If you are having difficulties with finding the right talent and it seems that every strategy you have tried - failed, maybe it is time to start thinking about hiring abroad. In August 2022, the US Bureau of Labor Statistics reported an unemployment rate of 3.7%. The world economy is on the brink of a recession and people are not only motivated by money but also searching for stability. This economic downturn is a perfect opportunity for employers to search for the workforce abroad.
We are approaching the end of the year and this is a perfect moment for employers to plan and reconsider their hiring strategies. In the past two years, the labor market was very tight, the competition was more fierce than ever, and employers faced many challenges. Because of all these changes, businesses became more flexible when it comes to hiring and other HR-related changes. The war on talent is still on and companies are trying to come up with the offer that stands out amongst the rest. And if you are wondering what is the right moment to hire new talent - the answer is now. A recent study showed us that 40% of US employees consider leaving their job. Companies need to be prepared, plan, and attract talent to stay winners of this battle.
In the past couple of years, new approaches have been developed for companies assessing talents. Businesses are adopting new management systems and searching for foreign partners that will help them with attracting talent in different markets. There’s never been a better time to focus on employee attraction, retention, and engagement. Every company is trying to keep its employees highly engaged and committed, especially during economic instabilities. It is certain that the market will shift, it’s just a matter of time. And that is critical for companies to ensure that their recruiting process can be maintained even if their key employees are leaving. This will help your organization stay stable, and keep up the pace with the fast-changing economy.
Efforts that companies should make
- Search for multinational talent to stay competitive and be proactive in the market
- Redefine their employee value proposition and diversity, equity and inclusion approaches to fit their talent’s needs
- Think about the expectations of the candidates and their experience when hiring
- Take additional steps to bring in new talent in a highly candidate-driven market
- Offer flexibility and the best benefits packages to their employees
What employees are looking for?
In the battle of being the best employer for talent, companies are no longer offering just good salaries but also showing that their company is a stable employer. Besides that, employers need to show that the workforce will be able to grow within the organization and one of the biggest benefits still remains flexibility. But when you decide to hire abroad, you need to be aware of cultural expectations and what employees might find as a benefit. That is why it is always good to have someone with experience in the market that you are aiming to expand to. Besides cultural expectations and different benefits, companies need to interview talent in the right way, which is not always simple. Needless to say that once you start your international employment venture, you have to stay compliant with the law. EuroDev can help you out with all of this and much more. We are a reliable partner of over 500 North American companies. With EuroDev, you can hire abroad fast without worrying about setting up an entity. You will stay compliant in every European country of your choice, and you will have an excellent team experienced to offer the necessary HR support. Let’s chat about the next steps for your hiring in Europe
About EuroDev
EuroDev, established in 1996 with offices in The Netherlands, has a single, defined purpose to help mid-sized North American companies expand their business in Europe. We have created a proven, successful business development model and since our founding, have partnered with over 500 companies to help them define and meet their European business goals. Services provided include Sales Outsourcing, HR Outsourcing, and Digital Marketing.
Source: HROToday
