Businesses across the United States are preparing for a potential recession due to a variety of factors that include higher interest rates, a weaker labor market, inflation, rising labor costs, and more. While economists continue to debate on the chances of a recession in the next year (2024), many businesses are looking for ways to continue to grow and flourish in the event that a recession occurs and we want to help at TRUSS.
When you have positive momentum as a tech company, it is vital that you maintain that momentum and continue to grow your team and business – which means you need the right talent in place on your team and you may have to look for more creative ways to hire. Learn more about how to grow your team during a recession with a better look at hiring a remote workforce in Central Asia with the help of the TRUSS Team.
Can You Grow Your Tech Company in a Recession?
Increased labor costs in the United States may prove to be a factor in a potential recession and many companies are searching for ways to continue to grow their teams and business – without breaking the bank. Labor costs in the United States increased by 4.3% year-by-year. TRUSS may be able to help you find remote global tech employees in emerging markets like Central Asia.
Lower employment costs and an immense talent pool of software developers, computer programmers, IT specialists, and software engineers in Uzbekistan, Kazakhstan, and Georgia means that U.S.-based tech companies can find the talent they need to grow their team, maintain customer service, and save on employment costs.
Tech companies that hope to grow their team – despite the potential for a recession – may find the talent they need in Central Asia and TRUSS can help. TRUSS will function as your employer of record in Central Asia, will help you recruit and hire tech employees in Central Asia, and will help you manage payroll and human resources issues.
READ MORE: What Is the Time to Hire in Central Asia?
What Are the Average Salaries for Tech Employees?
A lower cost of living and exchange rates mean that companies in the United States can add tech talent and experience to their teams at lower employment costs and with lower salaries when they hire in emerging markets like Central Asia. The tech sectors in Uzbekistan, Kazakhstan, and Georgia continue to grow with an influx of young and talented developers to the labor pool, the interests of U.S.-based tech companies, government-backed tech programs, and much more.
Here is a breakdown of average salaries in key tech jobs in the United States, Uzbekistan, Kazakhstan, and Georgia. Keep in mind that salaries may depend on experience, knowledge, and role.
|Avg. Salary (USD)
READ MORE: Recruitment Agency in Central Asia
How To Manage Your Remote Team in a Recession
In the event of a recession in the United States – tech companies that have invested in a remote team need to know how to manage a remote team in a recession. We may be able to help with a quick list of ways you can maintain your positive business momentum throughout the recession with a team that is located across the globe.
- Maintain transparent communication with your team about goals, finances, and challenges.
- Build a positive work culture that is based on trust between employee and employer.
- Encourage and listen to feedback to help improve processes, programs, and employee morale.
- Recognize and reward employee contributions when and how you can. Examples include a hand-written note or email, a team lunch, extra vacation days, public acknowledgement, or gift cards.
READ MORE: Why Do U.S. Companies Hire Foreign Workers?
How Can TRUSS Help Grow Your Remote Team?
Are you looking for new additions to your team? Are you considering hiring remote tech employees in Central Asia? TRUSS can help you find the perfect fit for your company and help you save on employment costs. We have an experienced team in Central Asia that knows how to find the best tech talent available and recruit them to your company. When you do find the right fit, TRUSS will help you onboard remote employees, help you manage your payroll, and ensure you remain compliant with local labor laws.
Contact the TRUSS Team today to learn more about how we can help you grow your team in a recession!