Article: Talent shortage struggles? Here's where and how to hire international talent

Recruitment

Talent shortage struggles? Here's where and how to hire international talent

It’s not surprising that international expansion is on the upswing. But where can the best talent be found?
Talent shortage struggles? Here's where and how to hire international talent
Companies are more eager to hire today than they have been in the last two decades, but as many as a third of businesses are saying they can’t find workers to fill empty positions. The worker shortage – fueled by retiring workers and demands for more flexible work schedules – spans most industries, including positions ranging from the blue-collar to the C-suite, and is expected to last well into 2022 as many employees are reconsidering their priorities in work arrangements. 
 
The number of open jobs in America, for example, stands at more than 10 million, a situation the US Chamber of Commerce calls the “single most significant threat to America’s economic recovery.”
 
As aging workers retire, younger workers are simply leaving their jobs, likely confident that they will be able to find a new one when they need it. The pandemic, and the “work-from-anywhere” trend that it brought, has opened up workers’ minds to new possibilities and flexibility that would have been impossible in the past.
 
Businesses should remember that it is not just employees who can explore the new-found flexibility of today’s workplace. To retain and attract top-tier talent, HR leaders must get creative in their hiring approach. One way to do this is by hiring workers overseas, whether that means opening a new office or simply hiring employees and teams across international borders.
 
Fishing for talent far outside the local pool offers a number of distinct benefits, including developing new revenue streams, targeting new audiences and global customers, increasing workplace diversity, benefitting from powerful government incentives and having a competitive edge over business rivals.
 
It’s not surprising that international expansion is on the upswing. So with this in mind, where can the best talent be found?
 

The UK and Europe

Brexit has been an ongoing complication to the business landscape. But for the time being, the UK and Europe are still great places to operate. New regulations are expected to address questions about corporate mobility between the UK and the EU, and other clarifications should make the road even smoother in the future.
 
Ireland has a low corporate tax rate and skilled workforce, and it has been growing in popularity as a destination for multinational businesses, such as Google, Microsoft and Facebook. Its recent popularity has also created significant improvements to the corporate immigration system. 
 
The Netherlands has long had a business-friendly approach that eases international trade. As part of the EU, the country has connections and support that simplify the process of setting up a business. It has become a more attractive destination as Brexit has complicated matters in Britain. As a strategic gateway to European markets, The Netherlands is regarded by many business leaders as an excellent location to operate from.
 
Multinational companies favor Sweden as an ideal landing spot for expansion due to a booming economy and lightening government regulation. Although Europe has some unique challenges, employment authorisation for foreign nationals is still relatively quick and easy. Denmark is another great option, as it has business-friendly policies and a highly skilled workforce.
 

Asia

Asia boasts enormous markets for goods and services created by American companies, but several regions have an abundance of talent that make them an even more attractive place to do business.
 
Singapore, for example, has cultivated a great technology talent pool as it has grown from being among the region’s poorest countries to one of the wealthiest. The country has a thriving biotech start-up scene. There is a deep bench of life sciences talent in Singapore, and salary ranges are not as high there as they are in the US.
 
Hong Kong has a thriving financial sector, and American business leaders are increasingly looking to the city as a source of top finance talent.
 

How to Expand

More than just deciding where to expand or hire workers, business leaders also need to consider how it should be done. On important decisions like how best to expand overseas, companies that want to set the stage for success seek out knowledgeable and experienced partners. Professional Employer Organisations (PEO), also known as Employers of Record, already have a presence in overseas locations and can partner with a US-based company to handle hiring, benefits administration, payroll, compliance and other functions in local jurisdictions. Some PEOs have already staked out a presence in more than 100 countries, including many with thriving talent pools. 
 
There are also new technologies that were designed to help with international expansion, including second-tier HR software systems that can simplify onboarding, benefits and other complex issues. 
 
The worker shortage shows no signs of letting up in the US, so it will become increasingly important to find international talent. While hiring overseas brings a lot of benefits, it is imperative for companies to ensure they are set-up for success with the correct tools and partners before deciding to go global. It will be up to company leaders to make the decision on where to find talent, exactly how to expand and what kind of partner can be leveraged to maximise success.  
 
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Topics: Recruitment, Talent Acquisition, Talent Management

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