The Benefits of Having a Global Recruitment Strategy

Many of the world’s largest companies rely on global recruitment to leverage specialized talent, tap into hidden labor pools and reduce overhead. And thanks to the recent improvements in communication technology and the rapid move to remote work, you can do the same.

In other words, you’re no longer required to look for talent inside your geographical location. In fact, doing so may put you at a distinct disadvantage. 

There are many benefits to widening your net and considering international recruitment. In this article, we're looking at eight of them.

8 benefits of global recruitment

Here are the eight most significant benefits of having a global recruitment strategy. 

1. Access a larger talent pool

The world is full of educated, creative and competent workers, many of whom aren’t within your immediate location. Companies that embrace remote work are free to find and hire talent without geographic restrictions. 

Sometimes the perfect team member is on the other side of the country. Other times, the right fit is a global hire living on another continent. Either way, international recruitment strategies can help bring your perfect team together.

2. Increased diversity and workplace culture

Want to know one of the secrets of top-performing companies? Diversity. McKinsey found that companies in the top quartile for racial and ethnic or gender diversity are more likely to have larger financial returns. Meanwhile, companies in the bottom quartile are statistically less likely to do so.

We all have blind spots in our perception. It’s just part of human nature. However, building a homogenous team leaves companies with knowledge and human capital gaps that inhibit performance and make them vulnerable to competition.

Affinity and team cohesion are critical to performance, but this shouldn’t be confused with uniformity. Thriving businesses incorporate diverse mindsets into their decision-making and creative output. And over time, these organizations are taking market share away from more homogenous ones.

3. Better global insights

A lot can get missed or lost in translation when relying on statistics, reports, and other advice from consultants in your region. It’s far better to hire global professionals who know the ins and outs of their market and can provide an accurate assessment of the situation.

That’s what aggressive, fast-growing market dominators do. They pour millions of dollars into building offshore centers and overseas headquarters. However, new options like EORs have leveled the playing field today, allowing you to tap into a global talent pool without requiring cost and resource-intensive investments.

4. Access to foreign markets

Entering and operating in foreign markets is tough. There are intercultural marketing and insight-based obstacles to overcome, alongside legal, financial, logistical and bureaucratic challenges of crossing borders.

Companies with a foot on the ground have a massive advantage. However, sourcing local talent and setting up offices has traditionally represented another significant financial, legal and administrative challenge. However, that’s not the case anymore. 

Thanks to widespread digitalization, global recruitment allows for borderless and boundary-free access to foreign markets. And companies with remote work can recruit, hire and collaborate with a remote global team without needing to set up a physical local presence.

Businesses of any size can bring on creatives, consultants, market researchers and other professionals from around the world and do so with all the ease of hiring locally.

5. Outside-the-box innovation and creativity

Limiting yourself to a workforce from one geographical region or culture means restricting yourself to a workforce that thinks, imagines and works in a particular way.

Our cultural environment, education, socialization, political systems and other dynamics shape our creative imagination and mental frameworks. Additionally, our education, business environment and socioeconomic structures and systems influence our innovative output.

Regional variances result in a population with varying perspectives, outlooks, strengths and capabilities. If you want a team with diverse creative takes and innovative gifts, switch to strategic global recruiting.

6. Increased productivity

Businesses that hire globally can build a distributed team that works around the clock on different local holidays. This essentially increases the available working hours and enables companies to run 24/7.

There are many ways to capitalize on this. For example, companies can focus on strategic work while management is awake, then shift other tasks to an off-hours remote team. Others with an international market base might want to offer 24/7 operations and maintain global creative or strategic teams.

The options are endless for companies working across time zones and leveraging digital recruitment strategies to build a distributed workforce.

7. Potential cost savings

Globalization allowed manufacturers to optimize their value chain across regions with much lower production costs – generating enormous wealth while stimulating growth in developing countries. A globalized recruitment strategy can do the same with human capital.

Many digital-native workers are living in regions with much lower employment costs. As a result, companies that leverage cost-competitive global talent can slash labor-related expenses while offering fair compensation.

8. A solution for the growing skill shortage

The world is experiencing a growing labor and skill shortage that’s predicted to reach 85 million people by 2030. It already exists in countries like the United States, Canada, Australia, New Zealand, Japan, and others experiencing stagnant population growth and other demographic challenges. 

Demographic-based shortages are set to create migration-based shortages, as workers leave for higher wages and better opportunities in other countries. Businesses have to adjust their recruitment strategies now to stay competitive in an already tightening talent market and continue to secure great candidates in the future.

Before long, your company will be experiencing labor competition from countries worldwide – if it isn’t already. Prepare now with an effective international recruiting strategy that enables you to survive and thrive.

Power up your global recruitment strategies with Outstaffer

The benefits of global recruitment are clear. Thankfully, it’s easier than ever to hire international employees and leverage the global talent pool. 

As a global Employer of Record, Outstaffer.com enables you to hire, pay and equip remote employees from around the world in just a few clicks. With solutions like Managed Devices, Workforce Monitoring, and VR Workplaces, we give you and your global team everything they need to thrive. 

Schedule your demo now.