Benefits of a Global Workforce: 5 Reasons to Hire Employees Overseas
Employees are still feeling tremendous pressure to keep up with increased workloads. Since the start of the pandemic, people have been putting in more hours to complete their daily tasks.
However, rather than focusing on meaningful work, employees are often wasting precious time doing mundane administrative tasks. This mostly involves scheduling meetings, managing calendars, or creating presentations.
According to a study by CERB, executives spend nearly 65% of their time on busy work and only 1.2 hours each day focusing on tasks with a high return.
This new reality has paved the way for companies like Work Better Now (WBN). Their virtual assistant program pairs companies with well-trained and capable employees from around the world to help with busy work.
TeamBonding is one of WBN’s clients.
As David Goldstein, the CEO of TeamBonding, puts it: “WBN has been like having a net under the tightrope we walk every day as we pivot between virtual and in-person events. The consistency of a daily greeting and an end-of-the-day report helps us navigate an uncertain world. The fact that the virtual assistants have been personable, engaging, willing, and have a can-do attitude is contagious and is greatly appreciated.”
In this article, we’ll explain the most common benefits of a global workforce. You will also hear from the team of virtual assistants working hard to keep the wheels turning here at TeamBonding.
What Is a Global Workforce?
A global workforce is a network of employees from around the world who get hired by companies to take on certain responsibilities. According to Statista, this global outsourcing industry generated $92.5 billion in 2019 alone.
These employees are usually called “virtual assistants.” They work remotely from their home country, performing various tasks — from scheduling meetings to customer service responsibilities and business support.
Virtual assistants help many facets of daily business run smoother and faster.
Andrew Cohen, CEO of WBN, says that their virtual assistant program provides US-based companies with “fantastic talent”.
”The benefit is the access to terrific talent. We found that Latin American employees particularly meet our clients’ needs for a friendly, self-motivated, and timezone-aligned workforce with similar cultural sensibilities.”
5 Benefits of Hiring a Global Workforce
Any business can benefit from a global workforce, and hiring a virtual assistant is now easier than ever. WBN takes care of the hiring, training, and onboarding process. Their clients get a highly-capable worker who can start working right away.
Here are the top five reasons why you should consider hiring talent overseas.
Lower Operational Costs
A global workforce can help you optimize operational costs. Time spent on doing administrative work like managing calendars is less time spent on growing your business. By outsourcing these time-consuming tasks to skilled workers, companies gain more time and resources in the long run.
This cost-saving benefit applies to the workers as well, as working from home reduces commute time and allows them to save on transportation costs.
For many of WBN’s hires, “the time commuting to an office can be significant; about 10-12% of your waking hours,” says Andrew Cohen.
“Working remotely cuts down on that time and expense.”
Andrea Velez, a virtual assistant who TeamBonding hired through WBN, explains that “being able to live out of the busy city center means I don’t have to face traffic jams or need to travel long distances to get to work.”
Diverse Talent Network
Throughout 2022, US companies are expected to continue grappling with the Great Resignation phenomenon. One possible solution to that ongoing problem is expanding HR initiatives overseas. In doing so, you might be able to find the right person for that hard-to-fill position significantly faster.
For example, highly qualified engineers, architects, and other tech experts are in high demand in the US but are hard to find. The talent pool for these positions is small, and qualified candidates often get hired rather quickly.
This doesn’t only apply to tech companies. If your business is experiencing similar staffing issues, outsourcing such positions across Latin America could help you save on time and resources.
So, why Latin America?
This region is quickly rising as one of the top hubs for tech graduates. According to a Forbes article about the talent landscape in Latin America, these countries “produce IT talent that matches the level of those in first-world countries.”
Employees with similar backgrounds tend to share similar perspectives and ideas. This lack of diversity can slow your company’s growth and stifle innovation. Having a global workforce could lead to a more diverse talent network within your organization.
International employees can also gain valuable knowledge and experience working for US-based companies. This provides them with a unique opportunity to expand their skill set, learn new technologies, and discover a new way of doing business.
Andrea Velez states, “I decided to work for a US company as I could keep improving my knowledge and applying what I have learned in my past jobs and studies overseas. Working for a US company is also a great opportunity to keep up with my English skills and opens many opportunities as I can expand my network and meet people from around the world and learn from them.”
David Goldstein from TeamBonding feels the same way, explaining that he enjoys exposing his local team to a world that’s different from their own.
“As a company that delivers events to a global audience, especially in times of working remotely, it is great to have staff that reflects our clients’ culture and values. We are part of a global network with many Spanish-speaking members, and it’s great to have someone on our team that speaks their language.”
Higher Employee Satisfaction
International employees who work for US-based companies express higher levels of satisfaction. While better pay is certainly a key motivator, overseas remote employees also benefit from a healthier work-life balance.
Virtual assistant Carol Varon explains that “working remotely has been great because I save time commuting, and I can spend more time with my family and friends.”
Joselinne Guardado, a virtual assistant from El Salvador, shares the same opinion, noting, “I am always looking for new opportunities to learn. Companies are always looking for talent that is competent and in my particular case, it has allowed me to learn about areas that complement my studies. I really enjoy working for a company different than my home culture.”
Companies like WBN help businesses stay productive, organized, and focused on doing work that brings measurable results. According to WBN, business owners spend roughly 400 hours a year doing routine office tasks. This is 400 hours that could be invested in product development, strategy, or customer acquisition.
Cohen states the impact is “game-changing”.
“Our clients now have the time to focus on critical tasks that grow the company such as product development, strategy, and helping their team. We literally do the thing that everyone thought was impossible; help someone get more hours out of a day. Other clients put WBN assistants into operational roles such as customer support, marketing, and project management, to name a few.”
Hiring virtual assistants to help out with administrative tasks is only one way to utilize their skills and knowledge. Andrew says that some of their clients go on to put WBN’s assistants into operational roles such as customer support, marketing, and project management.
In a world where speed, innovation, and agility are paramount, you need to take every advantage possible to increase your productivity. While taking care of administrative office work is essential for ensuring smooth business operations, this job does not generate real revenue.
If you want to explore all the benefits of a global workforce, visit the Work Better Now website and schedule a consultation. Use code TEAMBOND for a discounted rate.