Is the juice worth the squeeze?
That is a fun way to say — is the end product worth the investment? Return on Investment (ROI) is an important metric for almost any business to track, and tech companies that are exploring the option of hiring remote global talent want to know how hiring remote employees around the globe will impact their bottom line and how it will reduce costs.
When examining the true ROI of hiring remote global talent, it is important to look at different aspects of hiring remote employees and how those elements can have a financial impact on your business. Different aspects of hiring global talent that will impact your ROI include the reduced labor and overhead costs, indirect savings like improved productivity, the competitive advantage hiring global talent provides, and the ability of tech startups to build their teams faster.
Contact Truss today to learn more about how our global hiring platform can simplify hiring remote talent from around the world!
READ MORE: Benefits of Hiring Remote Tech Talent for Startups
4 Ways Hiring Remote Global Talent Will Improve ROI
The primary financial benefit of hiring remote talent from around the world in the tech industry is lower employment costs — but that is not the only way that hiring remote employees will impact your ROI. Finding and hiring remote software developers, product managers, or tech professionals from different parts of the world will have direct and indirect benefits to your finances. When you look closer at the many ways that hiring remote global talent improves the return on investment and benefits your tech company, you will find that it is a viable and valuable strategy for growing tech companies.
1. Reduced Employment and Overhead Costs
Businesses that hire remote talent in emerging markets like Central Asia where the cost of living and employment costs are lower will save an estimated 20% – 50% on wages, salaries, bonuses, and other forms of compensation. Lower salaries are not the only direct savings that tech companies will discover when they hire remote talent. With no lease or rent payments on office space, no office utility bills, and minimal office supplies needed, companies can save an estimated $11,000 per employee in select industries. In addition, remote employees have higher retention rates than in-office employees, reducing the costs associated with finding and hiring new employees.
2. Increased Productivity and Efficiency
The reduced costs highlighted above represent the direct savings of hiring remote global talent — but it is important to highlight the indirect savings as well. Tech startups and other companies that hire remote employees will find that remote employees are an estimated 20% – 25% more productive than traditional employees and with employees in different time zones, companies will benefit from a follow-the-sun workflow that allows you to operate almost 24/7. Hiring a remote team can also reduce the time it takes to hire new employees by an estimated 40%, saving you time, effort, and money when it comes to recruiting potential job candidates.
3. Rapid Growth and Competitive Advantage
A few benefits of hiring remote global talent are more intangible, yet still have an impact on ROI — like the ability to help your company grow faster and create a competitive advantage. When U.S.-based tech companies are faced with a shortage of affordable talent or cannot find nearshore talent with the specialized skills they need, hiring in growing markets around the world allows you to move beyond those challenges with access to a deeper talent pool. More diverse teams that employ remote employees also see a higher degree of innovation, and data indicates that these more diverse teams have 36% higher profitability according to some studies.
4. Increased Scalability
With the ability to hire remote employees faster with the help of Employer of Record providers and end-to-end hiring platforms, like Truss, tech companies can scale their teams to meet their growing business needs faster than those who focus on a single hiring market or try to do it all on their own. Utilizing an Employer of Record to hire remote employees can shorten the recruiting and hiring timeline significantly and eliminates the cost of setting up a foreign entity.
READ MORE: The Hidden Costs of Compliance and Why Tech Startups Need an EOR
Hire Remote Talent with Truss and Improve Your ROI
Are you interested in the true ROI of hiring remote global talent? Truss has the answers to your questions and can help you reduce costs and drive profits.
The Truss end-to-end global hiring platform will help you find, recruit, hire, onboard, and manage remote employees from different parts of the world. Truss specializes in finding, recruiting, and hiring remote tech talent from Central Asia and Eastern Europe, and we are here to help you find the perfect fit for your team.
When provided with a list of salary and skill requirements, Truss will provide you with a list of qualified candidates that meet your criteria. And after you have found the right fit, we will onboard remote employees and manage your global payroll — allowing you to focus on overarching company strategies. Truss will also function as your Employer of Record to help ensure that you remain compliant with the local labor laws.
Contact Truss today for more information on our end-to-end hiring platform!
