Specifically, the study finds that one-in-10 midsized business owners in the U.S. say they have global expansion plans over the next two years. However, fully three-quarters of respondents feel they don’t have the required tools to manage a global workforce. The results of the study indicate more midsized companies would expand globally if they were confident enough that they were prepared.
In addition to workforce hurdles, many firms also cited concerns about having the resources to contend with regulatory issues across multiple countries.
“Since the volume of government regulation in the United States is already a top concern of midsized business owners, it comes as no surprise that navigating laws across multiple countries would strike many business owners [of this size] as overwhelming,” Anish Rajparia, president of ADP’s Major Account Services said in the report. “Regulations around the handling and sharing of employee data across countries can be particularly complex,” he said, “with potential fines and penalties for non-compliance. In China alone, where there are 32 provinces and 288 cities, each with their own payroll recording requirements.”
This hesitation about moving forward with growth plans is likely already resulting in lost opportunities. The Conference Board says that average overall global real GDP growth is predicted to be just 3.3% for 2015. This is an improvement over the last two years, although slight.
By contrast, The Conference Board predicts the growth rate of China to be 5.5% on average from 2015-2019. The Asia-Pacific region fares better, as it remains the leader for global growth. Moreover, Southeast Asia will continue to strengthen its position to become a global production hub.
As the borderless world is here to stay, it’s in midsized firms’ best interests to develop the necessary tools to capitalize on the world’s next growth opportunities.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
