Why You Should Hire Globally: 4 Key Benefits
Would you like to tap into a new talent pool and bring new energy and attitudes into your company? Hiring globally could offer you the strategic weapons you need to reach and recruit highly skilled workers from locations not easily accessible to the business public. Although global hiring requires careful planning, finding and attracting capable applicants for employment is worth every effort.
A World Beyond the Local
Recruiting great talent is tough. In January 2022 survey, the National Federation of Independent Business (NFIB) reported that 3 out of 4 (75%) companies are having difficulty attracting employees. An additional 47% of business owners indicated that they had one or more job openings that could not be filled. In this new environment, the war for talent has become a business reality that requires concerted action.
The Only Constant Is Change
To address the large gaps between the demand for and supply of workers, the future of many scale-ups lies in adjusting hiring practices and drawing upon the reservoir of global talent pools. Change is consistent in the staffing industry and numbers show that the rate of global hiring has increased by 145% in 2022. The world’s largest companies are surprisingly eager to jump on the bandwagon and plan a hiring spree. Based on others’ actions, why should your scale-up tap into the global pool of talents?
The Unexpected Value of an International Workforce
As previously mentioned, the global workforce is on the increase daily, and now, early recruitment preferences have been shifted to hiring the most qualified and valuable employees. Given the internal and external rewards associated with hiring a diverse global team, it is no wonder a growing number of companies extend job offers to international employees. Among the benefits of shifting labor recruitment strategies, we can identify:
- Improved workplace diversity: more and more scale-ups adopt diversity and inclusion policies to ensure psychological safety within the workplace, challenge discriminatory behavior, and create spaces for minority groups to thrive and succeed.
- Greater access to a wider pool of talent and skills: scale-ups seeking candidates with particular skill sets can expand their search for new talent beyond their own country and find the right fit for the role without further putting money into employee training.
- An up-to-date insight into the possibilities and challenges of global expansion: a global workforce is thought to be better able to read trends and negotiate with an increasingly global customer base;
- Stronger global employer brand: scale-ups’ commitment to embracing diverse hiring initiatives, tells candidates that the employer is not biased but rather looking for true potential.
Once your scale-up has a new international mobility framework, how can you capitalize on the current labor challenges to improve the turnaround in the recruitment process?
Easing the Burden of Staffing Shortages
While there are no concrete solutions that make labor shortages disappear right away, today’s firms can implement a series of corrective actions:
- Provide adequate competitive pay;
- Implement a hybrid working model which fosters a flexible approach to working hours;
- Rethink job descriptions to advertise the firm’s culture;
- Develop and promote employee referral programs;
- Use social media to notably boost your employer branding.
The Bottom Line
The broader trend of plentiful jobs and not enough workers has given rise to skill shortages. To make it out of the crisis unscathed, it is important for business owners to open spaces for the possibility of finding cross-border talent. The trend of hiring globally is gaining momentum and for this reason, a change in recruitment strategy is needed to make sure that scale-ups acquire the talent they need to reap business benefits.
Assess Your Hiring Strategy
At Your Talent Agency, we source, recruit and relocate. We identify and engage high-quality candidates so that the only thing you can do is hire, onboard, and scale up.
Do you want to leverage the immense benefits of global hiring strategies and learn how international hiring practices can help to build a diverse workplace that sustains growth? Download the whitepaper “Global Hiring 2023”.