3 major benefits of hiring international employees
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As international borders reopen and the job market bounces back from the effects of the pandemic, Australian employers are looking beyond our shores for talent.
According to insights by the Australian Bureau of Statistics, the Australian skills deficit is at an all-time high. Our research shows that more than 70% of businesses plan to hire international talent on a permanent basis in 2022; over 60% plan to recruit on contracts.
Though there are many, the primary benefit of hiring international employees is that the pool of available talent has no borders. The same can also be said, however, for the competition to attract them.
Australia has always been a good career destination. Now, thanks to a global talent crunch, four in ten (40%) of employers plan to increase starting salaries in the war for talent. In addition, paid leave and job title upgrades are also on the table, as well as professional development opportunities, career pathing, and looser job requirements.
With such competition, it’s essential Aussie businesses start to plan now to finetune their hiring plans.
Related: Ready to start hiring? Here is how to build an effective recruitment process
3 benefits of hiring international employees
Though it’s more expensive to hire from abroad, it’s worth the added expense; businesses with international teams tend to be more successful than those that stick to local recruitment.
1. Fill roles where domestic skills are in short supply
According to our recent research, there is high demand for international talent in the Australian market to offset rising skills shortages. This is especially the case in the tech space, where 84% of CIOs say they’re likely to hire international talent to relocate and work within Australia.
Access to unique skillsets is a major benefit of hiring international employees. Certain countries invest more in particular skills and technologies than others. One such example is the United States, where the industry for artificial intelligence solutions is more well-established than in Australia. Having access to such a pool of talent means companies are better able to compete on a global level and being able to tap into experience and resources that may be limited at home.
If sourcing talent overseas is new to you or your company, reach out to a professional recruitment company like Robert Half.
2. Diversity leads to greater new ideas and increased productivity
It’s not just a knowledge base that international employees can bring with them; it’s also diversity in perspective. McKinsey’s research over the years has found that workplaces that focuses on diversity, equity, and inclusion (DEI)—in culture and in gender—are more likely to have above-average profitability. Similarly, they’re also much more likely to outperform competition.
New perspectives bring fresh ideas, new ways to look at problems, and novel solutions. They bring insight into business needs and workplace customs that can only be gleaned from lived experience. They can also exchange knowledge and share skills, bringing businesses up to the global standard—yet another key benefit of hiring international employees.
Related: Want to build a high performing team? This is why you need to start with a diverse and strong corporate culture.
3. Expand into a global market with local knowledge
Of course, bringing the company up to a global standard combined with a deep appreciation of the local market means companies are more likely to succeed with international hires.
But it’s more than just fluency in a second language that can provide an advantage. It’s also an innate understanding of local customs and practises, what customers want and expect, business laws and regulations, and the ability to easily integrate into the target market. It can even allow you access to certain markets where a foreigner would not have the trust required to do business.
These three benefits of hiring international employees can give your company the competitive edge you need to outperform your competition. And though it’s good for business in a practical sense, it’s also excellent for workplace culture and reputation, which can, in turn, reduce employee turnover, increase productivity and efficiency, and encourage creativity, all of which lead to new products and services and novel solutions to business challenges.
If you’re planning on hiring from an international pool of talent, Robert Half can help. Contact us to access a global network of recruitment specialists.