Five Benefits of Hiring staff from Abroad
Hiring staff from abroad and expanding your workforce with international talent can bring a range of benefits to a company. While some benefits may be more apparent such as an increased talent pool or a more diverse workforce, there are also some very real, very tangible financial benefits for businesses when hiring people from abroad.
ONE – Access to a global talent pool
As the markets in the Middle East accelerate their growth, the demand for a large variety of skills has increased. For example, Saudi Arabia experienced a surge in new jobs in 2022, with demand in 2023 only expected to grow. By hiring from abroad, you can access a global talent pool, giving you a much greater selection of candidates and a better competitive advantage. Hiring internationally also reduces the likelihood of companies targeting the same individuals for roles, reducing cannibalisation with industry sectors.
TWO – Workplace diversity and culture
A more diverse workforce is much more likely to share knowledge, learnings, and cultural insights. These insights have the potential to add significant value to your organization. For example, it could increase your understanding of your company’s target audience, such as their decision-making process or buying habits. A report by McKinsey & Company found that a more diverse workforce is often better at collaboration and problem-solving and is more open to different perspectives. Not only that, but diverse workforces have shown to have overall better financial performance.
THREE – Improving your hiring rate
According to The National, the UAE is currently experiencing a hiring boom. This means that we are in a ‘job seekers market’ – there are ultimately more jobs available than there are people to fill them. For many companies, the best way to win the war on recruitment and attract the right talent for an open role is to increase salaries. This is especially more common in markets across the GCC, where the expat quality of life varies. The Times of India recently identified 15 in-demand roles in the UAE, ranging from receptionist to Managing Director. With so many available positions and opportunities, recruiters have to fight harder to confirm employees. However, by looking further afield, recruiters face less competition and will be more likely to achieve their recruitment goals.
FOUR – Reducing costs
Employee turnover, recruitment, and hiring is expensive. Recent reports suggest that the average cost per hire in the UAE in 2022 was anywhere from 2,674AED upwards, or if you prefer to use global benchmarks, a general rule of thumb is to expect hiring expenses to start from 15% – 20% of a candidate’s first year of pay. This means getting your potential recruit to say yes to your company is more important than ever to avoid re-starting the recruitment process from scratch or hiring your second or third best option. Some more unethical companies may see international recruitment as a way to save money through unethical practices. However, it is possible to hire staff from abroad in a way which is fair to all parties. Providing a fair salary is one way to maintain your ethical recruitment standards – while that may be on the lower end compared with the existing local market, it may be a significant increase for the potential recruit. In addition, by not going head to head with your competitors for key candidates, you will likely save money when recruiting internationally, even after any related hiring fees.
FIVE – Knowledge retention and loyalty
When an employee leaves your organization, it costs you money not only due to hiring fees but also because of lost knowledge and skills related to your specific business. Companies which support their workforce, practice ethical HR and recruitment practices, and support employee growth are much more likely to have a loyal workforce. This, in turn, reduces employee churn, increases productivity, and can even help in future recruitment efforts as employees refer friends or family.
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