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In an increasingly interconnected global economy, the recruitment of top-tier talent is no longer constrained by geographical boundaries. Many of the world’s largest corporations routinely leverage international labor markets to source both local and remote employees.
A truly worldwide business can benefit from globalizing nearly every facet of its operations, including HR, sales, marketing and development. Whether seeking a robust local talent pool for a new international subsidiary or a remote team for a global office, hiring globally opens a world of options: a larger, more diverse labor pool, combined with the efficiencies of remote work.
Professional employer organizations (PEOs) can prove valuable partners for overseas expansion, guiding companies every step of the way in bringing on the right talent to match growth needs, regardless of location.
And these days, that talent is coming nearly from every corner of the world. Based on conversations with our clients, there are three common crucial organizational functions that companies prioritize when sourcing globally.
Related: Recruiters Are Struggling To Meet Unprecedented Demand. Can Tapping Global Talent Be the Answer?
In a time when your competitors are modernizing their tech stack and investing in talent to support growth, hiring strategically is paramount to success. Sure, you can tap into the local talent pool at home, but you might be overlooking some of the world’s best techies elsewhere around the globe.
For instance, according to a HackerRank competition, China was found to have the most talented programmers around the globe. Chinese developers routinely excel at programming and data structures challenges and are prime candidates for companies on the lookout for the best tech talent.
Countries like Russia, Poland, Hungary, Czech Republic, Japan and Taiwan also featured in the top 10 according to their performance across several HackerRank challenges. Besides the top performers, Singapore, Hong Kong and South Korea can also be considered when scouting for top-tier international developers.
In addition to these countries, businesses are also tapping into technical talent hubs like India and the Philippines which are widely recognized for their IT talent, English-speaking population and high percentage of STEM graduates.
Another function that’s crucial to sound and bold leadership is middle and upper management. Both require capable, experienced people to lead the company’s strategy and tactics.
Project managers are also responsible for leading the technical team and ensuring projects get completed on time and within budget. According to a PMI Salary Survey, some of the highest median salaries for project managers are seen in Switzerland, Australia and the US, followed by countries like Germany, Netherlands, UAE, Qatar and the UK. Consequently, these are the countries offering the best of the best in terms of project management talent in the world.
Countries you can consider for hiring project managers more economically include Colombia, the Philippines, Mexico, Taiwan and China. According to the PMI Salary Survey, you can hire project managers from around $29,000 to $35,000 per year from these locations.
Related: 4 Tips for Hiring Employees No Matter Where They’re Located
Human resources team
The need for skilled and experienced HR professionals is snowballing, with employee well-being and engagement fast climbing the list of what employees value the most. If your business is expanding into an unfamiliar international market, this becomes even more essential as different cultures and workplace styles come into the picture.
Even if you aren’t expanding globally, retaining your employees will require a combination of HR expertise and innovative HR practices.
As the “Great Resignation” continues across the U.S. and Europe, these regions might not be the most suitable for hiring HR professionals. You can instead source from China, Malaysia, Singapore, Taiwan and Vietnam. With the majority of the world suffering from a retention crisis, HR professionals have their work cut out for them.
Hire globally and stay ahead of the competition
Businesses need to move fast to recruit leading talent around the world if they hope to stay competitive. With people around the world contemplating quitting their jobs, the labor market is buzzing and constantly evolving. A potent mix of rock-solid technical talent, experienced project managers and superior HR professionals is essential to both growing business at home and expanding globally.
If you’ve begun your hiring journey, you might want to focus on expanding your search outside your home country. Take stock of countries producing candidates excelling in a particular skill set and how they can work with your business needs. Asia Pacific and Latin America are currently emerging as hotspots for some of the world’s best technical and non-technical talent.
Hiring global talent is an exciting but tricky proposition. A variety of challenges — lack of knowledge of the local labor market and outdated information on local laws and regulations — can delay your expansion plans. Partners like INS Global can help you develop a strategic approach, find the right candidates regardless of location, onboard them to your company and streamline the process for you, end-to-end.
Related: 5 Things to Remember When Hiring International Employees