Founded in 1992, Fosun has evolved over 30 years into a global innovation-driven consumer group. Adhering to the mission of creating happier lives for families worldwide, Fosun is committed to creating a global happiness ecosystem fulfilling the needs of one billion families in health, happiness and wealth.
Industry: Financial Services
Employees: 100,000+
Operating Regions: China
Regions with GoGlobal: Africa, Europe, Southeast Asia
The Need
Fosun has been actively expanding into global markets, recently targeting new regions in Africa, Europe and Southeast Asia. To explore these markets, Fosun planned to employ a small workforce of local talent. Therefore, Fosun sought an HR service provider to address their Employer of Record (EOR) needs and ensure compliant local employment.
Fosun’s main employment needs during new market expansion include:
- Flexible Employment and HR Solutions: Supporting fast-growing teams distributed across various regions.
- Compliance and Regulatory Support: Navigating diverse and ever-changing local employment laws and regulations.
- Efficient Communication: Ensuring prompt and reliable responses to HR inquiries for smooth business operations.
The Challenge
Before collaborating with GoGlobal, Fosun faced several challenges in international business expansion:
- Cost Considerations for New Market Exploration: The uncertainty of new markets and high costs of establishing legal entities made it difficult to legally employ a small, dispersed workforce.
- Local Legal and Regulatory Changes: Keeping up with local laws and regulations in emerging markets was challenging and time-consuming, with no dedicated personnel to support quick updates.
- Efficient Communication and Rapid Response: Fosun needed to swiftly onboard employees in new regions but lacked local HR knowledge and faced response issues due to multiple time zones.
Why GoGlobal
After evaluating multiple options to meet cross-border HR needs, Fosun chose GoGlobal for the following reasons:
- Extensive Coverage: GoGlobal operates in 100+ countries and regions across six continents, which positions companies to take on the world!
- Chinese Team Manager Service: GoGlobal has Chinese teams in Beijing, Shanghai, the UK and Europe, offering 24/7 Chinese-language support.
- Professional Services: GoGlobal’s local professional compliance and legal teams monitor changes in local HR policies and regulations.
- Digital Management Platform: GoGlobal’s BlueOcean platform enhances efficiency for HR managers.
Expanding Globally with GoGlobal
GoGlobal provides seamless and efficient HR solutions through its proven EOR services, allowing Fosun to strategically expand its workforce in new countries and regions without setting up a legal entity in each country.
Here’s how GoGlobal is helping:
- Localized Expertise: GoGlobal’s teams around the world maintain compliance with local regulations, promoting business success and reducing Fosun’s global employment risks.
- Efficient Problem Solving: GoGlobal experts handle HR affairs, freeing Fosun’s internal team to focus on business development.
- Comprehensive Onboarding Support: GoGlobal offers professional and timely support at various stages of employee onboarding, enhancing the employee experience.
“Our employees love working with GoGlobal. Our employees in Africa have direct access to GoGlobal’s local HR teams in the country they are in. Being in the same country, city and speaking the same language makes communication smooth. If employees have issues, they can easily reach GoGlobal’s HR specialists.” — Reese Mao, Senior HR Director, Fosun
Gaining Key Advantages
By partnering with GoGlobal, Fosun enjoys several key benefits:
- Localized HR Support: GoGlobal’s local teams’ expertise safeguard compliance with specific country regulations and meets local cultural expectations, enhancing overall employee experience and attracting top talent.
- 24/7 Chinese Service Team Support: GoGlobal’s around-the-clock Chinese service team provides rapid and efficient HR service responses during new market expansions.
- Digital Management Platform: Fosun achieves digital management of its global workforce through GoGlobal’s BlueOcean platform, significantly improving operations.
“We are pleased to support Fosun in their ambitious global expansion. Our extensive network and localized expertise allow us to seamlessly support Fosun’s growing teams across Africa, Europe and Southeast Asia. Fosun gets to focus on core business while our experts provide agile cross-border solutions, maintain compliance and efficiently handle HR processes. This partnership exemplifies how GoGlobal’s comprehensive services and dedicated support can drive successful international growth for Chinese companies.” — Gary Chen, Account Manager
Key Insights for Global Talent Management
Fosun’s successful partnership with GoGlobal highlights the importance of the following steps in global talent management:
- Emphasize Delivery Quality: Choosing a company with a rich network of self-operated locations promotes consistent delivery processes and employee experiences. This is critical for employers aiming to become global enterprises.
- Prioritize Responsiveness: Select partners who can quickly and effectively address HR issues to minimize business operation disruptions.
- Leverage Digital Capabilities: Companies can save time and improve operations by partnering with providers who offer professional HR services and a digital employee management platform.
Contact us to talk with an international HR expert about how the EOR hiring model can help with your global expansion plans.