Hiring Offshore Is In: What is it and Why?
The lifeblood of a business is its employees. Businesses that prioritize their staff often see exceptional results from their work. However, it is common for companies to need help to retain employees or find the right ones. Plenty of factors come into play: the budget, the location, or even the talent pool. This becomes even more of an issue considering the following year’s predictions.
With 2023 right around the corner, many speculate about a significant economic recession. Projections show the tech industry having an even bigger talent shortage this year. Some surveys reveal that many IT employees in the US alone plan to resign in the following year. Consequently, causing companies to struggle with recruitment.
It may sound grim, but these projections are why everyone has been trying to prepare for this recession. And one of the most effective solutions out there is offshore hiring.
What is Offshore Hiring?
Simply put, offshore hiring is the practice of sourcing talent from overseas. The process involves finding employees for a project managed and operated in another country. While it may sound risky and challenging, there are plenty of benefits to reap from this method.
Hiring from other countries is not recent; businesses have been doing it for a while. The internet and other advancements in communication made the process a lot easier, but offshore hiring garnered the most attention when the pandemic hit.
Thanks to that, more people learned about the effectiveness of offshore hiring. Many success stories involve offshore support teams, especially in the tech industry. But does offshore hiring genuinely deserve the attention it’s getting? In the next section, we’ll discuss how offshore hiring could help your business.
Why Is Offshore Hiring Effective?
Those unfamiliar with this method could have some reservations about it. How is this for you? How would your company benefit from offshore hiring? To give you a better insight, listed here are some of the benefits of offshore hiring:
1. Low Cost, High Reward
As mentioned earlier, offshore hiring is not an entirely novel endeavor. Back then, the main reason why companies utilize offshore hiring is that it has low costs. It was cheaper to outsource work from another country than to hire workers from your own, and some businesses chose to capitalize on this.
While this is still true today, it is no longer the only, or even the primary, reason that businesses venture into offshore hiring. These days, other companies in your field turn to overseas workers to find better talents than what the local pool can offer. Businesses used to mainly resort to offshore hiring for call center or IT positions but can now use it to fill other jobs.
The low cost of offshore hiring can also allow you to bolster your workforce without endangering your finances. It would increase work efficiency and lessen the workload for your existing staff, which they would surely appreciate. Quality hires provide work that ensures you get your money’s worth. With this exchange, the method can prove to be exceptionally cost-effective.
2. Larger Pool of Skilled Professionals
Offshore hiring erases the spatial limitations of your talent pool. Companies who use offshore hiring find that widening their employment range to a larger market of employees gives them a chance to discover more talented and experienced workers.
English-speaking foreign countries, even those who don’t consider it their first language, have plenty of talented professionals that would be more than happy to work for companies outside their own country.
The base of your workforce should come from local hires, but offshore hiring would allow you to fill in the skills and proficiency gaps that aren’t available anywhere nearby. Cast a bigger net and the higher your chance of getting the biggest fish.
3. Maintain your processes
One of the reasons why companies hesitate to try offshore hiring is that they do not want to relinquish control of their processes to outsiders, perhaps in confusion with outsourcing. You’ll find that this is a non-issue with offshore hiring.
When you hire offshore, you remain the boss. Modern technology would allow you to communicate with your offshore teams easily. All the employees still work for you, and you will still control how things will get done, despite the distance. The right offshore employees would complement the team that you already have.
This also means it would be easy to scale your entire workforce. With minimal costs and total control, offshore teams could bolster your staff and overall work efficiency.
4. Round-the-Clock Availability
Some businesses work best when operating for 24 hours, seven days a week. However, this would usually entail graveyard shifts leading to exhausted and unhappy employees.
Offshore hiring would give you access to workers from other time zones. If you combine your in-house operations with your offshore team, your business can have round-the-clock availability, making your clients happy.
5. New Markets and Innovations
Finding workers from other countries not only boosts your manpower but also allows you to explore new avenues. The professionals you would encounter would have been trained in a different environment and would most likely have a different perspective on your work. This means that having offshore hires could open your company to an entirely new market, depending on the nature of your business. It should also be no surprise that your offshore teams develop innovative solutions that your local team still needs to consider. Offshore hiring is beneficial if you plan on diversifying your staff or expanding your company’s global reach.
Expand Your Workforce Today
The COVID-19 pandemic has created a feeling of great resignation worldwide in the way it has drastically transformed the workplace. This could mean that talented professionals in other countries are up for grabs.
The tech industry is most affected by these resignations and recessions. As early as this year, the rate of tech companies starting to hire offshore is already skyrocketing. The tech professionals themselves are expressing interest in working for US-based companies.
This, and the projected talent recession in 2023, could mean that the time is right for companies to expand their workforce. The competition would only get harsher, and recruitment would be a challenge. But with a larger, more competent workforce, any business should be more prepared to face the following year.
Listed above are only some of the countless benefits that offshore hiring offers. You can learn more about offshore hiring and how it could support the tech industry through this link.
Find the Best Offshore Candidates with On-Demand Group!
As the 14th largest IT Staffing firm in the twin cities, you can trust us to find you quality candidates for your tech company. We have the solution for you. We at On-Demand Group help companies find the best offshore hires, thanks to our desire to fulfill each client’s needs and our commitment to improvement. Do you need solutions such as offshore hiring? Book a call with us so, we can set you up with exceptional candidates for your company!