Shifting Your Company to a Global Worker Model
- By DWFtrends editors
- March 07, 2023
The COVID-19 pandemic has drastically transformed the world of work, with remote work becoming the new norm for many companies. As businesses navigate the post-pandemic landscape, there is growing interest in understanding how hiring practices change.
Deel Lab, a research and policy consortium, has published its State of Global Hiring Report, revealing interesting patterns in the global hiring market. The report analyzed over 260,000 worker contracts across 160 countries and found that global hiring grew across all regions in 2022, but some regions saw a higher rate of involuntary terminations and lower average starting salaries in the second half of the year.
The report found that Asia Pacific (APAC) emerged as the fastest-growing region hiring workers abroad, followed by Latin America (LATAM), Europe, the Middle East and Africa (EMEA), and North America (NAM). APAC businesses are seeking quality talent to drive organizational efficiencies and success in a recessionary climate.
Regional and national trends
The report highlights that global hiring remains hot, with 89% of all contracts designed for remote roles. Australia, Singapore, and India are the top three countries hiring remotely in APAC. Indonesia, China, Vietnam, the U.K., and India are the top five countries from which Singapore organizations are hiring. In contrast, the United States, Canada, the U.K., Australia, and Hong Kong are the top five countries hiring Singapore employees.
However, terminations increased towards the end of the year, with the U.K., Mexico, Spain, Portugal, and the U.S. seeing the greatest percent increase in terminations throughout 2022. The report also found that starting salaries were down as markets cooled, with Mexico, Netherlands, U.S., Nigeria, and Argentina experiencing the most significant declines in new worker salaries.
The report also highlights the top five roles that global organizations hire: software engineers and developers, product designers, product managers, quality assurance engineers, and project managers. In APAC, software engineers, sales, and product roles are the top three most popular roles hired. Virtual assistants, software engineers, software developers, content writers, and business development/sales roles are the top ones in Singapore.
The global worker model
Samuel Dahan, chair of Deel Lab, notes that the global worker model has become the preferred option for many organizations in uncertain economic times. He also adds that the report shows the U.S. has become the hottest market for hiring global workers.
Karen Ng, regional head of expansion and market lead for Singapore, ASEAN and India, says that the talent shortage is still a pain point in Singapore. Organizations are looking globally to fill talent gaps in the market. She expects this trend to continue as organizations have more sophisticated HR strategies, corporate infrastructure, and digital tools to support a global and hybrid workforce.
In conclusion, the State of Global Hiring Report provides valuable insights into the global hiring market, highlighting the growing trend of organizations looking to hire talent globally. Organizations can stay competitive and nimble with more advanced tools and strategies to support a distributed workforce. However, the report also reveals challenges, such as increased terminations and lower starting salaries in some regions, that organizations must navigate to remain successful in the global hiring market.
Image credit: iStockphoto/elenabs