You’ve heard people talk about hiring in emerging markets, but how much can hiring in emerging markets save your company in practice? At TRUSS, we dare say we have experience with that. Not only do we help people hire in emerging markets, but we also do it ourselves internally too. Let’s dig into some numbers and help you realize what you could be saving.
What Are the Savings of Hiring in Emerging Markets
Though your actual savings can vary depending on which markets you hire in and can vary based on position and experience, with hires from TRUSS, we’ve estimated the savings on salary to be upwards of 30% all while still paying your remote global team more than an above average wage in their field in their country.
Other Unexpected Savings of Hiring in Emerging Markets
One big saving you will encounter is simply in hiring remotely. You don’t have to deal with the expense of additional office space and all the things that come along with it. Recent estimates put the cost of office space, utilities, and amenities at upwards of $8,000 a year or more per employee. You only need to get them their equipment if necessary and ensure that they have all the software necessary to work including remote working software.
Read More: Software Your Remote Team Should Have
Much of the available talent in emerging markets, especially the talent in Central Asia, is not only highly skilled but is also accustomed to working remotely. This means you do not have to worry about wasting time or money on training your new team in best practices for working remotely or doing their job. You just have to worry about training them in anything specific to your company.
What Are the Global Payroll Best Practices?
Are There Unexpected Costs to Hiring in Emerging Markets?
This depends. All countries will have different tax rates (often lower than the U.S.), different employment laws, and all will require some sort of presence in the country typically referred to as an entity. This entity is going to be a big upfront expense. Often it takes months to set up, involves a lot of legal work, and will ultimately cost thousands of dollars.
That’s where TRUSS comes in though. We already did all that work and you can piggyback on that. We’ll be your employer of record so you don’t need to set up an entity at all. What’s more, we will navigate all the employment laws and taxes for you. We even have a hiring team that’s local to the area which can help you find the ideal candidates to fill roles as soon as possible. Yes, they will speak and understand English and yes they will have all the skills that you require.
Which Emerging Markets Should You Hire in?
Some may say we have a biased opinion, but we really don’t. We’ve done our research and have had experience working with many emerging markets, and we still think that Central Asia is the best place to be—especially for hires in tech. With a huge amount of under-utilized and even untapped skill, a loyal workforce, and people that are genuinely enthused to help build great products and great companies, hiring in Central Asia is truly a win-win for both the hiring company and the employee.
If you think India is still an emerging market for talent, think again. India has been tapped into to such an extent that competition for good workers is fierce, and employees often float from job to job hunting for the best wage. This means high turnover and often under-experienced employees.
How to Get Started Hiring in an Emerging Market
If you want to get started hiring in an emerging market, it’s really simple actually. Start hiring in Central Asia today with the help of TRUSS. You don’t need to worry about creating an entity, navigating local laws, or even sourcing talent. We will handle all of that for you, bringing you the best candidates for the job and letting you build and manage your team while they help you create your vision.
