As the United States economy becomes progressively more globalized with the advent of technology, employers are investing heavily in hiring from an international pool of workers. Hiring on an international level allows domestic employers to select employees from a more diverse collection of workers than ever before and makes these positions significantly more competitive. This renewed interest in the international job market is on the uptick despite the looming possibility of stricter immigration guidelines under the current administration. With these difficulties in mind as well as the significant monetary investments that hiring internationally often requires, it may seem puzzling from an outside perspective why U.S. employers would invest so much capital attracting foreign workers instead of just hiring domestic candidates. There are a number of factors that make this long-term investment in foreign nationals worth it for U.S. based companies. Let’s take a look.
Competition for Foreign Workers is on the Rise
A 2017 Harris poll of human resources professionals and hiring managers in the U.S., 70% of U.S. companies regard foreign workers as very or extremely important to their hiring strategies, a 7% increase from the previous year. Among the survey group, a majority of respondents indicated that they expected the number of foreign nationals working in their company to increase in 2018, as reported by SHRM Online. Another 20% are proactively seeking out foreign workers to fill in valuable positions at their company. Perhaps most importantly for foreign workers seeking employment opportunities in the United States is the nearly 90% of respondents whose companies are investing in immigration related bonuses to attract foreign workers. These bonuses include compensation for critical immigration milestones like relocation expenses, housing, visas and green cards for potential employees.
Immigrations Perks As Incentives For Foreign Talent
As the demand for international workers continues to increase, U.S. companies have begun offering perks that facilitate the immigration process for both the workers and even their family if they so choose. According to the study previously cited, an impressive 92% of respondents indicated that their company would be investing in dependent support for the family members of foreign nationals to incentivize potential workers. An additional 34% offered assistance with dependent visa or green card processing fees. For the workers themselves, another 70% of companies surveyed offered green card sponsorship programs as well as compensation for relocation expenses. Finally, approximately 30% of companies surveyed offered various other immigration related perks including but not limited to travel expenses, immediate green card sponsorship and cultural assimilation services.
Diverse Personnel Means Diverse Business Perspectives
Hiring from an international employment pool naturally increases the number of candidates that a U.S. company can pursue. This rich selection of potential candidates has countless unique skills and knowledge to offer their employers. One of the many qualities that foreign workers have which cannot be replicated in the domestic employment market is the unique perspective that they provide on business as it is conducted outside of the United States. Foreign nationals have firsthand, sustained experience of overseas business which can be invaluable to domestic companies looking to expand into the international marketplace. Further, the fresh perspective that these workers offer can provide insight into industry best practices that are not currently being utilized on a wide scale in the United States. In this way, foreign workers can often contribute more significantly than their domestic counterparts to both the internal and external mechanisms of a company.
Foreign Workers Supplement A Decline In American STEM Graduates
The value of international workers is increased exponentially with regard to jobs in STEM related fields. STEM related industries are expanding rapidly, and the United States is not producing enough domestic workers to fill in the lucrative positions that come with their growth. This inadequacy is especially pronounced with regard to technology related jobs. The lack of domestic workers qualified for these positions even in this robust job market can be chalked up to a few different factors. First, the baby boomer generation responsible for the prosperous U.S. economy of the mid twentieth century are leaving the workforce at rapid rates. As this large chunk of U.S. employees hits retirement age, they leave a surplus of empty positions in their wake. And this employment vacuum only puts more pressure on a domestic workforce that just isn’t producing enough STEM educated workers to maintain employment levels, much less increase them.
Conclusion
Running your business while also looking for top global talent to grow your team can be a challenge. That’s where we can help you step-by-step from start to finish in obtaining the international talent (including the immigration process) your company needs to thrive. Contact YMSPeople today for a complimentary consultation!