The Pros and Cons of 100% Business Ownership vs. Sharing Shareholder Equity
To share or not to share? Explore the good and bad of 100% ownership vs. giving equity to shareholders before you make a decision for business growth.
Remote working culture has now become the next iteration of “working from home”, giving companies and businesses more access to a global talent pool while opening up new horizons for talents. How can businesses benefit from creating a borderless workspace for employees? We at Choco Up have been keeping up with this new hiring trend in Hong Kong and transforming our team into a borderless workforce. Read on to find out why we’ve decided to hire from the globe.
Similar to other startups and businesses in Hong Kong, our team took a step back to review the challenges we’ve faced when hiring locally, including maintaining high productivity while lowering the costs. We’ve also noticed “The Great Resignation” around the globe has impacted us, with more talents being more determined to control their own fate and how they want to work. With the new wave of technologies and communication tools, they empower us to quickly adapt to working remotely and collaborating across time zones. We’re no longer bound by the need to sit in the same office to work together as a team. Our team at Chocol Up has been working on building our borderless team and here are the reasons why we’ve made this big move on our people.
Hiring from the globe enables us to access a global talent pool that suits the needs of our business while building a culturally diverse team that tackles business challenges from a completely different perspective. Our team at Choco Up believes people are more open to remote work and have adapted to working remotely and collaborating virtually. We believe working as a team should not be bound by a physical office or any geographic restrictions.
Because of such a borderless mindset, we have empowered our team to have more access to in-demand skills in the region, as well as from the globe. When it comes to collaborating with teammates from different cultures and backgrounds, our team at Choco Up sees it as an opportunity to innovate and have better, more creative ideas at work.
Apart from getting more innovative ideas at work, we see that our teams are able to get the work done more efficiently and quickly in a distributed manner. We are able to maximize our team’s potential and accelerate product delivery. Because of working in different time zones, we are also able to explore the possibility of offering round-the-clock business service to our customers. Building a borderless workforce also helps with opening up new markets for our business. Aside from the rapid growth that comes with it, our globalized team helps with transforming our business into a more international model where we can cater and converse in our customer’s own language.
Building a globalized team also helps with distributing the workload and give our teammates the freedom to focus on tasks that help grow the business and themselves as a talent. We find it more rewarding when our team is no longer being overloaded and burdened by the tremendous amount of work every day. This effective and efficient working environment is bound to be a happier workspace where teammates will stay longer and more talents are more willing to join our team as well.
Having teammates working remotely also helps us a lot by reducing the overheads associated with having a centralized office, such as renting and maintaining office space. It also reduces other operational costs such as salaries since global talents are more budget-friendly compared to hiring locally. By reaping huge savings in facilities and other costs, we’ve been shifting and reallocating our resources to invest in our team and our employees.
Apart from reducing the overheads and reallocating our resources, having a borderless team is also more sustainable. By encouraging remote working, our team does not have to go back to the office, nor to travel around the world just for meetings. They have the freedom to choose whether they would like to work from home or at a workspace close to home. Remote working reduces commuting time and minimizes business travel, as well as minimizes carbon footprint.
Unlike hiring locally, global hiring requires more work and preparation, be it screening different candidates for interviews or preparing all the employee documents. To ease off our mind and focus more on building our dream team while saving costs, we’ve decided to get support from Glints, our trusted talent recruitment and management partner that offers end-to-end talent solutions from talent acquisition, onboarding and management to payroll and compliance services. With the professional and quality support from Glints, our team at Choco Up can focus more on hiring the talents we look for while saving time and costs.
Glints and Choco Up share similar visions when it comes to building our own dream team. We believe talents have evolved beyond geographic, cultural and skills boundaries over the past few years. With remote working and borderless workforce rising as a new hiring trend in Hong Kong and the rest of the world, we have decided to invest more on our people since we believe the success of a business starts with its people. Glints Awards is founded by the same idea that a great team and business should be recognized. Glints Awards celebrates startups and businesses in their outstanding achievements in building and managing borderless workforce. To learn from success stories of the winners of Glint Awards 2022, Glints has put together insights and experiences from the award winners as they share their human-centric success stories for building their borderless workforce in this post-pandemic world.
As the world continues to progress and evolve, we are no longer bound by physical, geographical and cultural restrictions. Our team at Choco Up believes success comes when we decide to step out of our comfort zone and explore new possibilities. Our success in building a dream team proves that a borderless workforce creates more opportunities for us to grow as an individual and as a team.
Grow your business with Choco Up
To share or not to share? Explore the good and bad of 100% ownership vs. giving equity to shareholders before you make a decision for business growth.
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