For many hypergrowth and gazelle companies, expanding and hiring globally is a core business strategy to continue growth and dominate new markets, particularly as first movers.
But the search for top talent is challenging, especially in today’s market where the global talent shortage could reach 85.2 million people by 2030, costing companies trillions of dollars in lost economic opportunity.
Projections like that up the ante when it comes to finding top talent, particularly for hypergrowth and gazelle companies, which are characterized by compound annual growth rates above 40% and 20%, respectively.
The search for exceptional employees is increasingly extending beyond borders.
It’s a savvy strategy. The best employees to push your company forward may not be located geographically near you, so attracting top talent regardless of where they are will help you build a dream team and scale to your true potential.
But top talent are in demand all over the world and may even be juggling several job offers at once. So how can you make your hypergrowth company stand out when they can have their pick of offers?
1. Work in Any Way
The global shift to remote and hybrid work models due to the pandemic afforded many employees the opportunity to reevaluate how and where they work, fueling a fundamental shift in what employees want out of their workplace.
In addition to this, many employees realized that “work from home” could expand to “work from anywhere,” permanently changing work dynamics that have been in place for decades.
For employers seeking a competitive advantage in this new work order, it’s important to think beyond remote work. Work in Any Way is a flexible, unbound approach to workforce management that serves as a collaboration between employee and employer in order to serve the needs of both. People-centric aspects of company culture like remote or hybrid work with flexible hours, mentorship programs, reskilling opportunities, increased vacation time and paid parental leave, for example, can positively impact productivity, morale and company loyalty.
It's also worth noting that salary isn’t the end-all-be-all for employees anymore. A survey of over 5,000 workers across the U.S., U.K., France and Germany found that nearly 80% would consider culture, mission and/or purpose before applying to a job. This means that there are other important factors that influence a prospective employee’s decision to choose one company over another—and this is especially true for talented and ambitious people who have their choice of where to work.
So as important as competitive salary is, understanding what your candidates and employees value most, and providing flexible, people-centric work experiences, engages and retains existing employees and can give your company a significant edge in recruitment efforts.
2. Build a global network
Great talent can be found all over the world, and as the world becomes more interconnected, a global network is more important than ever.
Quality networks are built by being an authentic member in your industry’s community via in-person or virtual spaces. More than just shaking a lot of (sanitized) hands, companies thrive by connecting with people who contribute valuable skill sets, perspectives and life experiences to the industry. Creating memorable interactions with top talent can push your hypergrowth or gazelle company over the edge when they’re deciding where to work.
Also keep in mind that investing in a global network not only helps when you’re ready to hire; it can also be key to meeting people who you may not hire today but would like to reach out to when you have future job openings.
3. Move quickly
Hypergrowth and gazelle companies are no strangers to moving quickly; it is, after all, a key characteristic of your business. But this also means that when you find top talent, you can’t afford to wait; you must move quickly with a competitive offer and have the systems in place to onboard new employees seamlessly. As top candidates weigh their options of which companies to join, speed in onboarding can be a major factor in their considerations, in addition to competitive salary and Work in Any Way benefits.
If you seek a solution that both helps your company expand to new markets as well as onboard and flexibly pay employees wherever they are in the world, consider an employer of record solution like GEO. With a HR partner like GEO, your company can scale to new countries (without the time and expense of establishing a business entity first), as well as grow your team as quickly as you need to.
Global hiring solution for hypergrowth and gazelle companies
Talented and ambitious people who can commit to your mission can sometimes feel like a challenge to find. But by investing in a few key areas and not limiting your search to a particular country or region, you can shift the dynamic so that you attract them to your business, whether or not you’re actively hiring.
Ready to learn more? Contact us today to learn how GEO can help your company hire top talent and grow to new markets.