Today’s global business environment allows for more organizations to explore opportunities outside of their borders and look into global expansion. However, going global is not as straight-forward as just sending employees to new countries. Businesses that succeed in today’s highly competitive marketplace are those that effectively execute a strategy for deploying an international workforce. As more companies consider going global, it is important to understand the benefits of international hiring and the strategies that help companies successfully go global.
International Hiring 101: Business Benefits
When going global, many companies take advantage of the benefits they get when they hire internationally. From the ability to add diversity to their team to gaining in-country knowledge, there are many ways companies can benefit from utilizing the global workforce, including:
Increased Talent Pool
International hiring allows companies to tap into an expanded talent pool of highly motivated, dedicated, and hard-working employees in regions around the globe. Additionally, tapping into the local talent pool allows companies to diversify and strengthen their team and gain new perspectives and fresh ideas.
Maintaining a competitive edge without a talented workforce is like going to a battlefield unarmed: the company has a plan in place but doesn’t have what it takes to win. Competing in today’s cut-throat global marketplace becomes much easier if a company can leverage the knowledge and understanding they get from a diverse team.
Each country and market has its own legal and cultural expectations. By hiring local nationals as opposed to sending foreign nationals into a new market, companies get the advantage of using local knowledge, experience, and understanding to help them make a lasting, positive impact in their new market.
International Hiring 101: Successful Strategies
To successfully hire internationally, companies need to ensure they are approaching this practice with a comprehensive plan in place. Whether international hiring is a necessity or if a company is simply seeking to discover new growth opportunities beyond the boundaries of their home country, having a strong global hiring strategy can help a business create and sustain a strong, talented team.
Understand Local Labor Requirements
While developing an international hiring strategy, it is important for organizations to pay attention to country-specific legal requirements and regulations. With different labor laws present in each country, companies must understand all requirements surrounding hiring, payroll, benefits, withholdings, terminations, time off, and more in order to stay compliant. As one of the biggest challenges companies face when going global, maintaining compliance needs to be top of mind for international hiring.
Work with Local Experts
When entering new markets, companies can benefit from the experience of others to help them navigate the legal and culture provisions in place. By partnering with local experts, companies get the advantage of a team that knows what it takes to succeed and stay compliant in a given market.
Make a Long-Term Employee Retention Plan
Onboarding employees is just half the battle. The big challenge comes when trying to retain that talent, which is especially difficult with foreign employees. Organizations need to develop a plan to keep international employees engaged and happy to ensure they continue to contribute to the company’s goals. This can be done through constant communication between all team members and empowering global employees to contribute to the overall vision for the company.
International hiring is a key component of global expansion. Whether companies are bringing foreign nationals into a new market or hiring local talent, it is important to develop a plan that incorporates best practices and uses a strategic approach. This will help companies stay compliant as they discover their growth potential overseas.
Reach out to Velocity Global today to see how our team of experts can put our innovative solutions to work for your company in over 185 countries.