Employing Global Talent Will Soon Be Vital for a Company’s Survival
Multiplier is a Business Reporter client.
If a slew of recent surveys is to be believed, the changes to work brought about by the pandemic are here to stay.
In the US and Canada, a quarter of all jobs will be remote by the end of this year, a proportion that is expected to gradually increase as time goes on. Additionally, the so-called Great Resignation, when UK workers quit their jobs in 2021 at a historically high rate, affecting some 85% of businesses, has prompted a majority of UK companies to prioritize employee retention over the traditional centerpiece of planning growth and expansion.
Meanwhile, the decline in available talent in multiple job markets—a trend already in motion in the US and UK before the pandemic—has accelerated. This has further shifted the balance of power from employer to employee, and advocates of a four-day workweek are claiming that the new frontier for talent competition is quality of life.
The talent crunch has sent employers scrambling to design competitive employment packages to lure the best available candidates. That means agreeing to more flexible working arrangements, higher salaries—especially given widespread concerns about the effects of rising inflation—and more attractive bonuses. It also means conceding to growing employee demands for more environmentally and socially responsible business practices.
Job markets in many advanced economies are now candidates’ markets. And unless employers start to expand their horizons, they run the very real risk of being outflanked by competitors that are exploring new markets—not at home, but overseas.
A world beyond local markets
Many of the changes brought about by the pandemic have disrupted traditional working patterns, but they also have created a raft of new opportunities for businesses willing and able to be flexible and to see beyond local talent.
If the sudden shift to remote working across the globe in March 2020 showed us anything, it’s that the location of talent shouldn’t be a barrier to hiring. Looking at employment from a global angle negates the need to focus hiring strategies on domestic markets that no longer have readily available labor.
Instead, businesses can explore new frontiers in recruitment, with the knowledge that not only is technology in place to enable efficient and effective remote working, but that experts can help make the process of hiring global talent fast and efficient.
Removing geographic barriers to hiring
Multiplier operates an all-in-one international employment platform that makes it easy for businesses to hire beyond domestic boundaries. For instance, it enables an employer in Canada to effortlessly onboard, pay and manage a new employee thousands of miles away in the Philippines.
Not only that, but Multiplier arranges the employee’s benefits, taxes, insurance and social contributions in accordance with their local laws and expectations. This understanding of the local terrain is vital if an employer wants to remain competitive when hiring in a country in which it doesn’t have a footprint. There might be, for instance, a tradition of employees’ families being factored into the health insurance package provided by a company—and local research done by Multiplier ensures that such issues are recognized and realized in any global hiring strategy.
While even candidates in less advanced economies will likely have job options to choose from, a faraway company that ensures that their expectations are met while removing any potential administrative burden will have a competitive edge.
Growing the talent pool
HR professionals have reported that the search for talent is taking up increasing amounts of their day. This partly reflects the state of domestic job markets in the US and UK—but companies are still wasting precious time focusing their efforts on finding local hires.
The multiple benefits brought by global talent solutions such as those provided by Multiplier reduce the workload of a company seeking new hires, allowing people tasked with searching out new talent to focus on the employee support and attractive working environment that sustain a workforce. This approach also enables companies to hire in countries where salary expectations are lower, allowing them to develop a more sustainable long-term growth strategy.
The proof is in Multiplier’s record. For example, some 80% of its clients have been able to successfully build global engineering teams primarily from India, Serbia, Vietnam and Brazil, and to scale quickly; if these companies had focused on hiring within their own countries, this simply would not have been possible. One client, an SME in Australia, was able to build a 100-member team of employees solely from the Philippines.
Multiplier has also provided solutions to enterprise clients seeking help with contracting or managing their contingent workforce. Its solutions can be widely applied, and it has helped clients across oil and gas, renewables, technology and engineering, and some of the top 10 auditing firms, access a wide variety of talent.
By looking beyond the local market for candidates and outsourcing the compliance aspects of hiring to a global employment partner, companies can vastly increase their talent pool and remove several administrative burdens—and, in the process, refocus on sustainable growth.
Hiring globally has long been an option for companies seeking growth. In a post-pandemic world, however, it is now arguably necessary for survival. Having experts on hand to enable the acquisition and management of new employees ensures that expansion is driven by skills and talent, and not constrained by borders.
For more information please visit usemultiplier.com.
This article originally appeared in Business Reporter.
Image: iStock id1307086459
