When your company decides to tap into a global talent pool, it has a critical decision to make. It can hire an employee (governed by an employer-employee relationship) or an independent contractor.
While both options have undeniable merits, this article focuses specifically on the advantages of hiring international contractors. Below, discover how global contractors can better your business, and how easy the process can be with platforms like Borderless AI (HireBorderless.com) at your side.
Flexibility for Peak Periods and Special Projects
Hiring global contractors (or, in some cases, temporary employees) is an effortless way for a business to remain agile.
If your company experiences large or random fluctuations in demand — directly corresponding to the amount of support you need — hiring global contractors lets you expand and contract on a dime. Likewise, global contractors are ideal if you need to onboard talent quickly for a special project like a website revamp, large order fulfillment, or to fill a temporary leave.
Overhead Cost Reduction
Weighing expenses and incomes is a fundamental facet of shrewd organizational management. Lowering costs can drive profits and/or divert cash toward strengthening your growth.
Global contractors are a creative piece of that puzzle. Here are a few ways that international contractors help you reduce costs:
● Wage differences: Often, international contractors hail from countries with lower median salaries. Even accounting for the (typically) higher hourly rate of contractors vs. employees, you still save significantly on labor costs.
● Office space: International contractors are, by nature, remote. Therefore, employing overseas contractors vs. local contractors or employees saves on office space costs – including utilities, amenities, and facilities.
● Technology: Contractors are typically responsible for their own computers, software, and necessary tools, freeing you from purchasing and maintaining these often costly items.
An Untapped Reservoir of Talent
Limiting your talent search to a nearby or easily commutable area is important for in-office positions. But once you remove the restraints of an office building, the world really is your oyster. Why not tap into the vast pool of talent the world has to offer?
At its most basic, it’s a numbers game. You can look for the right software engineer among a local pool of 1,000 candidates. Or, you can look for the right software engineer among the roughly 26.9 million worldwide.
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Ease of Management with an EOR Service
Unfortunately, there’s no single universal labor law governing workers worldwide. Instead, individual countries establish specific laws, regulations, protections, tax requirements, and more. Trying to understand the regulations across various countries is enough to give even the biggest brain a headache. And traditionally, this has been a deterrent for some companies who might otherwise want international contractors.
Luckily, there is a quick solution. Hiring global contractors is simple and efficient with a platform like Borderless AI. The best contractor management platforms leverage AI technology to streamline payments and create legally compliant contracts.
In summary, hiring international contractors is agile, cost-effective, and easy with a contractor management platform, opening your company up to a whole new world of talent