The success behind any business lies in their ability to evolve their practises with the ever-changing business environment and in being bold enough to think outside the box. Today, many businesses are moving away from a siloed work structure as globalization and technology has allowed companies to find resources from across the globe making ‘borderless’ workplace a reality. Let us take a look at how a borderless company works and what the future holds for his innovative work culture.
What is a borderless company?
Borderless companies are the ones that make use of collective knowledge rather than individual specialization to better their product or services. This approach helps companies improve efficiency and foster an environment of collaboration across verticals. A borderless approach put teams at the center emphasis on communication between all levels - from supply and distribution to finance to management
What are the characteristics of a borderless company?
It is not easy to make your entire company borderless unless you are a start-up company that utilizes a lot of freelancers to get jobs done. Instead many companies start small by implementing a borderless concept within just one department and then scaling it across to other departments as well. You need to have a dedicated strategy and patience to achieve positive results from this process.
Companies that have successfully implemented a borderless concept rely on technology infrastructure to connect and manage freelancers. With today’s technology solutions, companies can easily reach out and allocate jobs to freelancers who live across the globe. Companies that have been successful in taking a borderless approach were able to do so because they have a robust technology infrastructure in place.
Borderless companies should take extra measures to ensure that they remain compliant.
Many businesses feel they're compliant just because they have managed service providers and third-party payroll agencies in place. But that's not always the case, and you'll want to bring someone in from the outside to ensure you’re onboarding the freelance workforce properly. Most compliance issues are a result of established processes around engaging freelance workers. Companies that are borderless always ensure that their department is prepared to legally oversee a borderless workforce.
Another characteristic of a borderless company is that they treat all their employees equally. They do not draw a distinction between a permanent employee and a temporary worker. Rateht both the parties are treated daily, and with respect. Many companies treat freelancers rather unfairly, demanding them to put on extra hours or meet short deadlines. A borderless company treats their freelancers just like an employee rather than a service provider. Everyone in the department works with the freelancer to ensure that they are also adding some kind of value to his work. Companies that have eliminated the siloed work culture are the ones that have been successful being borderless.
Lastly, borderless companies always ensure that they correctly classify their employees. Employee misclassification results in heavy penalties and other legal hassles. Freelancers are correctly classified and are provided a W-9 form to collect their information. They also receive a copy of form 1099 which confirms their status as a freelancer in your organization.
What are the benefits of a borderless company?
There are many benefits to adopting a borderless approach:
- Borderless companies do not have a hierarchical structure. Instead, they are organized into units with fewer layers to enable better collaboration and decision making. This decentralized approach to decision making allows managers to encourage their employees to gain more decision authority over the work that is being done.
- As barriers disappear between departments, workers need to be able to communicate effectively with each other on technical, financial, and social levels. Borderless companies focus more on training, and encourage a global, diverse outlook in their employees.
- Borderless companies do not have a rigid chain network. Companies can deploy freelancers to meet a particular demand or solve a particular problem. This flexibility and responsiveness allow borderless companies to grow at a faster pace and get timely and better results.
A borderless company removes geographical barriers and foster a mindset of collaboration and total agility. This allows them to grow at an unprecedented rate and utilize global talents to find answers to their business challenges. With globalization and technology growing at a rapid pace, there is no doubt that borderless companies will continue to innovate and thrive in this competitive business landscape.