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7 Ways to Manage and Pay Remote Workers

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Are you a startup looking to build a remote team in today’s digital age?
This guide will get your team on their feet so you can start embracing a remote workforce!

Published in: Business
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7 Ways to Manage and Pay Remote Workers

  1. 1. w w w . c o i n p i p . c o m Going Global: 7 Ways to Manage and Pay Remote Workers in the Digital Age Written by John Scianna Are you a startup looking to build a remote team in today’s digital age? This guide will get your team on their feet so you can start embracing a remote workforce!
  2. 2. Entering new markets Manufacturing overseas Hiring staff and going remote Hiring for short term projects Paying your remote workforce the best way possible Secret tips to keep your team happy The ultimate remote team resources AGENDA
  3. 3. In the rise of the digital age, the world has been flooded with innovation. There are now new ways to make payments, shop, work and get business done, in general. These trends have changed the way we live and interact with the world. We can pay with our phones, have computers in our glasses, and video chat with people around the world. The largest trend for startups is taking in the concept that you don’t need to sit right next to someone to build a successful business. In fact, they can be thousands of miles away. Within the last two decades telecommuting to work has become more commonplacesincetheintroductionoftheinternet.Onaverage13.4 million Americans work from home at least one day per week. We no longer need to look within a 30 mile radius for talent and HR departments, and early stage startups realize this. Hands down, remote workers save companies money, whether it be from reducing office space, paying lower foreign wages or simply getting an international perspective and expanding your network. In the past decade, we have all become familiar with having our service calls being rerouted to countries around the world to take advantage of cheap low-skilled labor. However, today countries like China and India are producing more college graduates than ever before. Many companies are embracing this new, highly-skilled workforce by hiring remote workers. Think that’s strange? In today’s global economy, it is not uncommon to have a global team. More small businesses are trying to enter new international markets that are now possible thanks to the internet. Sourcing international goods and talents help the bottom line. Nonetheless, managing workers who live all over the world is a difficult task and finding a way to do payroll effectively for them can eat into the cost savings. 02
  4. 4. 1 ) Entering New Markets Going Global - The theme of the 21st century as new technologies have made the earth seem flatter. Small businesses and startups everywhere have benefited from the internet opening up new markets that were previously inaccessible. Today, an artisan in Nepal can have a global customer base. This phenomenon was never before possible. However, the innovation in accepting foreign payments hasn’t been quite up to speed with the innovation in telecommunications, until now. At the turn of the century, we saw more online banking services; although, these services were focused in Western countries. So, even though, an artisan could open up an ecommerce site in Nepal, how that craftsman would get paid is a completely different story. Foreign credit card payments are typically flagged, especially when they are large. There is also a lot of risks for the merchants; because, they don’t know if the card- holder is the card owner and can face large chargeback fees. A website aptly named Practical Ecommerce, outlines the risks of accepting credit cards: “These [international] businesses usually take credit card payments for the orders, which puts them at great risk of incurring chargebacks, especially for large ticket items and large transactions.” To succumb this risk the website then talks about the benefits of using bank wires instead; however, there is a plethora of personal data like your account number that you must provide to accept these payments and they 03
  5. 5. even advise “You should refrain from giving out your banking information to just anyone.” Credit cards weren’t made for the digital era, in fact, the ‘modern’ credit card was invented in the mid-1900’s and by 1970 over 100 million credit cards were already circulating around in the US. To help secure credit cards for the internet, the credit card industry introduced the card security code, the three digit number found on the back of your credit card. This security measure wasn’t innovative for the coming of the internet since this code could be obtained by another person holding your credit card. Thankfully, today there is bitcoin, a technology that can act as a currency and with it many merchant service providers like CoinPip that can process these payments for you. Bitcoin removes the risk of chargebacks for merchants and merchants can easily exchange their bitcoins for their local currency to eliminate volatility risks. Luckily for you, CoinPip gives you, the reader, a special, 1% flat transfer rate (Make sure to claim your special promo code.) Bitcoin is great for accepting international payments because it doesn’t require you give any personal information over, and you don’t have the chargeback risk. Also, in comparison to international wire transfers, you can receive your payments instantly instead of waiting several days. 04
