How Foreign Talent Can Help Combat Shortages In the U.S. Workforce Is your workforce stretched way too thin? Foreign talent might be the solution to your problem.
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In today's competitive market, job-seekers have more power than ever. While there are certainly plenty of positives associated with workers becoming more empowered, the Great Resignation is placing plenty of stress on businesses. In fact, 2021 saw an average of 3.9 million workers quit their jobs each month — a new record.
Whether your business has experienced significant turnover or is a small startup that is still in the early growth stages, not having enough staff can pose a serious challenge for your team. If the workload increases at an exponential rate or employees are forced to wear too many different hats, so to speak, they can quickly become overloaded and overwhelmed.
When that happens, you can't expect your current staff to stick around for long. As a result, an increasing number of businesses are looking to foreign talent to enhance outcomes without breaking the bank.
1. Fill roles with domestic skills shortages
Quite often, lags in domestic staffing are not due to the job's attractiveness or the company not providing a good work environment. In many fields, the United States has a supply problem — a lack of qualified talent to fill open positions.
This is especially prevalent in fields such as science, technology, engineering and math (STEM). In fact, a report by the American Action Forum estimates that the United States will have a STEM worker shortage of 1.1 million, with healthcare experiencing the biggest gap.
When domestic talent simply isn't available, companies need to expand their search horizons. Bringing in foreign talent can fill crucial holes in your team's talents and capabilities, ensuring that everyone can focus on their area of expertise.
2. Increase organization agility with freelancers
One of the best ways to utilize foreign talent is to work with freelancers. Yes, organizations can save money with freelancers because they don't have to worry about health coverage and other benefits. However, working with freelancers also provides more financial and organizational flexibility by bringing on foreign talent for as long (or short) of a period as is needed.
As the team at Gebeya, a talent marketplace for African talent, explains in a blog post, "Not only do freelancers come in and immediately get to work, but they also put 20-30% revenue back into your company's pocket, thus allowing you to reinvest in your startup. Going freelance also allows you to check the current temperature of your core team and quickly address any staffing gaps or bottlenecks, so you can stay on course to market your product."
Whether you need a foreign freelancer for a single project or for several months, this route can provide the flexibility you need.
Related: When Is Hiring Freelancers a Good Idea?
3. Gain access to foreign markets
If your business plans to expand to international markets, working with foreign talent is a must. This isn't just about lightening the burden on your current team, or getting translation assistance so you can understand a foreign language.
As Ruth Mayhew writes for Chron, "Attracting foreign nationals is a strategy companies use when they want to enter a new market or a particular region — they need employees who live and understand the culture. For instance, if you are staffing an office in Hong Kong, there are certain business protocols and cultural differences that can't be learned by simply reading about Eastern culture."
Partnering with international talent helps the rest of your team better understand the culture and business environment of a new area where you are expanding. This "insider" knowledge provides a solid foundation for conducting business in a way that will be more appealing to a new target market.
4. Use technology to form a geographically diverse team
Previously, working with foreign talent meant needing to find individuals who had qualified for an H-1B or O-1 visa to enter the United States. That is no longer the case, as technological resources mean that your team can be scattered across the entire globe, with individuals working in their home countries.
Using tools like Slack or Zoom to keep in touch with foreign team members can help them become a cohesive part of the organization, even when they are geographically distant. In addition, a remote setup can further reduce your company's overhead, as you do not need to pay for extra office space or technology that an in-person employee might require.
Related: How to Manage Remote Teams to Improve Internal Communication
In a time when many companies are struggling to fill positions, turning to foreign talent could be the answer to ensuring that your current team doesn't get overwhelmed. Today's technology resources make it easier than ever to connect with top talent from other continents. This doesn't just help your organization fill crucial gaps; it also gives you access to new perspectives and insights that you might not gain otherwise. Exposure to new people and cultures can help your business become more innovative and be better positioned to serve customers in a larger, more globalized market.
Don't take international talent lightly. It could reshape your company's future.