A new trend known as Executive International Outsourcing is here, and we’re going to help your business understand the practice. Also, it may be the best option for your growing firm. As you know, hiring a C-level executive is not only costly but requires trust and experience. When you’re a small to mid-size firm, you may not have the capital to onboard the type of talent you need to make an impactful mark in your target country.
Executive International Outsourcing is a method of outsourcing talent versus processes. For instance, instead of outsourcing traditional processes like HR and payroll, firms outsource the role of CMO, CFO, CTO, etc. Let’s explore this concept in further detail.
Why Should your Company Use Executive International Outsourcing?
Since this is a relatively new method of outsourcing, it’s normal to be wary of its benefits. After some research, we found that it’s working for many mid-level firms. Executive International Outsourcing helps with growth, strategy and reputation building. It’s also a way to minimize costs during the beginning of your global expansion.
Unlike a full-time employee, an outsourced executive works with a firm on a part-time basis and commutes to key meetings when necessary. Kent Huffman, a fractional CMO at Chief Outsiders, explained the benefits of this type of outsourcing in an interview with Forbes. Kent said that outsourced executives, specifically CMOs, can assist firms in areas including:
“functioning as a full-time interim executive during the search for a permanent CMO, advising the CEO on marketing related issues and opportunities, managing strategic marketing initiatives, conducting strategy workshops, coaching/mentoring lower-level marketing staffers, and conducting marketing audits.”
Other benefits of Executive International Outsourcing include:
- Reduced delays
- Recruitment cost savings
- No long-term commitments
- Greater flexibility
How Can your Company Find Quality Candidates Overseas?
As this trend starts to catch wings, the number of qualified executives looking for this type of outsourced work will increase. LinkedIn can be used to find candidates willing to work on a part-time, consulting basis in international markets. Your firm can also reach out to colleagues or keep an eye on business publications to research executives currently in the job market to approach these candidates about your outsourced opportunity.
Similar to using BPO and independent contractors, you will need to vet the candidates properly and create substantial agreements to protect your valuable data and resources in this new business partnership. You may want to consider using an international PEO as your employer of record to allow for contract enforceability.
When is it Time to Onboard a Permanent Executive?
You and your business partners will know when you need to pull the trigger and hire a permanent executive for roles like CTO or CMO. We urge you to use your outsourced executive’s resources to discover the best candidate. You should tap into their extensive contact list and have them help you find the best person.
If your firm is growing at a rapid rate, you may need to have a full-time, dedicated individual to fill the executive role and help build out your company’s strategy to achieve further accomplishments.