Thrive is a strong word — especially when it relates to growing a business. In today’s economy, rising inflation and a threatened recession haven’t exactly cultivated an encouraging environment for companies. Coming off of a global pandemic has thrown many businesses for a loop. High demand coupled with brittle supply chains has caused frustrated customers. And yet, even with these setbacks, new brands are launching every day and fighting for attention from consumers.
Thriving as a brand or a business is key to sustained success, but it’s not a clearly defined path. A slip-up on social media can damage a brand’s reputation, while a series of inventory mishaps can disrupt buying habits. A few disappointed customers can spiral digitally within a short period of time thanks to sites like Yelp.
So yes, achieving business success is hard, but this is where global hiring strategies can step in and assist. From diversifying your workforce to facilitating market expansion, international employees may be just what your company needs to thrive.
1. It Produces a More Diverse Workforce
To start, hiring globally expands your talent pool with diverse, international candidates. You are no longer confined to a certain region, whether that’s a city or country. You’ll receive more qualified applications for each of your job postings when you open up your geographic parameters. Not only does casting your net wider inevitably lead to more resumes on your desk, but it also creates a more inclusive workforce.
That can help your company thrive in several ways. Individuals with varied experiences are able to approach problems or challenges in new ways. Having a knowledge of other cultures can benefit the company as it looks to expand and reach more loyal customers worldwide.
If hiring internationally is uncharted territory for you and your hiring team, know that help is available. An employer of record — a business that employs individuals on your behalf — is a great way to get started building your global workforce. EORs ensure your company is abiding by local regulations and legalities, and they take care of everything from payroll to health benefits. Working with an EOR is a valuable strategy if you don’t have an entity in the country you’d like to hire within.
2. It Enables 24/7 Output
Working around the clock and burning the midnight oil day after day isn’t sustainable — even for the most caffeinated startup founders! What is sustainable is hiring employees from around the world to ensure your company is always open for business. Having 24/7 coverage means people are constantly available to navigate setbacks and figure out solutions. So when your day is wrapping up in Boston, a teammate in Japan is just getting started. This means projects from the day can be seamlessly handed off from one member to another.
Having around-the-clock support is particularly great for businesses that rely heavily on their customer service department. Consumers like to get answers quickly and efficiently, and chatbots don’t always cut it. Even if customers are buying something from your site at midnight, your customer service agents can be working elsewhere during their normal business hours. Being available 24/7 shows that you care about your customers, which can be a differentiator between your brand and other competitors.
When hiring globally for 24/7 coverage, consider which geographic locations make the most sense for you to start putting down roots. If your current workforce is predominantly based in the U.S., then hiring in Canada may not be the most advantageous plan. Rather, finding employees in Europe, Asia, or Australia could make more sense for the time being. To reap the greatest benefits, strategize how you want to grow before you start accepting global applications.
3. It Can Help You Reach New Markets
Lastly, hiring a global team gives you a better chance of reaching and tapping into new markets. Overseas employees have the advantage of knowing how their country and culture operate. They understand the needs of local consumers and how they go about buying from brands. They also have a better sense of how local businesses operate and meet their consumers’ needs.
Whether you are a new business or an established one, reaching new markets should always be on your mind. Making inroads in untapped territories can help accelerate your company’s growth. It’s a way for you to get ahead of your competitors and find new target audiences for your offerings.
When you do hire overseas employees, be sure to listen to their valuable opinions. They likely have some thoughts on how to do businesses better in their country or region of origin. Create an open line of communication so they can freely share their ideas with you or the team. Once you have a significant cohort of global employees, you’ll likely start to see some parallels and commonalities in their ideas. Listening and acting on these ideas can lead to a growing, thriving profit margin.
Takeaways
Global hiring takes some thought and dedication, but it’s well worth it. By hiring internationally, you are organically investing in a diverse workforce that can promote your company’s success. Just make sure you and your current team are prepared to take on global employees. Hiring employees from across the world can be exciting, but only if you are set up to lead and manage a global team. Think before you hire, and you’ll enable your company to thrive.
