On 10th September, we hosted an event at our main office in Helsinki, specifically designed for Business Leaders and Senior HR professionals. The event focused on a critical topic: diving into the challenges of doing business in the U.S. and navigating the complexities of the U.S. business landscape. Our panel of experts offered attendees practical strategies and valuable insights for a successful entry into the U.S. market.
The event was moderated by Esko Oja, Partner and Team Director at Mercuri Urval, who kicked off the event with an opening address highlighting the importance of international business, noting that nearly one third of MU services are delivered beyond our local markets.
Entering the U.S. market requires commitment, hard work, and focus on building strong, long-term relationships. Success is a long term personal investment, where first you have to provide to your clients before you see a return of your investment. Networking skills are crucial to gain trust. It requires time and goes beyond a purely technical selling approach, which is more common in the Nordics. Entering the U.S. market is a long-term investment, where selling products and services involves a significant commitment of time and financial resources.
The dynamic job market in the U.S. highlights the importance of personal relationships, as they often open doors also to new career opportunities. For companies, it's not just about promoting a job opportunity, but also about selling personal purpose and company values for candidates. The U.S. work culture is often more demanding, with longer hours and less vacation time compared to many European countries. Salary levels in the U.S. are often much higher than in other countries. Americans value also performance-based incentives, and total compensation can sometimes be double to those offered in the Nordics, reflecting the competitive nature of the job market.
Navigating the complexities of the U.S. legal system is also important, and setting up a U.S.-based company structure will help to protect against potential legal liabilities. Contracts should always be reviewed by legal professionals, as the terms hold until disputed by the legal system. In general, the U.S. legal system has more freedom compared to Europe. Many of the States have their own decision-making policy and are not so dependent by political decisions made on a higher level.
The U.S. market offers great opportunities for businesses, with an extensive pool of potential customers, high demand, and a diverse range of markets to enter. The variety of industries and regions create numerous opportunities for companies to introduce their products and services. Once a company secures a customer in the U.S., customer loyalty tends to be strong, with repeat business often following.
The U.S. market is known for its collaborative, employee-focused culture, and offers relatively easy entry for companies who is looking for future growth. One example is Texas, which stands out as a favourable destination for businesses due to its supportive business environment, lack of individual income tax, and strong population growth. These factors make it an attractive market with promising opportunities for future expansion. Each state in the U.S. actively competes to attract businesses by offering various incentives. Therefore, choosing a location strategically—based on access to talent, customers, and other key benefits—is essential for maximizing success in the U.S. market.
Additionally, the younger workforce, foreign companies can offer exciting opportunities for travel and career development, making them appealing employers.
The event concluded with some powerful messages from the panelists: