Are companies still hiring expatriates
If you’re talking about international companies, then that’s a definite yes! In fact, even the local companies are hiring expatriates in their efforts to expand their businesses globally. But… is it worth it?
Hiring expats means that you’ll have to deal with the frustrating paperwork, expensive fees, and fulfill the long list of requirements. In most cases, an expat may cost you 2x or even 3x more. But this could be a worthwhile investment. Because having a knowledgeable and experienced person you can trust to run your business and train your employees properly is crucial for your business growth.
Read on to find out why you should consider hiring expatriates for your company.
When a person has exposure to more than one culture, he/she will very likely develop a global mindset, which can be very beneficial to your company. For example, if you own or are starting an international business, it’s certain that you’ll need a person with a proficient multilingual skills or multicultural competency to handle customers from different walks of life. Besides mindset, which may sound very abstract to you, most of them possess strong interpersonal skills, leadership qualities, and/or creativity that will definitely come in handy while managing your business.
How much does it cost you
It really depends. If you’re hiring expats with professional skills like engineers and experienced expat managers, it can cost you quite a lot. But if you’re hiring non-professionals like truck drivers or construction workers, that’s another story. So, here’s the difference:
The reason you’d want a non-professional expat rather than a local one, is simply because it’s cheaper. You might think that the entire visa process can be long and costly, but these expats usually accept a lower salary than locals do. Of course, the salary must fulfill the minimum market wages. Usually, you get to save up to at least $20,000 per year, if you’re hiring an expat from a poorer country, compared to a local hire.
Yes, hiring a foreign professional can be costly. It can cost you 2 to 3 times of the usual costs of hiring a local. But… it’s about the quality! One individual with outstanding technical skills and strong interpersonal skills may be worth 5 local interns who just graduated. Hiring locals may seem like the more logical and economical way to you… but, it’s only a short-term solution. Instead, having more prolific foreign professionals to work for you can usually increase the company’s productivity and profitability. You can also hire a professional expat trainer to train your employees!
Hiring expatriates with different culture backgrounds can help increase your company’s cohesiveness. Also, your local employees will get the chance to work and network with a foreign professionals – to understand how businesses work in the expat’s home country.
This not only helps your people to grow… it is also a way to kill stereotyping. People tend to judge a person’s work ethics, abilities or competencies based on his/her skin color. You’ll never know, hiring expatriates might be the first step to eliminate one of the most toxic issues in our society – racism!
To wrap up, here’s a quick summary on the pros and cons of hiring a local or an expatriate
Credits to: Foreign Staffing, Inc.
If you’re still considering whether or not to hire an expatriate, here are the things you need to consider:
If you’re still not convinced, ask yourself these questions:
- Can the foreign professional you’re hiring fulfill your expectations?
- Look at the big picture. Can it be beneficial to your company in the long run?
- Money… Can you afford them? Will it become a burden rather than a boost?
Now, if you’re convinced to hire an expat, here are the things you need to consider:
- How do I get the expats the visa work permits?
- How long does the process take?
- How much exactly does it cost for the whole process?
Have no worries! Because your trusted expatriate employment service partner, Upass, has got your back! From consultation to applying an Employment Pass, to expatriate services, Upass can do it all. Contact them, and get all the information you need today!