The current global economy has prompted companies to explore new ways to access diverse talent pools and expand into new markets.
One way to achieve this is by hiring employees from other countries.
Not hiring the right talent can be a costly mistake, so it’s essential to understand the different regulations and requirements for hiring globally.
I’ve been through the entire process of hiring global talent, and I’m here to tell you that it can be both exciting and rewarding.
This guide will take you through every step of the process, from finding the right global candidate to meeting all necessary legal requirements.
What is Global Talent?
Global talent refers to the highly-skilled professionals, artists, and athletes who come from foreign countries.
These individuals possess unique abilities, knowledge, and experience beyond what any local population can offer.
Global talent is valuable to any organization looking to expand its services or products into international markets.
Global talent helps to do the following:
- Bridge the gap between different cultures
- Connect people of different backgrounds
- Add value to the organizations they work with
By having global talent in their ranks, an organization can tap into a wide range of resources and experiences that may otherwise be inaccessible or difficult to find locally.
Benefits of Global Talent
Hiring international employees can offer many benefits to a company, from acquiring talent otherwise unavailable in the host country to providing access to new markets.
Overseas employees can provide a valuable perspective on local trends and help companies stay ahead of the competition.
Having local employees can help companies respond more quickly to changes in the marketplace, as they can quickly deploy resources to different regions as needed.
Hiring global talent also provides the following benefits:
- Increased employee retention
- Improved cultural diversity and awareness
- Enhances company reputation
- Access to global markets
Larger Talent Pool
By tapping into the larger global talent pool, companies can identify and attract the best and brightest professionals from around the world.
Hiring globally also allows for greater flexibility in terms of salary and working hours.
This is especially beneficial for employers in countries with high labor costs or those looking to hire specialists with highly-specialized skills.
More Hiring Options
When hiring globally, employers have more options in terms of the roles they can fill.
They can hire employees on a temporary or permanent basis, meaning they don’t have to commit to long-term contracts or worry about costly relocation costs.
Employers also have greater freedom in terms of what type of positions they can fill and can access talent that would otherwise be inaccessible.
Drawbacks of Global Talent
While hiring employees from other countries can be an excellent opportunity for companies to grow and innovate, there are also risks to consider.
The challenge of managing a remote team effectively is not always easy. It almost always requires some kind of additional resources and support.
It’s essential for companies to carefully weigh the benefits and risks before deciding to hire employees abroad.
When hiring international employees, employers must also ensure clear lines of communication between all parties.
This can be a challenge if the company has employees who speak different languages or come from different cultures.
Companies should ensure that they have processes in place to ensure everyone is on the same page.
In addition, employers should also provide adequate training and support to ensure that their international employees are comfortable and familiar with the company’s processes.
One of the most significant challenges of hiring employees abroad is the overall financial cost. This includes salary, benefits, and taxes, which can vary widely between countries.
Obviously, the cost of living in one country may be much higher than in another, meaning that employees in the higher-cost region may require a higher salary to maintain their standard of living.
Mandatory benefits such as healthcare and retirement savings are structured differently in every country, which adds up to the layers of complexity in hiring overseas.
Every country has its own laws and regulations regarding employment, and companies must comply with them to avoid fines and legal liability.
Companies hiring overseas will need to pay the employee’s salary (base + variables) plus an additional % for the employer’s salary taxes which make up what is known as the real employee costs.
One of these risks is the potential for language barriers, which can cause miscommunication and lead to mistakes in the workplace.
It’s possible to manage language barriers if companies provide employees with the support and resources they need to learn the company’s primary language.
In addition, companies can invest in translation services or tools to facilitate communication between international teams.
Where to Find Global Talent
There are several strategies that companies can use to reduce the real costs of hiring employees abroad.
These include the following:
- Use a local recruitment agency
- Upwork & Fiverr
- Post a job on Indeed
- Use a global workforce platform like Lundi
Use a Local Recruitment Agency
One of the most effective is using local recruitment agencies or headhunters, who can help companies find qualified candidates familiar with local customs and languages.
This can save time and money compared to recruiting candidates from scratch.
Upwork & Fiverr
Upwork and Fiverr are two popular freelance platforms employers can use to find talent worldwide.
The platform allows companies to post job openings and then select from a pool of talented freelancers willing to work remotely for shorter periods.
Post a Job on Indeed
Indeed is a popular job search website that allows employers to post jobs and search for qualified candidates worldwide.
Use a Global Workforce Platform like Lundi
Lundi is an innovative global workforce platform designed to help employers find, manage, and retain remote workers worldwide.
The platform provides businesses with access to an extensive network of pre-vetted professionals and tools, and resources to help manage their international teams.
Offer Remote Work
Offering remote work options is another strategy for hiring.
This can allow companies to tap into talent pools in different countries without incurring the costs of relocating employees.
It can also be a way to test the waters in a new market before committing to a full-time hire there.
How to Hire Global Talent
Companies need to have a well-defined hiring process that considers international laws and regulations to effectively hire talent from around the world.
Here are some tips on how to hire global talent:
- Create a clear job description
- Heavily screen candidates
- Give them “homework”
- Hire them on for a trial
- Do a thorough background check
- Use an easy onboarding software (Trainual)
Create a Clear Job Description
Having a clear job description is an essential first step in the hiring process.
It should include information on the following:
- Desired experience
- Special project requirements
- Skills and qualifications of the ideal candidate
Heavily Screen Candidates
Before hiring, companies should conduct interviews to ensure the candidate is a good fit for the role.
They should also ask questions to evaluate their cultural and language skills.
Give Them “Homework”
One of the best ways to screen international candidates is to give them an assignment or test related to the job before hiring them full-time.
Hire Them On for a Trial
Before committing to a full-time hire, companies should consider offering short-term contracts or trial periods to better assess how the employee will fit into the company’s culture and team dynamic.
Do a Thorough Background Check
Companies should conduct thorough background checks on potential employees before making an offer.
This can help ensure that they are qualified and trustworthy.
Use an Easy Onboarding Software (Trainual)
Finally, companies should use easy onboarding software like Trainual to make sure that their new hires have all the information they need to hit the ground running.
Onboarding software can also help ensure new employees understand company policies, procedures, and expectations.
Companies can save time and money by using these strategies while hiring global talent. Hiring globally is not only beneficial for employers, but it can open up a wealth of opportunities for talented individuals around the world.
As companies aim to expand their talent pool and explore new markets, hiring employees from different countries has become popular.
However, this can come with high financial costs, legal requirements, and cultural differences that companies must navigate.
Despite the challenges, hiring employees abroad can lead to increased flexibility and agility, a more diverse workforce, and a competitive edge in the global economy.
By taking a proactive approach, companies can develop a streamlined process for hiring global talent that is both efficient and cost-effective.
Do you have any questions? Let us know in the comments below!