Is Now the Time to Find Talent Outside Your Local Geography?
In 2020, the COVID-19 pandemic forced companies to send their employees to work from home. However, as the pandemic progressed, many companies decided to switch to fully remote work, which evolved into a workforce that wanted to work from anywhere.
One of the perks for companies was the ability to hire talented employees anywhere in the world.
In the latest webinar, Evan Sohn, CEO of Recruiter.com, said that the economy transitioned from: “Work from anywhere to hire anyone, anywhere, today.”
In this webinar, Sohn sat down with Drew Calin, the Global Director of Sales for Multiplier ; Ben Zweig, CEO of Revelio Labs ; and Alan Cutter, the CEO of ACLion, to discuss these global hiring trends.
You can watch the recorded version of the webinar here or keep reading to discover the highlights you may have missed.
Looking Back at 2022
In 2022, companies were learning how to manage their remote workforces. They were working on getting all of the kinks of the strategy out before fully transitioning over to hiring employees from anymore.
As the pandemic slowed, many employers tried to bring employees back into the office, causing employees to quit to find remote jobs that would pay a higher salary. This led to the Great Resignation, and there was a severe talent shortage as companies struggled to find top talent. This drove the global hiring trend, which is only growing in popularity.
Zweig said that this hiring trend took off after the pandemic, but some companies have been hiring internationally since 2008. As the years go on, the workforce is becoming more global, thanks to the rise of remote work and technology that allows a flexible workforce.
“Companies are now ready to take on untraditional labor,” said Zweig.
He mentioned another trend that has fueled this hire-from-anywhere trend: the rise of freelancers and digital nomads who want to work from anywhere and travel.
Cutter also saw similar trends and noticed that in 2022, there was less hiring of U.S.-based employees. Instead, experts in their field were relocating worldwide as they could now do their job over email and Zoom.
Cutter noticed that many technical roles were also being outsourced to countries where tech talent started booming, like Israel and Ukraine.
How This Trend Will Affect 2023
In 2023, recruiters and companies will likely start building international talent pools if they can’t find top talent in their own country. Companies will also need to assess their strategic hiring plan and decide if they want to focus on local or international talent.
The webinar panelists were asked what their 2023 predictions for future hiring would look like.
Calin predicted that talent acquisition would get a more prominent seat at the leadership table. They’ll need to work closely with leadership and develop a solid hiring strategy that includes international hiring.
Zweig predicted that talent acquisition would need to become more targeted and narrow its focus. Talent acquisition experts must tap into the latest data and find hotspots of talent they’re looking for.
Cutter said talent acquisition teams would need to ensure candidates are a good fit, whether international or domestic. Not only should recruiters focus on whether the candidate has the skills to do the job, but they’ll also need to ensure that the candidates fit into the culture and are resilient.
Sohn predicted that in 2023, the cost of hiring will be the center of everything. As a result, talent acquisition leaders will need to look closely at their hiring budget and consider the fact that vacancy is a cost.
Instead of hiring employees, companies may need to develop and monitor their retention strategy.
“It was easier to hire in 2022 as employees were seeking new opportunities in record numbers and budgets to hire were relatively unchecked. However, hiring in 2023 is a different story; hiring budgets will be under the financial microscope, internal hiring teams will be smaller, and will need new proactive ways to overcome the retention programs companies are implementing,” Sohn said .
How Can You Prepare for 2023?
To prepare your company for a potentially challenging economic year, you must evaluate your budget and prepare. Focus on retaining employees to avoid any extra hiring costs.
You should also consider tapping into international markets. For example, many companies are hiring cheaper talent in LATAM countries with the help of global hiring companies.
If you can’t retain employees or are still trying to backfill some open roles, you’ll want a recruiting solution that can help you save money and find top talent.
FIRST Agency was a company that was in a similar predicament. They had to fill 114 challenging roles on a tight budget, so they turned to Recruiter.com. With our help, they had a 70% fill rate and saved 55% on recruitment fees compared to a traditional recruiting agency.
If you’re interested in learning more about how this recruiting model can help your company save money, contact us today !