We also experienced this problem and I like all the answers that suggest using a script defined in package.json. 
For our solutions we often use the following sequence:
- npm install --save-dev webpack-cli(if you're using webpack v4 or later, otherwise use- npm install --save-dev webpack, see webpack installation, retrieved 19 Jan 2019)
- npx webpack
Step 1 is a one-off. Step 2 also checks ./node_modules/.bin. You can add the second step as a npm script to package.json as well, for example:
{
   ...
   "scripts": {
      ...
      "build": "npx webpack --mode development",
      ...
   },
   ...
}
and then use npm run build to execute this script.
Tested this solution with npm version 6.5.0, webpack version 4.28.4 and webpack-cli version 3.2.1 on Windows 10, executing all commands inside of a PowerShell window. My nodejs version is/was 10.14.2. I also tested this on Ubuntu Linux version 18.04.
I'd advise against installing webpack globally, in particular if you are working with a lot of different projects each of which may require a different version of webpack. Installing webpack globally locks you down to a particular version across all projects on the same machine.