Five years ago, remote working was an exciting trend. One pandemic later, remote work is the order of business for the professional world’s vast environments.
Just because C-suites are finally embracing the value of remote work doesn’t mean they’re implementing it well. In fact, many leaders are trying to reverse course and return to a hybrid or full-time physical work experience.
Those who want to stay on the bleeding edge should find ways to increase (rather than decrease) remote work experience. One of those ways is by expanding beyond traditional talent pools and recruiting from around the world.
Here are a few reasons why there’s never been a better time to build a global workforce.
1. You don’t need to worry about compliance and salary
Before highlighting the real benefits, let’s start by demystifying the old remote work boogeyman (especially when it comes to international workers). For many, the complexities and headaches that come with running a company across national borders are too much to consider. Compliance, payroll and even small things like time zones and fair benefits are difficult to reconcile with a global workforce.
However, technology has made this fear unfounded. There are countless tools that automate and streamline the administrative micro-tasks that come with hiring around the world. These third-party tools allow employers to affordably take advantage of the rest of the benefits on this list without opening Pandora’s Box in the process.
2. You gain access to a larger, more affordable talent pool
The pandemic has put a huge strain on many companies’ ability to secure talent. The mass resignations that followed worsened the situation. Heading into 2023, the unemployment rate remains as low as 3.5 percent. Suffice it to say, talent is at a premium.
Companies willing to look abroad for new hires open up a much larger talent pool. Hiring globally means you can expect more qualified candidates with adequate training and experience. In addition, for many industries, hiring outside of traditional talent centers (for example, hiring a tech company in Silicon Valley) can significantly reduce the cost of each hire without reducing the cost of the employee’s compensation package.
3. You can release multi-dimensional growth.
A willingness to grow your workforce with remote workers around the world can usher in growth in many areas of business activity. Internally, the ability to quickly find qualified employees to fill skill gaps or scale your workforce is invaluable. Global employment platform Oyster, for example, reports facilitating 30% annual growth for 37% of its clients.
But the growth is not limited to hiring. A global workforce often provides connections and insights into new markets. This provides opportunities for growth in unexpected directions when a company scales its operations.
4. You foster a truly diverse and dynamic workforce
Global workforces are not unique due to geographic location. When you hire across national borders, you introduce different cultures, beliefs and personal experiences into your workforce. This has many powerful benefits (see the next section for more), but it also helps you achieve a common goal for many modern businesses: diversity, equity and inclusion.
When you’re willing to move outside of your own uniform, geographically-limited comfort zone to achieve your professional goals, you’ll organically attract more diverse individuals. This is one solution for many companies struggling to diversify their workforce and become more equitable. However, the benefits of global workforce expansion go beyond quotas and DEI initiatives.
5. You will be more creative, flexible and productive
Scaling up your workforce through international recruitment can lead to several key benefits. The open source workplace identifies three of these as flexibility, innovation and productivity. The remote work online community adds that bringing together people with different backgrounds, points of view, skill sets and perspectives can change how a workplace works.
A global workforce can approach opportunities at a unique level of creativity. You can quickly overcome issues by bringing multiple perspectives to the search for a solution. Creating an inclusive work environment can help build trust and engagement in your workforce, leading to a willingness to adapt and be flexible as you all work together.
A new career is coming. The global workforce is officially open for business. Thanks to the capabilities of modern technology, it is available, accessible and affordable. The only thing left is for leaders to realize the broad benefits that a global workforce can provide. When they’re able to do that, it allows them to leverage not only remote work, but leverage… and in many cases, seize the opportunity before their competitors beat them to the punch.
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