Even in the best of times, hiring new talent can be a challenging process. When you factor in a global pandemic, hiring and relocating international talent can be even more confusing and overwhelming.
It’s 2020, and it may seem like the world has stopped spinning, but many companies are still actively hiring from around the globe. Business needs are often immediate, and with a great majority of us working remotely, how can we meet international hiring demands while operating in a remote setting? We have a few ideas.
The Benefits of International Talent Relocation
Despite the challenges that accompany global mobility, hiring international talent actually has many business benefits. Access to a greater talent pool, improved bottom line, and more engaged employees are just a few of the many positives that international talent can bring to a company.
Access to a Greater Talent Pool
International hiring gives businesses access to a broader range of talent of varied backgrounds and skill sets from around the globe.
Improved Bottom Line
That’s right, international hiring actually comes with financial benefits, as well. A study by McKinsey & Company shows that companies with more racial and ethnic diversity are 35% more likely to have financial returns above their national industry averages.
The world is becoming more connected than ever, and with the fast-paced nature of technology, companies need a unique, competitive edge to stay on top. The good news is that with a broader, more diverse talent pool companies can actually have a competitive advantage in today’s global marketplace.
Diverse talent teams lead to more engaged employees, a rich corporate culture, and an open exchange of ideas, new ways of thinking, and increased innovation. A study by Bersin at Deloitte indicates that companies with diverse employees are 1.8 times more likely to be change-ready and 1.7 times more likely to be innovative leaders in their market.
Employee Relocation Challenges
All great things come with a few side effects, and international talent relocation is no exception. There are a few challenges that may arise during the employee relocation process that you should be aware of:
Reluctance to Relocate
Moving to a new city or country is exciting, but for new employees, it can also be somewhat intimidating – especially in uncertain times of a global pandemic. With new cultural expectations, a new position at a company, possibilities of housing shortages, and potentially having to relocate their entire family, new employees may feel a reluctance to relocate. One of the best things a business can do to help excite employees about relocation is to create a compelling relocation package (more on that later).
Unexpected Relocation Costs
Cost management can be one of the most challenging aspects of relocating a new employee. For the company, poor planning can lead to poor cost control, even for larger, more established companies. Process development and documentation, along with global mobility team alignment, can help prevent unexpected costs from arising.
Immigration Compliance Issues
If you have ever lived internationally, you’re probably all too familiar with the headache that the immigration process can be. Tax compliance, visa complexities, legal and governmental issues, and unforeseen challenges can arise. Sometimes, these roadblocks can be unexpected and throw a major wrench in the immigration plan. With the COVID pandemic still raging, compliance issues are increasingly common. Make sure you’re keeping close tabs on any sudden immigration or travel updates, restrictions, or caveats.
Working through these talent relocation difficulties can be painstaking on a good day. Partnering with an immigration agency or even using an immigration software with your internal team can help make this process smooth, and you’ll always have a dedicated global mobility expert to lean on when questions or problems arise.