Benefits of Remote Hiring
Remote Working has become the norm in today's post-Covid19 society. Many firms have become used to and completely accepted this convention almost overnight, as the pandemic triggered lockdowns and threatened the safety of employees all around the world. Hiring remotely means that talent can now be part of one's organisation from anywhere in the world. There are risks involved, as with making any hiring decisions, but we will share today, about the many benefits that companies can reap from doing so. Here are the 5 benefits that remote hiring can bring to your company/organisation:
1. Lower Labour Costs
In the world we live in today, a large proportion of salaries paid typically cover the individual's cost of living. This means that companies operating in metropolitan cities of developed countries can reap a significant cost saving by hiring skilled individuals from less costly parts of the world. With jobs going digital, a good proportion of work that needs to be done need not even involve employees from the same geography or physical office. Therefore, if a company were to look abroad for remote hires, it could be a huge economic saving in a time where cash is tight for companies large and small.
2. Potential Market Access
As this pandemic has shown, no business is immune to disruption. Whether expansion into a new market might be on the immediate or long term horizon, hiring talent overseas can be one of the best decisions to take in that direction. Whether or not you eventually make a decision to pursue such business expansion could be a result of ground research on the suitability of your company's product or service offerings to that particular market. Remote hires are also locals in their own home country and would know better about the situation there than yourself or even a consultant! They are able to provide insights and perspective into potential market entry, marketing and management strategies. It is also possible to eventually convert your remote hire employees into business partners for such an expansion effort, should you find that he/she has proven capable and reliable during the initial term of employment. That is not only prudent, but far sighted!
3. Selecting the Best People
It's a huge world we live in, and talent is scattered all around. While there might be suitable individuals locally, today's job market for certain skills has become international. Your company or organisation can and should tap into overseas resources to achieve your business goals and maximise the resources available. Foreign talents from places like Myanmar, where we operate in, are also motivated to work harder due to the international standards and promise of higher remuneration that can come with good job performance (compared to what local companies are able to offer). Establishing an entire team/department/function offshore can also see synergies and exchange of ideas happening for the benefit of your company, hundreds or thousands of miles away from your home country.
4. Mutual Learning & Training
In the same vein as the previous point, hiring top talent from different geographies can provide your company with new insights and perspectives. Perhaps the 'outsider' might be able to point out certain blindspots or introduce some best practices from his/her previous experience to be adopted in your context. As training and learning works both ways, companies who aim to make a positive societal impact can also view hiring as a means to achieve such knowledge transfer that can benefit the talent in the long run. As individuals pick up critical job skills through their remote working engagement with companies abroad, these people can then continue to apply their learnings in future workplaces in their home country. When hiring remotely from developing countries/emerging economies, remote hiring directly addresses the twin challenges of skilled job scarcity and a lack of access to education.
5. Increased Productivity
While one might not see immediate productivity gains with remote hiring, long term benefits are almost assured, if one finds the right talent for his/her company. After crossing the hurdles of finding and hiring the right employee for your business, the benefits above, coupled with a more global workforce, can be a motivating factor for employees old and new to give their best at work. Adapting and learning will be part and parcel of getting things done remotely, and utilising tools such as cloud and sharing applications will only set your company up on the right path toward scaling and expanding operations. As with taking any step out one one's comfort zone, starting to hire remotely could be the first step in the right direction for greater business transformation and stepping into the digital age. No longer will paper documents or hardcopy receipts/invoices cut it, as the remote team will need someone to scan it in to access these information, many things that are done 'traditionally' will be forced to change- and that can only be a plus for your company!