  6. 6. 2) Manufacturing Overseas Another trend that has developed over the past few years is that manufacturing has increasingly moved abroad, and it’s something for businesses to take advantage of, especially if you’re producing tangible products. In the past few decades, Western countries have transitioned from manufacturing to service-based economies. Free trade agreements such as NAFTA (North American Free Trade Agreement) helped move manufacturing from the US and Canada to Mexico because it eliminated protection- ist policies and tariffs. However, as countries like Mexico and China become ever more popular for manufacturing, prices have gone up and have driven price sensitive products to be produced into periphery markets with even cheaper workforces. It has been over twenty years since NAFTA was signed, and research has shown that it didn’t cause the decline in jobs in the US that people feared. However, NAFTA didn’t result in substantial economic gains because the U.S. tightened up security at its borders post 9/11 which inhibited the flow of goods, people, and information. Free trade agreements are becoming more prominent; the US is expected to close a free trade agreement (FTA) with Europe in the near future. The United States is also in the process of negotiating the Trans-Pacific Partnership a regional free trade agreement with with Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. This will reduce barriers for firms to exchange goods between these economic zones and increase trade flows. “In 2014, 47 percent of U.S. goods exports went to FTA partner countries,” according to the International Trade Administration. These FTA’s will help countries and geographic areas specialize even further at a specific trade, and a firm can have resources in each area to make the best product possible. Apple, for example, has over 200 suppliers for its products that are located in over 25 countries. 05
  7. 7. 3) Hiring foreign staff & going remote. Outsourcing your manufacturing is one thing, but hiring staff in foreign countries is another, and it has numerous advantages. Whether you’re a tangible or digital product, you can widen the market for your job placements and have the potential to find better candidates that might also be, well, cheaper. In addition, if you have business ventures in foreign markets it makes sense to hire local staff who will be more familiar with the market. Paying these employees, especially ones that live abroad, is probably the biggest concern for employers since overseas payments are troublesome and time-consuming. One of our goals at CoinPip is to make this process easier for businesses. We streamline remittances and international payments for you to focus on what you do best instead of on payroll. Managing these international teams used to be a headache, but thanks to telecommunication tools like Basecamp, teams can share ideas quite fluidly. Basecamp is great for groups that have freelancers because you can include them in the projects, and it makes it feel as though everyone is in the same room. “If we were only trying to hire in Chicago, we’d never have the world-class team we have today,” says David Heinemeier Hansson, creator of Ruby on Rails and founder of Basecamp. For design-centric projects, there are also tools like InVision App. InVision helps 06
  8. 8. designers, engineers, marketing staff and whoever else wants pitch in to streamline the design process. It has no longer become a necessity to be in the same physical location because people can use a common digital workspace. Chances are the best people in the world for whatever you are doing don’t all live in the same place. People have families and lives outside of their jobs that might not let them uproot their lives to work for some company. People also enjoy and appreciate the freedoms that are endowed to them, such as working within their schedule and in their comfortable environment. However, there are many reservations against part-time and full-time remote workers; so, it depends on your working environment. It is important to consider your employees work-life balance. Although remote working has become more commonplace, employers are using this to extend their employees working hours for their salary workers. While working at home is nice, putting an addition workload on your employees when they should be enjoying their time at home is not fun, and you may want to consider hiring more staff. “Remote work has opened the door to a new era of freedom and luxury. A brave new world beyond the industrial-age belief in The Office.” Jason Fried, Remote: Office Not Required 07
  9. 9. 4) Hiring for short-term projects Many times firms will have extra work that may not be attributed to any particular employee because of other prior commitments. This can come at truly stressing times like launching a new product or entering new markets. This extra work, may not require additional full-time staff due to its limited nature, but it can be overburden some for your existing team to take on. Companies may feel that it is easier to pass on to existing employees rather than go through the hiring process for a temporary worker. Although, you would be surprised by the amount of highly skilled freelance workers that are in the workforce. The need for this type of work has spurred the development of websites such as oDesk.com (even we use them) 99designs.com and fiverr.com where you can look for freelancers whether it be for designs, written content or accountanting. These websites even have built in payment tools to pay your freelancers; although, you may want to consider alternative methods to pay them since fees can be upwards of 10%. If you feel uncomfortable using people from these sites, it may be best to start slow. Additional concerns may revolve around sensitive information, where employees needed to be vetted. For these types of projects, it may be best to look at your employee’s network. Going global can be a daunting task considering you are venturing into the unknown, but the opportunities are enormous and rewarding. The internet has broken down the barriers so that even small businesses can take on the task. New payment 08
  10. 10. mechanisms have made it easier to transfer value, and new management tools have made having a global team more than manageable. Already have a remote team? Have you thought about all of our points above and need to start paying them? Becauseyousignedup,yougetanexclusive,1%feefortransferringmoneyinterna- tionallyusingCoinPip. Simply email us at joinus@coinpip.com to claim your offer and get started sending money, cheaper, faster. Also, feel free to email us with any questions or comments you might have. Where are points 5, 6, and 7? Because you signed up for the guide, you’ll get a free email course over the next three weeks, each with exclusive content and resources straight from our CoinPip happiness team. Incorporate the secret sauce and have the most successful remote team, ever. www.CoinPip.com 09

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