Estimated read time: 5-6 minutes
Business owners know all too well Utah is in the midst of a "great reshuffling" of talent. And while many candidates are actively job-seeking, those with niche or technical expertise remain especially difficult (and expensive) to source. Wages are on the rise, specialized skill sets are rare, and the high cost of traditional recruiting can put a big freeze on hiring efforts. Business owners want to expand operations, but they may lack the resources and human capital to do so.
Surprisingly, the easiest solution to this predicament may seem beyond the reach of most companies. High-growth businesses are searching outside of the U.S. to hire top talent, partnering with a global employer of record (EOR) to help navigate the legal and financial complexities of hiring global talent
Hiring internationally might sound difficult—something only the most globally established companies can do—but many startups and tech companies around the state are hiring globally by partnering with EORs .
"At first I was intimidated by the thought of hiring software engineers internationally," said Jenny Ahlstrom, CEO of HealthTree Foundation. "Partnering with an EOR took the fear and anxiety out of international hiring, ensuring our company not only recruits and hires the best talent but also remains compliant with each country's laws and ordinances," Ahlstrom said.
Put another way, an EOR serves as an international employee's legal employer of record on behalf of a business owner. The EOR takes care of all specialized employment services and HR compliance, while you manage your team's day-to-day activities. You get access to a talent pool from over 145 countries with EOR services that include:
- Running background checks
- Payroll processing and distribution
- Registration and filing of employment taxes
- Managing termination and re-hiring
- Onboarding support
- Benefit administration
And that's only the beginning. Here's why it makes sense to expand your global scope with an EOR to tap into the best candidates from an international pool of applicants.
Expanding your global talent pool
IsoTalent, based in Lehi, Utah, is an example of an established EOR that can help you build your team. That can include adding diverse talent to your workforce from all over the globe.
A strategic international hire may be an international sales leader in a new market, a high-performance development team, or multilingual branding professionals. For example, one client of IsoTalent, Clientbook, used the firm's global EOR service to hire UI/UX specialists and software developers to support their "mobile clienteling platform" and retail app.
In the ever-growing technology sector, some positions are becoming increasingly in-demand and hard to fill when specific skill sets are needed. Seeking international talent can help you maintain and increase your competitive edge by finding the perfect candidate for the position you need to be filled.
Thriving through change
Given the daily growth, change and rapid-fire adaptations that are needed for tech companies and startups to survive in today's market, it helps if your organization is internationally diverse.
According to a study conducted by Juliet Bourke and Bernadette Dillon for the Deloitte Review in 2018, the most successful companies, and most fit for weathering the storms of change, are those with an internationally diverse staff that feel valued and that they belong. They also found that internationally diverse companies consistently found increases in overall team performance, decision making-quality, team collaboration and more.
"It's a novel concept to some, but Utah leaders are seeing how international hiring could become a vital part of their operations," says Jonathan Malan, head of global EOR at IsoTalent. "An EOR is a strategic partner to achieve growth, build cultural proficiency, and drive international expansion. On top of that, the service is fast and convenient, and circumvents the financial and compliance risks of trying to manage on your own."
With so many benefits to hiring top-tier international staff, you can no longer afford not to hire internationally.
As if the other benefits weren't enough to compel you to hire internationally, the cost savings might be reason enough alone to consider it.
Cost savings is a key benefit reported in IsoTalent's white paper on global hiring through an EOR:
"Increased productivity and the decreased need to send your US-based staff overseas saves costs. If your international team works from home, you save the expense of relocation and office setup or the decreased expense of a local coworking space versus leasing an entire office. Depending on the country your employee is based, you may also be able to provide a highly competitive and lucrative hourly wage or salary—with an advantageous US exchange rate."
IsoTalent's international pricing model is also an extension of their affordable recruiting model. The firm charges $110-$200/hour to recruit candidates outside of the U.S., depending on the position. If a global candidate is then hired and employed through IsoTalent's EOR, the client can receive up to a $50/hour rebate on those rates, thus dropping the price to $75-$150/hour. This model offers an affordable and risk-free way for businesses to open their strategy to international hiring through a global EOR.
International hiring is on the rise
International hiring and remote employment were on the rise before the pandemic. Now with the increase of remote and hybrid productivity, it's become another "new normal" for growing startups and tech companies. According to a report from pymnts.com, 60% of people surveyed said their firms increased international hires between 2020 and 2021.
With IsoTalent, hiring managers can partner with a global EOR to source, hire, and employ professionals across international borders—without having to form a legal entity in those countries. The recruiters at IsoTalent are dedicated to matching clients with ideal candidates, building a culture of excellence and improving employee retention — all while saving you thousands.
International hiring may be more accessible and beneficial to businesses than previously assumed. Contact IsoTalent today to see how they can help you hire the right person for the job from a robust international pool of applicants.