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Recruiting 2023: Opportunities and Risks of Hiring New Talent Overseas

Recruiting 2023: Opportunities and Risks of Hiring New Talent Overseas

Over the last two years, the job market has felt like a rollercoaster. The need to implement remote work, as well as massive layoffs and resignations around the world, were the first signs of a changing job market. Most experts believe that the United States is experiencing an economic downturn as a result of high inflation caused by reckless monetary policy (artificially low interest rates and money printing, i.e. quantitative easing), causing many employers to cut back on their spending and hiring.  The effects of the beginning recession are being felt throughout the world, but despite these issues the job market is still showing signs of health.

As some companies do proceed with limited hiring in 2023, they will want to limited their expenses, and will mostly like attempt this by hiring international candidates.  Wymoo International investigators have put together some of the most important trends and things to look out for in 2023 so you can take advantage of the new opportunities.

Remote Workers Lowers Hiring Costs

Hiring remote workers expands the pool of available applicants significantly because distance is no longer an impediment to employment. Hiring remote workers is a great option for companies looking to expand their global reach because they can fill roles at a lower cost and quickly build an international presence.  Simply put, hiring overseas can lower labor expenses.

However, hiring foreign workers necessitates careful planning because it forces many businesses to venture into uncharted territory. Businesses will need to investigate the best locations for expansion and the best people to hire, all while maintaining a unified global culture. It takes patience and careful selection of professional international background check investigations to stay safe, which is no easy task.  International hiring comes with serious risk.

Interim Hiring is Becoming a Common Practice

During the coronavirus insanity, many people left the workforce and never returned. Even in the aftermath of the lockdowns, more people are choosing to retire – at least from the traditional job opportunities. Companies, on the other hand, are forced to seek out highly specialized skill sets as new technologies, practices, and roles emerge. Finding the ideal candidate is now more difficult than ever due to the combined effects of all of these variables.

Interim talent’s experience and adaptability can be a good solution to this problem, but recruiters must be aware that hiring for temporary positions requires as much resources as permanent long-term hires.  Interim talent is being used to drive forward projects of restructuring and transformation until permanent hires can be made, and they can also be very helpful when an organization needs to do challenging tasks that more seasoned workers aren’t available to do. However, it is important to keep in mind that provisional talent should also be carefully screened and selected, and even if they are low in the chain of command, they do have access to company’s resources and sensitive data. Therefore, employers can benefit from using temp or interims to quickly rise to new challenges, but not without a proper employment screening and professional screening process.  Hiring quickly is a risky business, and needs to be done right.

Opportunities Come with Risk and Responsibility

To be successful in attracting international talent, hiring managers must first develop a thorough understanding of global hiring trends or, at the very least, the markets in which they wish to operate or hire from.  International hiring can be profitable when done correctly, and when risks are properly mitigated by a professional investigation company with investigators on the ground where you need them.  Contact us, and team up with the right global investigation firm, with professionals well-versed in the screening process of international talent.

C. Wright

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