Reduce your global hiring costs in 2024

The new year is well and truly here! While your resolution to kick the carbs or hit the gym may not be going entirely according to plan, there is one goal for 2024 that you don’t need to give up on – and that’s aiming to reduce your global hiring costs.

Achieving this will free up revenue to be utilised elsewhere and can be done without jeopardising the quality of your business or the working experience of your employees.

Selecting the correct countries of operation

To get started, analyse the costs relating to global hiring in the region in which you are operating, against the size and quality of the local talent pool. Some locations may be less expensive to hire in, but the talent pool may be small or underqualified.

So, it’s key to determine these cost-effective factors and reach an equilibrium, as you seek to reduce your global hiring costs.

Supporting and maintaining your team

Hiring globally can be pricey. However, it can be a highly beneficial investment. Once you’ve hired your global workforce, it’s key to support your teams with the tools and resources to facilitate their continuous learning and development – as well as their health and mental well-being.

Take the time to encourage communication between your teams at all levels. Offer benefits and flexible working models, to promote a cohesive, healthy, and happy working environment for your team members.

In  return, your business will experience higher staff retention rates and, naturally, lower attrition rates. This aids wider efforts to reduce global hiring costs, as it lowers the frequency of global recruitment drives led by your talent acquisition and HR teams.

Keeping track of your candidate pool

It’s not uncommon to encounter a terrific candidate who would be a great fit for your team, but whose experience doesn’t quite match up to the role they’ve applied for. When this occurs, keep a record of this potential team member.

So, when a more suitable role becomes available, you can consider them for the role directly. This way, you avoid the expense of a lengthier hiring process. Over time, you can develop a sizeable talent pool, which will result in long-term reductions in global hiring costs.

Salary benchmarking

Salary benchmarking is a service provided by HR experts, such as Mauve Group, which benchmarks remuneration against local averages and guarantees that you’re paying competitive salaries – in line with market expectations.

So, you’ll compensate staff fairly without needlessly overpaying, and boost staff retention rates and overall satisfaction while avoiding costly hiring processes.

Availing of New Year offers from service providers

A great way to reduce your global hiring costs is to engage service providers who are offering new year promotions, such as Mauve Group. As a new year welcome to new customers, and for a limited time only, Mauve is waiving our set-up fee and offering a one-month free margin for all new clients.

With decades of experience in the industry, our experts can help you to hire global talent compliantly and cost-effectively.

Mauve Group has been a global HR leader for over 27 years. For information on salary benchmarking, global hiring, HR processes, and expanding your business, contact our team  of experts today.