Before the days of computers and remote work, companies were largely reliant on the local job market for good candidates. Times have changed, though, and the same borders that exist between cities, states, and countries no longer apply to the business world. Adopting a global hiring strategy is becoming more common, thanks to a wide range of benefits that level the playing field and keep you moving forward.
Here’s how a global hiring strategy can help you grow your business:
1. Gain Access to Top-Tier Candidates
Searching for candidates with specific skill sets isn’t always feasible at the local level. You can cast a wider net when you search for overseas candidates.
Offshore employees bring a high level of expertise to your projects, despite not living in the same country. What’s more, they may be able to bring a unique perspective on those skills because of their experiences working in a different country.
2. Reduce Payroll and Overhead Costs
The cost of living in the United States isn’t the world’s highest, but it’s also far from being the lowest. When you hire locally, you’re hiring based on local market rates. But working with candidates in another country could give you a break on payroll and overhead costs without sacrificing the level of skill and expertise.
Not all countries have the high cost of living as the U.S. Countries like the Philippines, for example, have a much lower cost of living. This allows candidates to accept lower salaries and still maintain a high quality of life.
What’s more, you’re not having to take on extra overhead costs that come with having on-site employees. Things like benefits, employment taxes, workspace, and equipment add up quickly and eat into your bottom line. By reducing overhead and payroll costs, you’ll have more money to reinvest in your company.
3. Strengthen Your DE&I Strategy
A global talent pool not only diversifies the workforce on paper, but also brings in new ideas and perspectives that can influence the company’s overall success.
By bringing in global workers, companies can create more efficient teams with people who are experts in their respective fields. Additionally, these employees often come from different backgrounds, cultures, and educational systems, which adds unique insights and talents that contribute to the overall success of the business.
4. Reduce Job Vacancies
The longer a position remains unfilled, the greater the impact on your productivity and profits. Filling positions quickly allow you to reduce any loss in production and stay competitive in your industry. Expanding your talent pool internationally gives you more candidates to consider, helping you to fill positions as needed.
How to Start Building Your Global Hiring Strategy
If the work can be done remotely and your candidate is willing to work the hours you specify (even across time zones), there’s plenty of incentive to hire outside of your local market. For help finding top talent beyond borders, schedule a call with a Thankz expert.