It may be a little early to draw definite conclusions, but strong economic headwinds will pose a challenge for business through 2023. In the face of rising costs, employers will need to find a balance between employee demands and business priorities. We believe that global talent mobility offers the solution that companies need to survive and thrive in a rapidly changing environment.
In this post, we will be looking at the benefits of global hiring, and best practices for making the most of the global talent pool.
What counts as a global team?
By “global” we mean any team that is distributed across multiple locations, which can include local and international staff. Teams that include one or two members teleworking in a foreign country are functioning as global teams.
It’s his “anywhere-ness” that makes hiring and managing global teams a unique, and possibly game-changing opportunity.
Before we take a look at how it’s done, let’s consider whether it’s actually worth doing at all. Now that remote work is no longer the urgent necessity it once was, should hiring globally still be a business priority? In short, yes – and here’s why.
Is global hiring really worth it?
The real question here is: now that remote work infrastructure is firmly in place, why should businesses limit themselves to their own local talent pools? When all the benefits are considered, it’s nearly impossible for any business to justify staying on the sidelines.
Access an expanded talent pool
From sidestepping local talent shortages, to finding rare and in-demand skill sets, global hiring is the solution to a wide range of recruitment woes.
Recruiters can now cast a wider net to find talent, or target specific countries where the skills they need are more readily available. But it’s not just recruiters and talent pipelines that benefit.
Gain a ready infusion of expertise in foreign markets
For the C Suite, global hiring also offers a way to extend a business’ reach into new markets and provide an impetus to business development. Companies with global teams can leverage their employees’ familiarity with local business environments and norms. This can accelerate their expansion into new territories that may otherwise have remained out of reach.
Use salary arbitrage and corporate tax rates to cut costs
As 2023 gets underway, the cost of living crisis is proving a challenge for talent and employers alike. Research by Totaljobs found that 17% of businesses surveyed had concerns about their ability to keep offering competitive salaries. As these difficulties become more acute, especially in developed markets, the case for hiring in countries with a lower cost of living (and weaker currency) will only grow stronger.
It’s also possible for companies to save on corporate taxes by hiring in countries where these are relatively lower. This is an option for larger companies who can afford to incorporate their own legal entities in foreign countries. Of course, this is not feasible for all or even most companies (more on this later).
From recruitment to onboarding: how to hire global teams
For better or worse, global hiring is not a case of “build it and they’ll come”. To successfully hire and scale global teams, businesses need to develop an effective recruitment strategy. Here are some best practices for global hiring:
Begin with a strong employer brand
In recent years, workers have asserted their demands with increasing confidence. Whether it’s “purpose over paycheck”, greater flexibility, or attractive benefits that motivate the talent they’re courting, companies need to develop an employer brand that speaks to those preferences.
A company’s culture and identity need to reflect in everything from job postings to comments on social media and online fora. Creating a winning employer brand is a major undertaking, but it needs to be done before recruiters begin taking their company’s EVP to the market.
Who, what and where? The importance of candidate personae
Defining the ideal candidate for each role is a vital HR priority for businesses looking to expand their teams globally. And this should go beyond the relevant skills and qualifications each position requires.
Recruiters should research and compare different locations from the point of view of cost-effectiveness, as well as culture fit. Playroll’s country playbooks are a good place to start the process of identifying the best locations for specific roles.
Go where the talent is: adopting multiple recruitment channels yields the best results
Global talent mobility doesn’t just affect how and when people work – it also impacts the way they search for jobs to begin with.
And because the majority of job seekers are passive, or not actively looking to change roles, it’s up to employers to generate interest. To do that, they need to be present in the digital environments where their future hires live.
Omni-channel social presence
It’s essential for recruiters to be present and active on LinkedIn, Glassdoor, Indeed and other job sites. Not only do these provide extensive reach, but they each offer features that make it possible to refine job listings to increase the likelihood of finding suitable matches.
Social media platforms can also be used to engage with potential candidates. These platforms are also critical for curating a company’s public image.
Consulting with recruitment agencies to narrow the search
Recruitment agencies can augment any company’s internal recruitment capabilities and help to focus the search in the right direction. Specialist recruitment firms can drastically reduce the time to hire, while also improving the quality of the recruitment funnel.
For companies seeking to recruit highly specialized workers, avoiding the costs of mis-hiring is a critical priority, so it makes sense to partner with agencies who focus on matching candidates to roles.
Playroll’s Global Talent Finder simplifies recruitment by connecting businesses to specialist recruiters in their field. If you are at the recruitment stage, contact our team for information on this service,
Employee referral programs: exploring internal networks
Encouraging employees to refer job openings to their own networks can be a cost-effective way to find qualified candidates. In many cases, companies who use employee referral reap the benefits of lower mis-hires and closer fit.
There’s no need to go it alone: explore the globe with an Employer of Record
As we mentioned earlier, there are ways to access the global talent pool without the headache and expense of incorporating entities in foreign countries. With Playroll, it is fully possible to access the cost-saving, efficiency-boosting benefits of global teams, quickly and compliantly, in over 170 countries.
Through our global network of subsidiaries, Playroll enables its clients to employ people anywhere, through a technology enabled platform specifically designed to streamline global hiring.
By leveraging our extensive partner ecosystem, we are able to connect our clients with the future-of-work services they need to find, hire and manage global teams.
Our team is ready to discuss your global expansion plans, and find ways to keep them moving forward through challenging times.