The term 'remote work' may evoke images of sweatpants, zoom hangouts, and a cheeky afternoon nap for some, but more importantly, the widespread acceptance of remote work has contributed to in a new era of international recruitment. Deel's 2021 State of Global Hiring Report showed a huge spike in overseas hiring—over 200% from regions like Latin America and Asia Pacific.
With the need to tackle skill shortages in a competitive market for talent, there are many reasons why you should be hiring international employees, but how can you compete?
To have an effective global talent acquisition process, you'll need to stand out from your competition. Here are our tips to help you catch the eyes of top global talent:
As an employer, it's important to consider the candidate's experience throughout the hiring process since the way your candidates are treated can impact how they view your organization and how likely they will be to refer others to work with you.
We've seen that the experience candidates have with their hiring managers and HR representatives makes a big difference in their overall feelings about the job and whether they'll accept an offer. Try to keep these three things in mind to optimize your candidate experience:
One of the best ways to recruit top talent from abroad is to make sure you offer them more than just the job. Companies that do this to attract and retain foreign talent include perks such as:
Throwing in extras that contribute to a candidate's career progression and work-life balance is an excellent way to stand out in the crowd of other companies vying for the same talent.
As well as offering perks and benefits, ensure that you are communicating the ways of working and cultural norms they can expect if they sign on. Letting applicants know up-front about communication styles and frequency allows them to easily determine if they are a fit for the culture and ways of working the role offers. Your international outreach will be miles ahead if you can easily demonstrate how your company empowers their remote workers.
Deel outlines some of the ways you can navigate a globally distributed team, including implementing a strong feedback culture, embracing trust and empathy, and fostering intentional connections amongst team members and leaders.
When you're looking to hire foreign talent, you'll want to consider offering stock options as an employee benefit. These arrangements allow you to attract talent from all over the world, no matter how much money your competitors are offering them.
When employees are given stock options, they are given a share of ownership in the company. Hence, you can attract foreign talent by offering them a combination of salary and equity. This means they're motivated to see the company succeed, as their shares could go up in value exponentially. This incentive will help them stay motivated and focused on the bigger picture. Offering stock options affords a raft of benefits, including:
Offering option plans is a win-win for yourself and your employees - your business will inevitably grow, and you'll attract more talent. To keep up with the increasing demand, look to farther regions of the world to take advantage of foreign talent pools. Don't overlook hiring locally, but if you're pressed with time to fill a need urgently, or can't find qualified local candidates, give hiring from abroad a try.
Cake can help you manage your international 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!
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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.