One of the primary reasons companies expand overseas is to hire globally. Access to new talent in foreign markets opens up opportunities for unmatched growth. Though it’s a driver of international expansion, international employment is also one of the most difficult functions to manage.
Staying compliant in global markets is complicated, especially concerning employment. Despite concerns, there are plenty of ways to hire compliantly overseas. When you do, you’re well on your way to building a powerhouse team that will help you tap into new customer groups.
First Step to Hire Globally – Attracting Talent
As you know, building a team starts with an effective recruiting strategy. Before you reach out to talent, develop a plan that clearly identifies the scope of your opportunities including:
- Job Description
- Salary
- Benefits
- Core Competencies
- Education Requirements
Being upfront and transparent about your requirements helps you attract the best talent from day one.
Next, you’ll promote your job openings. You can rely on recruiting agencies in your new market to find potential candidates. Another highly effective recruiting method is working with an in-country partner that has access to contacts, first-hand. We highly recommend the second option because you’ll have a dedicated team member that’s helping you build a foreign team.
To hire your partner, use an Employer of Record solution, also known as International PEO. This service allows employers to hire globally without worrying about compliance management. As an international employer, you manage the day-to-day operations of your team and an EoR takes care of the complicated regulatory requirements. It’s a great option to hire globally without running into legal issues.
As an international employer, you manage the day-to-day operations of your team and an EoR takes care of the complicated regulatory requirements. It’s a great option to hire globally without running into legal issues.
Second Step to Hire Globally: Culture is Key
When building an overseas team, you should keep a strong focus on culture both domestically and globally. Keep all team members connected by hosting regular team meetings and check-ins. Also, try to practice consistency by promoting similar values in every location.
Sure, cultural differences in your new markets will have an impact on working environments, but you shouldn’t get too far off track from your core values.
Third Step to Hire Globally: Keep it Simple
As mentioned, there are EoR services to help you hire globally without committing to hard assets. It’s definitely true that when entering a new market and building an international team, you’ll need a legal presence to manage proper taxation and withholdings. It’s important to know that you don’t need to establish a foreign subsidiary to hire team members.
A Global Employer of Record helps your company avoid costly and timely foreign subsidiaries in your new country while still creating a legal presence. An EOR keeps your company covered for liabilities and employee-based risks along with compliance requirements like taxation, social security, and benefits withholdings.
At Velocity Global, we specialize in E0R services. We want to help you understand how these can work for your team.
Contact us to get a complete breakdown of how an employer of record service can help you hire globally!
