Most marketplaces have become global. In fact, most things have become global.
The internet has created a world of connection that allows us to connect instantly to countries that are a 12-hour flight away. News, products, and people from around the globe are connected to us 24/7 and in real-time.
This global connectivity benefits businesses and companies in a variety of ways. The tech industry is one such industry that has significantly benefited from a worldwide marketplace. There is one key aspect that has benefited tech companies when it comes to global connections: access to a global workforce.
Let’s take a look at the top 5 ways that engaging in the global workforce benefits the tech industry:
1. Casts a Broader Net in the Talent Pool
In the past decade, the number of software engineers in the US has declined, but the demand for them has continued to rise. On average, there are 5 jobs for every 1 software engineer in the US, which means that filling these positions is extremely difficult and expensive. However, in other countries, the opposite is true. There are more qualified engineers than open positions.
Engaging a global workforce restores balance to this supply and demand disparity and allows companies to tap into the larger talent pool with some of the most highly-trained experts in the field.
2. Access to Innovation & New Ideas
Different cultures offer new ideas and perspectives on things. This diversity in thought can help companies remain innovative and ahead in their market.
New viewpoints push us outside of our routines and force us to look at products and problems through a different lens.
3. Market Growth
There is a definite advantage of a global market: a more substantial opportunity for growth. Tapping into a global workforce can help a company expand into other global markets that they previously hadn’t thought of or had the knowledge about to be successful.
4. Happier employees
Gone are the days of 9 to 5 in the same building for 40+ years. Most of the tech workforce is now comprised of Millennial workers, and Gen Z is starting to make its way into the global pool of talent. These generations have grown up with an instant connection to data and information, and they value flexibility in their lives and jobs.
A global workforce allows companies to offer flexible working hours and locations to their employees while still being available to customers.
5. Effects on Overhead & the Bottom Line
The global workforce is excellent for growth, innovation, and employee morale. But there’s one more significant benefit that affects your bottom line: differing costs of living. In many countries outside of the western world, the cost of living is substantially lower. Wages are lower than those in the US, UK, or similar countries. These decreased salary costs are another advantage for many businesses.
In a universally connected world where most other industries have expanded past their borders, a global workforce only makes sense in the tech industry. The access to talent and benefits of a global pool of talent is why over 30% of large companies in the US and UK are looking to expand their workforce worldwide.
IntuitioLabs has a team of professionals around the world based in some of the most innovative and competitive tech markets. This offers our clients the opportunity to tap into some of the most up-to-date trends across the globe. If you’re looking for the right team to help you develop your digital product, we’re a software development company full of talent that’s here to help. Schedule up a free chat with our team today.