By Charles Ferguson
Reading Time: 4 minutes
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How much has your daily work life changed due to Covid-19? You have had your share of marathon video calls. You have invested in a selection of new home office gear (and maybe a few plants). And perhaps you’re not dressing in regular business wear every day.
A recent survey by PwC found that, after Covid-19, executives expect that a staggering 89 percent of their workforce will work at least one day of the week remotely. That means that managing a team remotely will become the ‘new normal’.
That also means that your hiring strategy should change too. The future is here: a future where borders, both national and international, won’t be obstacles to growth. Your talent pool will no longer be limited to where you are based.
Have you wondered what is stopping you from hiring top talent internationally? For many, the challenge of establishing an entity wherever you want to hire someone puts a dampener on their talent sourcing plans. The Employer of Record model solves that.
Welcome to the era of global talent. Expansion and growth are not only about increasing your market share or diversifying investments. It’s about getting the best person for the role, no matter where they live. Now the only question is: Where should you go to find the next rich talent pool?
Welcome to the era of global talent. Now the only question is: Where should you go to find the next rich talent pool? Click To Tweet
Southeast Asia: Your Top Option for Young, Entrepreneurial Talent
Certainly, one of the priorities for your company is for young talent that can help you gain an edge. One of the largest concentrations of young and entrepreneurial talent is in Southeast Asia.
According to the International Monetary Fund, more than half of the population of Southeast Asia is under 30 years old, and technology is a massive factor in the way they live, get educated, and work. Young people in Southeast Asia interact with their mobile devices to the extent that they have been labeled “the most engaged mobile Internet users in the world.”
With knowledge and training at their fingertips their entire careers , the expectation extends to the workplace. An entrepreneurial, exploratory mindset powers their motivations in the job search. A survey of 56,000 young people in the region, conducted by the World Economic Forum (WEF), sheds more light on this: “Southeast Asian talent say the number one reason they change jobs is to learn new skills, even above their desire to earn a high salary.”
According to WEF, 31 percent of Southeast Asian talent are either entrepreneurs or work for a startup, and in the future, 33 percent see themselves developing in an entrepreneurial setting. Are you ready to harness this mindset and use it to innovate and grow your business?
A Highly Educated Young Population Ready to Power Your Business
Firms can access talent that covers 6,500 higher education institutions and 12 million students in 10 nations throughout Southeast Asia. The Philippines produces over 130,000 information technology and engineering graduates a year, and Vietnam is producing around 80,000.
But soft skills matter too, and young people from ASEAN countries know this: they prioritize improving their soft skills, namely emotional intelligence, resilience and adaptability, in addition to science, technology, engineering and maths (STEM) skills, according to research by the World Economic Forum.
Tech startups are already taking advantage of this talent pool. More than 150 venture capital funds exist in Singapore alone. In less than four years, the region has attracted U.S.$17.69 billion in funding, fostering startup unicorns such as ride-hailing firms GoJek and Grab, and e-commerce company Lazada.
Well-established global companies are taking advantage of this: L’Oreal, Microsoft, and Oracle are among more than 100 entities running incubator and accelerator programs in Singapore alone. IT giant, HP recently announced that it will set up 20 tech hubs across Southeast Asia by the end of 2020 to give opportunities to youth in underserved communities.
At this point, you might be asking yourself: how can you and your company gain access to this talent? You know that setting up an entity is an expensive and lengthy endeavor that might not be fruitful, and while you want access to the talent market, you also want to avoid unnecessary expenses and logistics.
You don’t need to establish your own entity to be able to hire in any of the Southeast Asia countries mentioned above. All you need is the right Employer of Record (EOR).
Employer of Record: an International and Diverse Team in a Matter of Days
If you combine the advantages of remote work with an Employer of Record, you’ll never have to say no to top talent that might be unable to relocate. With an EOR, your company can hire anywhere in the world while avoiding the hassle of understanding complex laws, taxes, benefits, currency exchange, or payroll issues.
You don’t need extra time to research and get familiar with local laws. An EOR solution provides you with experts that take the burden of the onboarding process while simplifying your payroll, producing expense reports, taking care of personal income tax issues, and setting up the employee’s statutory local benefits.
In short, an EOR significantly speeds your time to market in any country. With this alleviated, you can focus on building a company culture that attracts and retains top talent.
Are you ready to tap new, thriving markets and find the best people in the world for your open roles? Then go forth and expand your hiring horizons.
In short, an EOR significantly speeds your time to market in any country. With this alleviated, you can focus on building a company culture that attracts and retains top talent. Click To Tweet
Want to Learn More About the Asia-Pacific region?
If you have chosen Asia as a destination for your business, it’s important to take the time to understand the local culture and what makes this a unique region . Learn more in our webinar: Building a Team in APAC: How to Deliver an Exceptional Employee Experience.