The Ledger No. 34: Global Talent

Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re diving into the topic of how to hire global talent, the latest news, and what it means to have an international team. Read on to explore tips for recruiting overseas talent, how SMBs can make the switch to overseas hiring, how small businesses can access international talent and how to engage global teams and customers.

Latest News About Going Global: Tips for Hiring Overseas Talent

Your current recruiting efforts aren’t working locally so you’ve decided to take a shot at hiring overseas talent. But is it as simple as posting it on a job board and calling it a day? Or is much more complicated than you expected? To develop a thriving international recruiting strategy, you need the right knowledge and skills to make it work. Here are a few tips to consider:

• Research worker classification laws. Depending on where your potential hire lives, classification laws may be different than what you’re used to.

• Work with an Employer of Record (EOR) service. Most countries require companies to establish legal entities to hire locals. This process might take months, which most organizations don’t have.

• Become aware of hiring practices. For instance, “employment at will” is not a standard practice. Other things that need to be agreed upon include schedules, national holidays and vacation days.

To learn more about how to help your business remain compliant while also locating the help it needs internationally, read the full article on TechGenYZ.com.

How SMBs Can Shift from Hiring Locally to Hiring Internationally

Small businesses face numerous challenges with growth – limited cash flow, lack of resources, small talent pool and more. In fact, an Indeed survey showed that 56 percent of them faced issues hiring talent. It’s the very reason why many are branching out into foreign markets to have their hiring needs met. But before they can make the switch, they need the help of an EOR. Here are a few ways EORs are supplying SMB growth:

• Flexibility. Get top-tier talent without spending resources on setting up an international framework.

• Legal compliance. Payroll and benefits regulations fluctuate depending on the jurisdiction.

• Easy scaling. Your business does not have to comprise on hiring quality or company costs in order to scale.

• Diversity. Having a diverse workforce allows for fresh ideas and staying ahead of your competitors.

To explore how to SMBs can compete on a global scale, head over to SmallBizTrends.com to read the full article.

Tapping Into International Markets: Ways to Access Top Talent

Recruiting and retaining the best talent is an obstacle that all companies must face, whether small or large. Moreover, offering a competitive wage or above-average benefits to attract potential candidates, isn’t always an option for organizations. The truth is, businesses are finding it increasingly challenging to compete for talent in a limited pool. However, there is one viable option that many companies are starting to tap into: international talent. Here’s how your organization can legally recruit workers from around the globe:

• Utilize a professional global organization. They handle payroll benefits administration and onboarding tasks for businesses that hire employees in global markets.

• Rely on global trade partnerships. The local trade partner serves as the legal employer. However, there are risks involved with this type of recruiting strategy, including who the employee reports to and what role they play in the company.

• Leverage freelance talent. This allows your company to access global talent without all the legal fuss. The upside? You can always hire freelancers as permanent employees at a later date.

• Outsource a role. Partnering with a BPO can alleviate the headache that comes with hiring global talent. In fact, a BPO remains the employer of the workers that carry out your business’s functions and responsibilities.

The size of your business shouldn’t deter you from hiring an international workforce. Read the full article to learn a few ways to expand your hiring efforts.

Trending Ways to Engage Global Teams and Customers - The latest on Talent News

Managing a global team comes with its own set of challenges – time zone shifts, language barriers and cultural norms. So how can leaders actually lead a global team as well as engage with their global customers?

• Location shouldn’t matter. It doesn’t matter if you’re managing a team locally or internationally; as a leader, you should:

  • Respect your team

  • Solicit genuine feedback and act on that feedback

  • Build trust

• Be culturally aware. Respect local customs and take the time to learn about their lifestyle.

• Understand geopolitics. Be aware of political trends, foreign policy and how the that particular government operates.

• Manage international travel. Building a relationship is much more than just a virtual meeting – you must spend physical time with your global employees.

• Be digitally savvy. Utilize apps like What’s App, Zoom, Teams, etc. to connect with your team.

To be a manager of a global team, you must lead effectively. To understand what that means fully, head over to Forbes.com to scroll through the full article.

Learn more about our business solutions that give you access to global teams.