20 Oct · 5 min read
For growing businesses, finding the proper talent is the most crucial business consideration. 97% of CEOs cited this as their top priority for corporate growth in a recent PwC survey.
However, hiring top talent no longer means being constrained by the local labor market's labor supply. Global hiring has become more feasible as a result of the growth of remote work and globalization in general. Let’s discuss the best ways companies can hire international talent.
How is International Hiring Different from Regular Hiring?
The ability to hire solely on the basis of skill without being limited by your talent pool is perhaps the biggest advantage of hiring globally. Despite American workers having longer workweeks, German and French workers have historically been viewed as being more productive. A productive worker may accomplish more with less, finish more projects on schedule, and produce superior outcomes. International hiring is beneficial and can boost an organization’s growth in multiple ways.
Outside of Silicon Valley, hiring international workers was already common practice among business owners. However, software firms in Silicon Valley started looking into the advantages of recruiting foreign personnel after Covid-19 and the increase in remote culture.
Today, the majority of firms are utilizing global hiring and using the global talent pool.
Diversity, creativity, and innovation are viewed by businesses as the primary growth elements. Companies must expand their search for the best talent across international borders if they want to achieve this growth. The best tech talent is being hired globally by some of the major MNCs, including Microsoft, Twitter, Facebook, and Apple, which have discovered how difficult and competitive it is to get talent.
A recent Deloitte survey found that 74% of millennial workers think their company is more innovative when there is an inclusive culture. And when assessing potential employers, 47% firmly believe diversity and inclusion are important.
Teams with a diversity of genders perform better than others in companies. Therefore, when screening and choosing individuals during the employment process, diversity and inclusivity should be the primary considerations.
Here is an illustration of how US businesses might create diverse teams. Keep an eye out for prospects from Asia, Africa, and Latin America. When compared to other nations, Latin America has a distinct advantage when hiring foreign talent. In addition to being close geographically, Latin America shares many American cultural beliefs.
The comparable time zones also make it simple for Latin American workers to communicate and work together with their American counterparts. Latin American workers are fluent in English and can be employed for less money because the standard of living is lower than that of other nations.
The Philippines, Brazil, India, Poland, Costa Rica, Argentina, Vietnam, and more are some of the favorite nations to hire international talent at lower rates. Companies can entice top talent from these nations by paying them more than their local competitors.
Here are some strategies for providing higher compensation:
Offer better compensation. Include in the package things like medical insurance, internal vacations, bonuses, commissions, and more.
To assist them in saving on income taxes, use them as contractors.
Employee satisfaction will increase if they receive fair and competitive perks. This action will eventually result in improved hiring procedures and employee retention.
When hiring new employees, major tech companies like Google, Apple, Microsoft, and others place a higher value on talents than qualifications. In the same vein, rather than just basing hiring decisions on resumes, you might concentrate on individuals' skills and evaluate them via coding challenges, real projects, and other assessments.
This strategy will assist businesses in attracting and vetting a broader talent pool. Here’s how Amplifyre can make this easy for you.
A great company brand reduces the cost per recruit by 50%, according to a Glassdoor poll. Build your brand accordingly to appeal to the world's talent pool.
The ideal strategy is to use blogs, posts, and stories to highlight the experiences of current foreign staff and the tales behind your brand. This type of brand development will improve the perception that the world's audience has of your business. We all know that building a brand image is super important in this digital world.
One of the most common methods for hiring remote developers is to collaborate with an outsourcing provider. In this instance, the entire software development process is carried out remotely by a separate business with access to the relevant people and tools. Such a strategy entails hiring for a service rather than recruiting employees and has the following benefits and drawbacks.
Recruiting foreign workers with the aid of a development vendor provides the chance to select from a worldwide talent pool. There are three outsourcing agreements for software development, but each one enables you to maintain the greatest level of team flexibility. You can change the size of your team whenever you need to because you don't hire them directly; instead, you merely use their services. Software development outsourcing is one of the most economical methods for producing software solutions because of the wage difference between your home country and an outsourcing location. Additionally, you may choose the engagement model, and the location to maximize your budget while still having access to professional expertise.
While there are many wonderful options when recruiting foreign workers, doing so is nonetheless difficult. Each of the worldwide recruitment tactics has advantages and disadvantages, and the potential hazards are large enough to ignore. By reaching out to the best talent worldwide and utilizing the advantages of automated and data-driven recruiting, partnering with a global talent sourcing provider reduces hiring risks and expenses. If you want to work with the best international talent, check out the Amplifyre OpenBench. And if you want to know more about it, contact us!
Hope it works for you. Good Luck!