Mar 04 2022
“Global hiring is a solution to the US war for talent. In the past, high costs & complex legal issues restricted international hiring to a handful of companies but advances in fintech & remote work give access to the global talent pool.”
The Great (American) Resignation is no joke: 4.4 million people in the US quit their jobs in September. 4.2 in October. 4.5 in November. US employers currently struggle with 11 million unfilled jobs, high employee turnover, and discerning candidates.
Meanwhile, hiring outside the US is skyrocketing. Deel’s latest survey shows that hiring from Latin America grew 286% between July and December 2021. In other regions, the numbers are nearly as impressive: 250% more hires out of Europe, the Middle East, and Africa, 227% in Asia Pacific, and 208% in North America.
International hiring is a solution to the US war for talent. In the past, high costs and complex legal issues restricted international hiring to a handful of companies in select industries. But advances in fintech and employment services–plus the normalization of remote work–give all companies unprecedented access to the global talent pool:
EORs like Deel handle legal compliance for a more affordable, less risky way to hire globally.
Access to the global talent pool. Talented, passionate people live all around the world. Legal borders and on-premise work no longer limit your search for the perfect candidate.
No sponsorship and tax issues from immigration. Remote work lets people work from their homes and eliminates the complicated paperwork and visas that come with employee relocation.
Reduced costs on real estate. Embracing virtual work means reduced rent, utilities, and equipment costs. A company that allows its employees to work at least half of the time remotely can save up to $11,000 annually per employee.
Genuine, worldwide diversity. Companies that nurture diversity are more profitable than those that aren’t diverse. Bringing together talent from all over the world means fresh perspectives and a wide range of skills. It also helps you serve a more diverse customer base and break into foreign markets, languages, and time zones.
Offer location-independent salaries. Hiring from countries where living costs are lower than average may be affordable for your company, but it can verge into exploitation. Salaries determined by position and seniority (rather than location) attract top performers, not just low earners.
Put together a healthy benefits and perks package. Employee compensation is much more than the salary. Perks like flexible working hours, wellness budgets, and a work-from-home stipend go a long way to attract and hang onto employees worldwide.
Focus on people management and company culture. Remote and distributed teams require just as much care as in-office teams. Prioritize developing a culture of praise, trust, and transparency, or the great talent you discover won’t stay around for long.
Deel’s mission is to make global hiring easy. People should be able to work from anywhere, and companies should be able to hire talent anywhere around the globe–effortlessly, cost-effectively, and without worrying about compliance.
Our clients use Deel to focus on growth:
Ready to hire top talent outside your country? Deel unlocks a world of possibilities.References:
1. 4.4 million people in the US quit their jobs in September. Source: The Washington Posthttps://www.washingtonpost.com/business/2021/11/12/job-quit-september-openings/
2. Record 4.5 Million Workers Quit in November. Source: SHRMhttps://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/record-millions-workers-quit-2021-bls-great-resignation.aspx#:~:text=Through%20November%202021%2C%20an%20average,2019%20average%20of%203.5%20million
3. Job Openings and Labor Turnover Summary. Source: US Bureau of labor staticshttps://www.bls.gov/news.release/jolts.nr0.htm
4. Save up to $11,000 annually per employee. Source: Global Workplace Analyticshttps://globalworkplaceanalytics.com/work-at-home-after-covid-19-our-forecast
5. The numbers don’t lie: Diverse workforces make businesses more money. Source: Market Watchhttps://www.marketwatch.com/story/the-numbers-dont-lie-diverse-workforces-make-companies-more-money-2020-07-30
Alex Bouaziz is the co-founder and CEO of Deel, the fastest-growing global compliance and payroll solution that helps businesses hire anyone, anywhere. Alex grew up in Paris and graduated from Technion and then MIT with a Masters in Civil and Environmental Engineering. Prior to Deel he co-founded investment fund Sarona Ventures. In 2020 he was featured on Forbes’ 30 Under 30 Finance list. Outside of Deel, Alex enjoys cheering on Paris Saint-Germain Football Club.
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