agreements, adhere to compliance, and set up pay cycles. At Elevate we aim to support talent by ensuring they have the financial infrastructure to receive those payments, save their money and send it back home without being penalised with the high fees that have unfortunately been the standard when residing in emerging markets.

By leveraging these platforms, companies can tap into the immense talent pool available in countries like Pakistan, Egypt, Argentina, the Philippines and Bangladesh, where highly skilled individuals are eager to contribute their expertise to global projects. By facilitating access to a global job market, these platforms enable talent from emerging markets to compete with professionals from more established markets. This not only helps them gain recognition for their skills but also opens the door to new career opportunities and professional growth. It is a win-win situation for both the individuals and the companies they work with.

The Future of Talent Acquisition

As the global workforce becomes increasingly prevalent, traditional talent acquisition models may need to adapt. Companies will need to embrace remote work and build strategies for attracting and retaining top talent from around the world. This may involve rethinking recruitment processes, focusing on skills and cultural fit rather than geographical location.

However, this shift to a global workforce and improved opportunity should be balanced with a sense of fairness. It’s critical that this should not be seen as an opportunity for companies to simply exploit talent by paying lower wages. Merit should be at the core of the movement, and talent from emerging markets should be compensated fairly for what they bring to the table. This should not be seen as a cost cutting exercise but rather seen through the lens of a now deeper talent pool.

This presents an opportunity for companies to rethink their compensation models. Instead of basing salaries solely on location, companies can consider a more holistic approach that takes into account factors such as skills, experience, and contribution to the organisation. This will ensure that talent from emerging markets are compensated fairly and in line with their counterparts from established markets.

The future of work is global, and companies that embrace this shift will thrive in the rapidly evolving global market. We’re doing our bit at Elevate by simplifying USD payments and ensuring remote workers in emerging markets keep as much of their earnings as possible.

Share this article

Open your account now

Enter your email and we'll send you a link to download the Elevate app

© 2024 Elevate Pay. Bloom Financial Technologies Inc trading as Elevate Pay is a financial technology company, not an FDIC insured depository institution. Banking services provided by Bangor Savings Bank, Member FDIC. FDIC insurance coverage protects against the failure of an FDIC insured depository institution. Pass through FDIC insurance coverage is subject to certain conditions. The Elevate Pay Mastercard® Debit Card is issued by Bangor Savings Bank, Member FDIC, pursuant to license by Mastercard International Incorporated. Mastercard is a registered trademark, and the circle design is a trademark of Mastercard International Incorporated. Spend anywhere Mastercard is accepted.

© 2024 Elevate Pay. Bloom Financial Technologies Inc trading as Elevate Pay is a financial technology company, not an FDIC insured depository institution. Banking services provided by Bangor Savings Bank, Member FDIC. FDIC insurance coverage protects against the failure of an FDIC insured depository institution. Pass through FDIC insurance coverage is subject to certain conditions. The Elevate Pay Mastercard® Debit Card is issued by Bangor Savings Bank, Member FDIC, pursuant to license by Mastercard International Incorporated. Mastercard is a registered trademark, and the circle design is a trademark of Mastercard International Incorporated. Spend anywhere Mastercard is accepted.