At Rakan Systems, we are extremely lucky to work with an amazing group of talented individuals across the globe. Many of our clients are expanding internationally, scaling out their business in new territories to take advantage of a myriad of benefits:
- Access to a larger talent pool: By being able to hire globally, companies can access a much larger talent pool than if they were limited to hiring only locally. This means they can find the best and most qualified candidates for their open positions, regardless of where they are located.
- Diversity of perspectives and ideas: Hiring globally also brings diversity to the workplace, which can lead to a broader range of perspectives and ideas. This diversity can help companies to innovate, problem-solve, and make better decisions.
- Cost savings: Hiring globally can also help companies to save costs in some cases. For example, they may be able to hire talent in countries where salaries are lower than in their home country, without sacrificing quality. This can help them to reduce labor costs and increase their profitability.
- Increased flexibility: Being able to hire globally also gives companies more flexibility in terms of when and how they work. They can hire talent in different time zones, which can help them to extend their hours of operation and provide better customer service to clients in different regions.
- Better cultural understanding: By working with people from different cultures and backgrounds, companies can gain a better understanding of their customers and markets. This can help them to develop products and services that are better suited to the needs of their target audiences.
Maximizing these benefits while mitigating regulatory risks and penalties is crucial as fines for breaking local laws can come back to haunt a business years later. One of the most common and costly issues is how you actually employ and compensate individuals. In a perfect world, you would hire a knowledgeable HR expert in each country, but that is not practical or scalable.
As such, many organizations are turning towards global HR service providers that are leveraging cutting edge technology to solve geographical legal and compliance issues, cultural and language barriers, and challenges with currency exchange.