In today’s world of work, it takes more than a high salary to retain your top-performing employees. Flexibility has become one of the key employee benefits, sometimes even a non-negotiable: over 95% of US workers say this perk is crucial for them to be happy at the workplace.
With the hiring surge seemingly coming to an end and many companies trying to cut down on their expenses, the focus shifts to worker retention. To ensure that, employers need to be able to provide a positive employee experience.
The pressure seems to be on HR teams to ensure the balance between the interests of the employer with those of the workforce. How can HR professionals ensure maximum flexibility for their workforce without hurting the company’s productivity and profitability? Global hiring may be the answer.
What does global hiring mean?
Global hiring means that your company sources talent and hires from different countries instead of limiting itself to the local talent pool.
When hiring globally, you can:
- Foster diversity in your company by building a global team
- Optimize your hiring costs by recruiting more affordable talent
- Solve a skill shortage by hiring talent that may not be available locally
- Facilitate global expansion by testing different markets with less risk
- Provide better customer service by covering more languages and time zones
The benefits of global hiring go beyond the advantages they bring to employers. Building an international workforce also means you’re creating an ideal environment to foster flexibility and create happy workers in the process. Here’s how.
Remote and flexible work opportunities
Modern global teams are usually fully remote or hybrid, meaning that they have flexible working conditions. Providing flexible working conditions makes companies more desirable employers and helps them boost employee retention efforts, which is a top priority for people teams in 2023. Flexibility is also one of the biggest motivators for people to look for a new job, according to McKinsey.
Remote work also creates a more level playing field for many groups of workers, like parents with small children, people with disabilities, or those who live in smaller, rural areas, who otherwise wouldn’t have had access to as many job opportunities.
The flexibility that comes with remote work also allows people to organize their daily lives more efficiently, with almost 90% of professionals confirming they’re enjoying a better work-life balance now that they work remotely.
Global hiring allows you to embrace remote as your default working style and build your company processes around it.
Thanks to remote work, you can tap into the global talent pool without requiring the talent to uproot their entire lives and move across the world. That will allow your team members to determine how work fits into their values and routines, and not the other way around. You will have a happier workforce and consequently, a more productive and committed one.
More promising careers for workers from low-standard countries
Global hiring has enabled employers from countries with high costs of living to hire more affordable talent from lower-standard countries, leading to a broader pool of qualified candidates. However, in this context, global hiring doesn’t only offer one-way benefits.
Remote work opens up job opportunities for workers who may not have access to certain positions due to geographical constraints. People from all over the world can tap into a global job market and potentially work with diverse teams and clients from around the world.
For people from many countries, an opportunity to work remotely for a global employer can mean:
- Enhanced quality of life
- Possibility to help the family financially and physically
- Aligned personal and professional aspirations
- Cost savings due to no commute and professional attire requirements
- Global networking opportunities
- Language and cultural skill development
Take, for example, a software engineer from a country with lower average wages. By working remotely for a global tech company based in a more developed country, they can earn a salary significantly higher than what they would typically find locally. This increase in compensation provides them with financial upliftment and improves their overall quality of life. The competitive compensation offered by global companies acknowledges the value of their skills and contributions, contributing to the employee’s happiness and job satisfaction.
That said, working in a global team can help ambitious individuals achieve their goals related to building an international career and make them much happier workers than they could ever be working locally. Workplace happiness, according to research, can make people up to 12% more productive.
Enablement of digital nomad lifestyle
The number of digital nomads around the world is increasing, and it’s no wonder. Digital nomads lead interesting, dynamic lives and can work from wherever they have a stable internet connection. Digital nomads are typically very satisfied with their working conditions and income, accounting for a large portion of the “happy workforce”.
To support digital nomads and provide even more flexibility to their workforce, many companies embrace this “work from anywhere” mindset, and those hiring globally are more likely to belong to this group.
Some countries are even adapting their infrastructure to adapt to this part of the global workforce, and building digital nomad villages. Other countries, like Spain, Brazil, and Thailand, are launching digital nomad visas in an attempt to attract nomads to their cities.
Hiring international workers promotes a location-independent work policy, showing your employees that results and outcomes matter more than where and when the work gets done.
Working for global companies also exposes digital nomads to diverse cultures, perspectives, and ways of doing business, making them more creative and innovative at their jobs.
Access to the best employee benefits and perks
Hiring globally can unlock a world of opportunities for employees from less developed countries, granting them access not only to higher wages but also to perks and employee benefits that may not be readily available in their local job market.
Global companies often provide comprehensive packages that include health insurance, retirement plans, paid time off, and professional development opportunities. Employers from the US, for example, who hire through an employer of record (EOR), can offer an equitable employee experience and make sure that non-US employees have the same benefits as those in the US.
By working remotely for an international company, employees from different world regions can gain exposure to:
- Cutting-edge technologies and industry best practices
- Global business strategies
- More favorable paid time off policies
- Learning and development opportunities
- Better health insurance packages, and more.
For employees from less developed countries, access to these benefits can make a substantial difference in their well-being and job security, contributing to work-life balance and overall employee happiness.
To illustrate the impact of global hiring, let’s consider a marketing professional working remotely for a global company. In their local job market, they might be limited by outdated marketing tools and strategies.
However, by joining a global company, they gain access to modern marketing platforms, cutting-edge tools, and industry-leading techniques. Collaborating with colleagues from different backgrounds allows them to learn from diverse perspectives and work on international campaigns. The employee benefits from competitive compensation, comprehensive health insurance coverage, and other perks that go beyond what they would typically find in their home country.
This comprehensive support and exposure to a global work environment contribute significantly to their personal growth and job satisfaction.
Empower employee happiness through global hiring
In today’s modern world of work, global hiring has emerged as a catalyst for employee happiness and satisfaction.
By transcending borders and offering opportunities to individuals from less developed countries, global companies empower their employees with competitive compensation, enhanced benefits, and professional growth prospects.
This paradigm shift unlocks a wealth of possibilities, fostering a diverse and inclusive work environment that promotes personal fulfillment and career advancement. Embrace the transformative power of global hiring and explore how it can shape the future of work.
For further insights into talent management and HR strategies, check out more thought-provoking reads:
Author: Stefana Zaric
Stefana Zarić is a content marketing specialist and a passionate remote work advocate. When she isn’t writing and building winning content strategies for clients, Stefana’s devoted to educating future content writers. She is also invested in traveling and reading (usually at the same time) and expanding her impressive foreign language skills.
