Why you should hire abroad: 6 proven benefits of hiring highly skilled migrants
Hiring highly skilled migrants has many great benefits, for example expats often having a great work ethic and are fluent in English and other languages. However, if that is not convincing enough for you, it is also good to know that there are many proven benefits as well. Companies who hire expats have a 53% higher revenue growth than companies who do not. Read on to find out the benefits of hiring international employees for your business.
1. Companies with culturally diverse teams are 33% more likely to outperform their competitors
Source: McKinsey & Company
According to a study done by McKinsey & Company, companies with ethnically and culturally diverse teams are 33% more likely to outperform their competitors. This is because hiring international employees allows businesses to build diverse teams with employees who have different work experience, higher skill levels and backgrounds. This results in better decision making and problem-solving capabilities compared to companies who stay away from diversity.
2. Companies that hire expats achieve 53% higher revenue growth
Source: BCG Henderson Institute
BCG Henderson Institute’s study states that companies that hire expats achieve 53% higher revenue growth compared to competitors who do not hire international employees. This percentage can be explained by expats diverse skill sets, cultural adaptability, and ability to tap into international markets.
3. 67% of job seekers consider workplace diversity an important factor when evaluating job offers
If your business is continuously growing and you want to be attractive to job seekers, then hiring international employees might be beneficial for you. Having a diverse team makes you more attractive to 67% of job seekers according to research done by Glassdoor. This shows the importance of hiring globally to
attracts top talent and fosters a sense of inclusivity within the organization. This inclusive environment enhances employee engagement and retention rates, reducing recruitment costs.
4. 72% of organizations believe that international experience is essential for success, given the global nature of business today.
Source: Society for Human Resource Management (SHRM)
Thanks to the internet and social media channels, withholding your company from international growth is unthinkable in this day and time. Which is why 72% of organizations believe that international experience is essential for managerial success, given the global nature of business today. (SHRM). As companies expand their operations and target international markets, hiring employees with global experience becomes crucial for navigating complex global trends and cultural nuances.
5. Expats and Productivity
Source: National Bureau of Economic Research (NBER)
NBER found that highly skilled migrants have a positive impact on the productivity of local employees. Their presence can stimulate innovation and specialization in the labor market according to the NBER. The expats’ diverse backgrounds and expertise creates a dynamic work environment that encourages other employees’ productivity and drives overall performance.
6. Companies that prioritize diversity, including hiring expats, have 1.7 times higher employee retention
Source: Boston Consulting Group (BCG)
Another reason to prioritize diversity and hire highly skilled migrants is because of the improvement of your employee retention. Boston Consulting Group stated that companies that prioritize diversity have a 1.7 times higher employee retention rate than companies that have less diverse teams. Companies with diverse teams have a better ability to retain their employees and ensure sustainability. This inclusive work environment, fostered by hiring expats, enhances employee satisfaction which leads to improved retention rates and reduced turnover costs.
Hiring expats with ease with TOSS
Are you ready to hire expats for your company’s next move? Let us help you with the process. As The One Stop Shop for global working and hiring in the Netherlands, we are able to help you out with finding the right person for the job, getting the right documents and papers, payroll, housing and other immigration services. Check out what we can do for you or immediately contact our experts for our solutions.