Chinese firms can now quickly scale their business internationally with market-leading employer of record services
SHANGHAI, China—Safeguard Global, a future of work company, today announced its operational entry into the China market, providing Chinese firms the ability to expand overseas quickly and to scale their business and capture market share.
The U.S.-based company is the market leader in global employer of record (EOR) services that enable firms to quickly hire needed workers internationally. This allows them to enter new markets quickly and compete globally for the best talent, no matter where it is based.
A key challenge for any firm expanding overseas, is meeting compliance and workforce regulations in any new market—and doing so at the rapid pace required in today’s competitive landscape.
Safeguard Global solutions are built on a workforce technology platform helps companies hire and manage staff in more than 170 markets globally. The Global Employment Outsourcing (GEO) solution can onboard new employees, manage time and attendance and provide access to expert in-country support. With its local labor market experts, Safeguard Global GEO provides the expertise needed for companies to compliantly expand into new markets faster and more cost-effectively.
China’s Ministry of Industry and Information Technology (MIIT) said that the country has more than 4,700 national-level "little giant" firms, or small enterprises that are still in the early stage of development. These are located in the IT, telecoms, biotechnology, automotive, and new energy sectors.
“We believe there are a great many Chinese firms poised for growth through international expansion,” said Bjorn Reynolds, Founder and Chief Executive Officer of Safeguard Global. “China has become a global leader in artificial intelligence, cloud computing, mobile apps and many emerging sectors. These “little giants” are the next wave of further innovation if they can capture market share in overseas but will need access to the best talent in those markets to accomplish their goals.”
Currently, many Chinese brands are securing greater global market share, for example, Xiaomi is now the second largest smartphone maker globally and TikTok has more than a billion monthly users. Chinese fashion brand Shein has also made huge inroads into Western markets with young consumers. Meanwhile, Alibaba, JD.com and Tencent continue their expansion apace in Southeast Asia, spurred on by tighter regulations in China.
Safeguard Global is actively supporting clients in preparing for the new future of work, which will have changing patterns of work following the global pandemic. Being successful in the new work landscape requires meeting diverse needs and expectations of workers and potential hires. Companies that adapt early to these realities by offering flexible policies, practices and work experiences will have a competitive advantage in attracting and retaining the best talent around the world and expanding quickly into new markets.
“We can help Chinese organizations create flexible, people-centric work experiences, what we call becoming Work in Any Way companies, that offer choice in how, when and where people work,” Reynolds said. “In order to be successful in that, these companies will need an in-country partner with knowledge of the cultures and legislative regulations to support them, especially so that things don’t get lost in translation. However, companies will need to adapt to this new way of work to succeed in the new global market.”
Safeguard Global has long seen great opportunity in the China market. With this latest expansion into the Middle Kingdom, Safeguard Global is pursuing a comprehensive growth strategy to meet the increased demands of the global labor market, be closer to its many customers in the region, and be more accessible to companies looking for market expansion solutions.
According to the MIIT, China has maintained its position as the world's largest manufacturing hub for 12 straight years. The value-added output of the manufacturing sector in 2021 increased 9.8 percent year on year to 31.4 trillion yuan (about 4.97 trillion U.S. dollars), accounting for 27.4 percent of the country's GDP.
According to Lu Ming, deputy director of the Academy of China Council for the Promotion of International Trade, though China has gained competitive advantages in competing globally, many Chinese enterprises still lag behind foreign companies in terms of rich experience, operational management and innovation capabilities as well as international talent.
Providing Work in Any Way experiences will ensure companies can recruit and retain employees anywhere in the world, bringing greater access to top talent and providing the innovation needed to capture greater market share.
About Safeguard Global
Safeguard Global is a future of work company that builds adaptive workforce management solutions for organizations seeking to thrive in the global economy. Safeguard Global enables success through smarter, more efficient global employee management, recruitment, payroll, onboarding, expense management and more, all powered by industry-leading data, technology, services and local market expertise. To learn more, visit https://www.safeguardglobal.com/zh-hans
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