What Are Multinational Teams?

Businesses are ushering in the digital age by taking advantage of global talent pools that help to revitalize tired business practices, grow revenue in new markets, and increase resilience. A recent survey conducted by Globalization Partners revealed that 84 percent of employees work for global teams, with HR practitioners declaring that 48 percent of their global teams work together daily, and 86 percent work together at least weekly. The dynamic shift towards multinational operations is a direct result of digital globalization and the impact that new and innovative technology has had on business.

Advantages Of Multinational Teams

With remote work on the rise, businesses are taking advantage of the resilience, strength, and stability of multinational teams. Hiring internationally comes with a whole host of benefits, which include:

Flexible, Agile & Supportive Structure

Global teams that utilize remote working frameworks help organizations to provide greater and more frequent reach. Because different team members are available around the clock and in different time zones, they can effortlessly respond to customer queries and demands twenty-four hours a day. Global teams are particularly important to organizations that have an international customer base because it allows them to maintain service excellence with little extra commitment.

Diverse Company Culture

Global teams enable organizations to create and solidify an inclusive and diverse company culture. Employees that have a wide range of cultural expertise enable businesses to benefit from the development of multifaceted strategies and solutions. According to McKinsey, companies that are in the bottom quartile for gender and cultural diversity are 29 percent less likely to achieve above-average profitability than other companies.

Increased Productivity

One of the most measurable benefits of multinational teams is productivity. Multinational teams from around the world are working around the clock to dynamically broaden horizons and increase the rate, quality, and depth of work completed. This increases business objectives across the board and doesn’t require any extra resources or input from higher-ups. Ultimately, global partnerships and coalitions lead to increased productivity, efficiency, and performance.

Distinct Cultural Understanding

Multinational teams provide a wide range of benefits to organizations, but they support and aid employees too. It gives employees the opportunity to gain valuable insights and explore the usefulness of cultural diversity through the global scope of projects and project management. This shows that positive engagement with a diverse range of cultures allows employees to think outside of the box and approach projects with cultural values in mind.

How To Manage Multinational Teams

Businesses are relying on the diligence, expertise, and aptitude of global teams more than ever in today’s globalized, digital economy. Multinational teams combine world-class expertise with in-depth, local knowledge of the most promising new and emerging markets. Businesses benefit from international cultural diversity by forming strong teams with functional experience that specialize in different areas.

Everything from long-term strategy to operational objectives can be achieved quicker with the assistance of multinational teams. That being said, here are the three most important aspects of managing a multinational team:

1. Expand Communication – Communication is a key driver in the successful management and administration of multinational teams. Weekly team meetings should be organized at a time that suits everyone. They should incorporate strategy, development, and goal measurement exercises to ascertain employee evolution and fulfillment of organizational objectives and KPIs.

2. Use Of Common Platforms – Working on united, common platforms means that employees can interact and communicate quickly and effectively. Whilst cross-platform collaboration is possible with multinational teams, making sure that everyone has access to the same tools and services promotes a harmonious collaborative work experience that can be easily altered, shifted, or tweaked by other members of the organization.

3. Establish A Schedule To Address The Entire Team – Virtual meetings with multinational employees are crucial to their ongoing development and success. Multinational teams don’t have the same access to material resources as physical employees do and can easily feel discouraged or left behind. It’s important to make sure that the entire team feels supported and is on the same page. A great way to do this is by establishing a weekly schedule to address the entire team that works for everyone. That way, multinational team members can ask questions and have access to collaborate with their international colleagues.

The Effect Multinational Teams Have On Digital Transformation

The digital revolution has had a significant impact on the positions and strategies of multinational organizations. The growing trend towards globalization is bringing about a seismic shift in the way that businesses operate. To stay competitive, businesses are utilizing the aptitude and expertise of multinational teams to disrupt business practices and stimulate global digital transformation initiatives.

Digitally enabled changes in customer behavior mean that it’s vital for businesses to understand universal digital transformation. Digitizing operating models is the most commonly cited objective amongst CIOs and multinational teams dispersed throughout different time zones are a perfect way to bolster digital operations.

The benefits of multinational teams far outweigh the perceived drawbacks. Global teams help organizations to create an inclusive environment that champions diversity. These teams offer a whole host of advantages including diverse values, cultural understanding, and a culture of cross-border complicity. Multinational teams also have advanced adaptability skills which have a direct effect on productivity, teamwork, and cross-departmental collaboration. Lastly, the decision-making process is bolstered by multinational teams that can react, respond, and deliver results quickly and efficiently. This provides a global network of talented employees that help businesses gain a competitive edge, improve their overarching communications skills and produce fresh ideas that innovate and compete in cutthroat business environments.