Great things never happen without change. As the world continues to shift, so have the needs of companies and employees. Remote work has enabled people to work for companies from all over the world. In parallel, companies now have access to a vast international talent pool. Although remote working is beneficial for both employees and employers, it is critical for companies and startups to design a game plan if they aspire to become a strong contender in the global hiring game. Failing to do so can lead you straight to the dugout.
Why do companies need to step up and build a global team?
The competition for top talent is getting fiercer by the day. The demand for skilled professionals is skyrocketing thanks to what is being called the “entrepreneurial boom” — startups and new businesses launched in record numbers last year. In order to take advantage of these new market and growth opportunities, companies can no longer limit recruiting and hiring to one single location. Specialized talent will not always be confined within one city. Employers that fully embrace remote work and hire abroad in emerging talent hubs can stay ahead of the game.
Advantages of having a global team
Hiring international employees benefits companies in many ways. Here are five main advantages of having a global team:
1- Maximize value
The current global economic and political situation is affecting companies’ finances worldwide. However, the increasing demand for remote working arrangements can be a profitable opportunity for companies with global aspirations. Tapping into emerging talent hubs is a cost-effective way to build a global remote team. With the help of a global employment platform, companies can hire, manage, and pay employees compliantly without the hassle — or hefty investment — of setting up a local office or subsidiary.
2- Access new markets
Companies can gain access to untapped markets and introduce their service or product to new audiences by building a global team. Having local talent in different countries provides valuable insight. Understanding each culture and consumer needs requires in-country expertise and skill sets that local talent can provide.
3- Increase productivity
By hiring an international workforce and bringing multiple time zones together, your company could be running 24/7. This increases productivity while also solidifying your brand among international customers or consumers. Dispersed teams also help avoid delays and slow turnaround.
4- Improve employer brand
Having employees in local markets leads to an increased global presence, which is key to a better corporate reputation. Those who hire abroad and have a strong, proactive multinational team are frequently considered to be easier to work with, more sensitive, and socially responsible. This boosts their employer brand, making it easier to attract and retain top talent worldwide.
5- Nurture workplace culture
A diverse global workforce contributes to a richer and more fulfilling workplace culture. Diverse teams share different perspectives and ideas — this increases team morale and enhances the employee experience.
Global hiring doesn’t have to be difficult
There are still a few misconceptions that are holding companies back from hiring internationally. Many employers believe that it’s expensive, time consuming, and risky. Entering a new market without the appropriate infrastructure or in-country expertise may spark legal consequences, but there are many solutions designed to ease the process. Global employment platforms, such as Globalization Partners, can help companies build international teams by streamlining recruiting, hiring, onboarding, and HR complexities.
To learn more about Globalization Partners, contact their team.