It's no secret that we are living in a globalised world, and it makes sense that startups are increasingly looking into international hiring of employees to fill roles. It's crucial for today's businesses to adopt diversity, creativity, and innovation as a strategic medium of growth and expansion. Combine rampant globalisation with a competitive market for talent acquisition, sprinkle in the uptake of remote work and you've got the recipe for why we're seeing the shift to hiring internationally. Deel's 2021 State of Hiring Report showed a 200%+ rise in international hiring in every major region around the world.
We've rounded up a few of the benefits of hiring and working with an international workforce:
Remote work is the new normal
It is no secret that Covid-19 led to the rapid rise of remote workers across the globe. Amid the need to contain the spread of the virus, many organizations increasingly allowed their employees to work remotely. And that has not changed even post-Covid.
Recent stats show that 74% of professionals believe that remote work will become the standard, an opinion that 76% of entrepreneurs share. Also, 16% of companies in the world are fully remote today.
Today's workers want flexibility. They want the option of working from home one day a week or being able to work from anywhere in the world. In short, remote and hybrid work models are here to stay, so you should ensure your company embraces them by hiring and working with international workers.
Access the best in a massive pool of talent
Looking beyond your immediate geographic location can help you widen your talent net and find the best person for the job, regardless of where they're from. While it may sound difficult and complex, it's actually as simple as opening your mind and considering new sources of talent that you might not have previously considered. Opening your job posting up to those in neighboring or even faraway countries unlocks access to a much wider talent pool. Going global with your workforce gives you unlimited access to talent that can help you to scale your business.
Tackling skill shortages
From a pure business perspective, there's an argument for hiring global or foreign employees when you've got a skill shortage. This is one of the most common reasons organizations have for going abroad in search of talent.
With the need for skilled workers growing faster than the supply, companies have increasingly looked to foreign talent to bridge their skill gaps.
Build a global brand
It's no secret that a strong global brand reputation is crucial for any company's growth, but the path to success isn't a linear one. Bringing in the right foreign talent can help your company succeed both at home and abroad. When you hire globally, for example, it shows that you're open to new ideas and perspectives—ideals that are increasingly important to today's consumers.
Your decision to hire and work with foreign nationals could open your doors to new markets in foreign countries. The opportunity for business expansion is a major reason businesses opt to hire international workers.
Gain a competitive advantage
If you don't let geographical boundaries limit your efforts to employ the best talents, you'll be a step ahead of your competition. Many countries worldwide have utilized the opportunity to hire a skilled global workforce to their advantage. It's not a secret element that every country has certain fields in which they're more adept than others.
Not to mention, every country has different labor laws and business regulations. For instance, some countries provide tax benefits or exemptions to encourage and attract foreign investments. Hiring and working with international employees enables you to enjoy such benefits.
Additionally, bringing in talent from the far reaches of the globe exposes your business to a new culture, bringing along connections and ideas that you may have not considered. So, in short, the more diverse your workforce gets, the more competitive you become.
If you're ready to start hiring foreign talent, you'll want to consider offering stock options as an employee benefit.
Cake can help you manage your Employee Stock Option Plan (ESOP). It's designed to ensure creating and managing an ESOP is easy and efficient.
Without Cake, setting up employee options in multiple countries is a hugely complex, manual process involving a network of lawyers and valuers and sourcing complex legal, tax, reporting and compliance variables.
No matter where you're based or where your employees or contractors are, manage it all in one place. Cake works in the major hubs of the US, UK and Singapore, plus more than 30 of the top startup countries. Book a demo today!
Looking for more? Check out our blog for more insightful startup hacks, tips, and tricks.
This blog is designed and intended to provide general information in summary form on general topics. The material may not apply to all jurisdictions. The contents do not constitute legal, financial or tax advice. The contents is not intended to be a substitute for such advice and should not be relied upon as such. If you would like to chat with a lawyer, please get in touch and we can introduce you to one of our very friendly legal partners.