In strategized moves to grow their companies, business owners are looking to expand into different corners of the globe to reach new talent and greater opportunities. In March this year, computer hardware conglomerate IBM launched a multizone region in Latin America, showcasing the demand to grow businesses there. Before taking the leap, however, you should always consider factors such as a change in culture and local business. By making yourself aware, you can ensure a smoother transition with less surprises…
Latin America is increasingly becoming a more desirable place to expand to, but it can be hard to manage and navigate certain aspects. Here at Payroll Worldwide, we provide effective human resources and payroll services to companies across Latin America (LATAM). We also remove entry barriers for companies wanting to expand into LATAM, reducing risk by implementing instant employment solutions. If you’re considering expanding into LATAM for greater business opportunities, read our latest article below for some essential tips.
Understand Local Business Traditions
No matter what sector you are operating in, when expanding to another country or region, it’s a good idea to become familiar with the local business environment and the specifics of their sector. Understanding your target market, as well as the local laws and regulations can save you from any major difficulties or nasty surprises. To become accustomed, try to understand these changes as part of your entry plan, and learn what it’s really like to do business in Latin America.
Here at Payroll Worldwide, we know how to professionally navigate labour and employment laws in Latin America, providing a stress-free entry into the market for all of our clients. By managing your payroll solutions and implementing effective human resource (HR) techniques, we can pay your staff as well as ensuring your HR solutions are successful for working in Latin American countries. To find out more about our services, please visit us here.
Treating Latin America as Separate Countries
It may seem like an obvious statement to make, but some individuals often forget that ‘Latin America’ is not a singular region. Different countries in LATAM, such as Mexico, Brazil and Colombia, can differ in language, culture and work regulations. When researching for your expansion, ensure you know all there is to know about the country you’re expanding to in terms of business. Market expansion should be treated differently for each country in order to fully grasp the culture and working environment of the country you’ll be working in.
Navigating intricacies such as payroll and immigration in LATAM countries can seem like a minefield, especially when you have other issues that you need to focus on. Our employer of record services can provide a concierge service for any relocation and expenses, providing a smooth transition as you prepare to expand.
Working With an Experienced Employer of Record
Joining forces with a professional employer of record can not only remove some of the stress of expanding, but it can also save you money in the process. Hiring a HR team in-house may seem like the more practical option, but when expanding to regions like Latin America, they also need to make themselves familiar with the culture. By outsourcing your business payroll and HR tasks, you can focus solely on expanding, safe in the knowledge that your employees’ needs are being handled by professionals.
To find out more, or to request a consultation, please give us a call on 07469 892524, drop us an email at info@payrollworldwide.com or fill out our online form.
