RECRUITING TALENT GLOBALLY - SOURCING SKILLS FROM ABROAD
Sourcing staff from overseas
A growing number of CEOs are championing international hiring in the media. They'll often highlight benefits like native knowledge of different cultures, and fresh perspectives on products. Immigration laws can also encourage companies to open overseas offices, as it's more difficult to recruit foreign workers into the country.
Online innovations and a growing range of international recruitment networks, like The Network and NPA Worldwide, make it easier than ever to source talent from abroad. And, with one in seven UK companies set up by entrepreneurs born in another country, plenty of businesses have a global outlook in their DNA from day dot.
When it comes to paying your global workforce, it's usually better value to commission foreign exchange brokers (otherwise known as FX or forex brokers) to make transfers. Because forex brokers buy currency in bulk, they can pass on their lower rate to their clients. The right broker can save you on average 3-4% of the exchange rate over conventional bank transfers and online banking alternatives.
Your other main cost consideration is tax. If your company is registered outside the European Economic Area, international workers living in the UK will need to make their own National Insurance contributions. If they don't live there permanently, you can apply for your workers to be exempt from them.
For further insight into other aspects of conducting business overseas and managing international payroll, complete the form below and download our International Business 101 Guide.