In our current landscape of unprecedented inflation and ongoing uncertainty, businesses are keener than ever to manage their money. Many companies are choosing to absorb some of their increased expenses instead of passing them on to their customers, while others simply have no choice but to increase their prices to stay in business. In the meantime, finding ways to reduce expenses can help to avoid price increases without sacrificing profit margins. One option: use offshore talent to fill open positions.
Let’s look at four ways offshoring talent can save you money without sacrificing output:
1. Off-the-Top Payroll Costs
It’s no secret that offshore workers tend to have lower salaries compared to U.S. employees. On average, employers may save as much as 50% on payroll costs using hiring services like Thankz.
In addition, cheaper in cost doesn’t always mean cheaper in quality. The employees we work with are skilled professionals in their fields. They have extensive experience in their respective specialties and are just as qualified as the applicants that might walk through your company’s door. The difference is that offshore workers live in countries where the cost of living is lower, and therefore require lower salaries to maintain their quality of life.
2. Physical Infrastructure
When companies rely on a physically present workforce, they also incur a number of fixed expenses: office space, computers, break rooms, meeting spaces, furniture, and printers, for example. While some of these expenses won’t change as you add more team members, some of these expenses will increase. And eventually, if you continue adding more employees, your current office space may need an upgrade in size and amenities.
Offshore workers take a remote work-first approach. This allows companies to keep fixed expenses low and avoid taking on additional overhead costs with each new hire.
3. Reduced Hiring Costs
Hiring employees isn’t free. In fact, the average company spends $4,000 or more on each new hire before they even start working. This cost often includes posting to job boards, outside recruiting costs, internal interviews, and onboarding, among other things.
Businesses can reduce hiring costs by using a purpose-built offshore hiring service. With all foreign taxes and paperwork done for you, as well as a full candidate pool for the skills and roles you’re hiring for, you can shorten the entire hiring timeline and start ramping up your new hires immediately.
4. Additional Savings Benefits
The money you save when hiring offshore workers can be put to great use. You’ll have more capital to spend on marketing, upskilling, upgrading your technology, or investing in your business — all of which can help you reach the next level of success.
With skyrocketing costs and a shrinking local workforce, there’s never been a better time to explore the advantages of offshore hiring. Learn more by scheduling a call with Thankz.