It’s common sense. The bigger the talent pool that you can dip into, the greater the chances of finding the best person for a position you are seeking to fill. So why restrict this pool to domestic borders? Isn’t it time to make cross-border working and recruitment part of your talent strategy, rather than a happenstance occurrence?
Surprisingly few companies do have such a strategy, despite the benefits that they stand to gain. With the implementation of a remote hiring strategy you can access geographically diverse talent pools in strategically important countries. You also have the potential of meeting diversity and inclusion targets.
The arrival of COVID-19 and its impact on the way we work has made many companies reassess their approach to worker mobility and recruitment. With vast numbers of people now working remotely on a semi-permanent basis, the realisation that cross-border working and hiring should be an integrated part of a business’s talent strategy is gathering pace.
What are the key elements of a cross-border talent strategy?
Cross-border workers fall into two groups. There are the people who have been hired outside of national borders, and then there are existing workers who wish to work temporarily out of a different country. HR governance, payroll administration, team structures and procedures for working from another country are just some of the issues that an HR department should address.
The first step is to define a strategy and policy structure taking into account legal aspects, compliance and risk. An effective HR and payroll policy redesign will lead to a robust governance framework, thus minimising the compliance risks and maximising stakeholder and employee experience.
Optimising the compensation structure is also a vital element in a cross-border talent strategy. Therefore as a second but crucial step, HR functions should look at an appropriate reward structure, seamless but compliant recruitment and an onboarding and performance management system. At the same time they need to continuously focus on the well-being of the employee, maintaining and monitoring their productivity.
If you’re interested in finding out more about how PwC can help you integrate cross-border hiring and working into your talent strategy, get in touch. We’d be happy to share with you our experience and expertise on this topic.