Remote workforce is the buzzword in the hiring landscape these days and for all the right reasons. So, what’s all the buzz about? And how does it match up to a traditional workforce working in an old-fashioned office setup? Let’s get into the thick of this debate and understand the pros and cons of hiring a remote workforce.
Is hiring local still practical?
Not long ago, when organizations talked of hiring resources for particular job roles, the only option available to them was to hire local talent. That meant talking to a bunch of consultants and acquaintances, collecting CVs, interviewing candidates, and, with some luck, finding the right resources for vacant positions. But it’s easier said than done. While hiring local might seem the right thing to do, it comes with a set of problems.
- Local resources don’t come cheap! If you are a startup founder, hiring a qualified but local resource can dent your budget. And it’s not the right thing to do when you’re trying to maximize your budget, is it?
- Local hiring laws can be a major headache! Everything from minimum wage to layoffs and hiring regulations can be the cause of nightmares for startups and mid-sized organizations. Suppose you want to expand your team. Can you source manpower in a jiffy? Suppose you want to downsize your team because project requirements have shrunk. Can you do that with ease? These are things to consider when going the traditional way.
- The global talent pool is unlimited. We all know that don’t we? When you focus strictly on hiring local resources you rob yourself of the chance to tap into the global talent pool. There might be a talented resource in a remote country willing to offer their services at a much lower cost than their local counterpart.
Experience the power of a remote workforce!
The textbook definition of a remote workforce is a group of remote virtual assistants working on your project from a different part of the globe than yours. But this definition only scratches the surface of the true potential of remote virtual assistants.
Talent-rich countries like India are known for the availability of qualified resources at an affordable price point. Here are some facts to blow your mind:
- More than 50% of all the major organizations worldwide have their offshore offices in India. That amounts to around 1600 offices spread across 2800 locations throughout the country.
- The annual revenue of these offshore offices is set to touch the US$ 60 billion mark by 2025.
- Organizations like JP Morgan Chase & Co. employ thousands of employees in their offshore offices in India.
Blown yet? Why do you think this trend has set in? The answer is simple: it costs less to hire talented individuals from job markets like India. But does that mean this opportunity is limited to the big boys only? No, it is not.
Startups can easily tap into this rich talent pool via remote hiring. In fact, many SMBs have been doing this for a while now to skyrocket their ventures. Here’s what you stand to gain as a startup founder by hiring a remote workforce:
- Save precious dollars on hiring costs: In a cash-strapped venture, a dollar saved is a dollar earned. You simply cannot afford to slack off on saving money. So, it’s a judicious decision to hire resources that come at a lower cost than your local options.
- Tap into an unlimited talent pool: What’s your project requirement? Do you want to hire a paralegal expert, software developer, PHP expert, or Digital Marketer? Remote hiring lets you choose your resource from an unlimited talent pool without the usual hassles of traditional hiring.
- Talk to an offshore hiring company and you are all set: Hiring a remote workforce is easier done than said. No, we aren’t messing with the old saying! You just need to talk to an offshore hiring company about your project requirements and they’ll do the heavy lifting of spotting and acquiring talent for your job roles. The remote workforce reports to you but is on the payroll of the remote hiring company, saving you the hassle of retaining an in-house team.
- Peace of mind is a reality: You are free to upsize or downsize your team without being browbeaten by stringent hiring regulations.
Still think a remote workforce can’t match up to an old-fashioned in-house team?
Things to look out for when working with a remote workforce:
To err is human. So, it isn’t all rosy when it comes to managing a remote workforce. There are things to look out for and ensure while dealing with a team of remote virtual assistants. Here’s the list:
- Establish a clear communication channel: Once you have your remote workforce ready, ensure that they are aware of your long-term and short-term goals before you start delegating work. Employees work better when they have achievable goals in sight.
- Establish a reporting framework: Do you want your remote virtual assistants to directly report to you? Or, do you plan to have a buffer? Whatever your style of working, let your remote workforce be clear on that. An established reporting hierarchy makes life easier for both the employer and employees.
- Appraise performance: Don’t forget to encourage the performers and share your feedback with those trailing behind. This lends a positive tone to the day-to-day interactions with your remote workforce and encourages them to perform better.
Startups and SMBs are often in a fix as to hiring resources for different job roles. It’s hard to strike a balance between quality and cost-effective hiring. When you hire software developers, paralegal experts, web developers, and such from offshore hiring companies, you give yourself the chance to set yourself apart from the traditionalists and do things better. Remote hiring is here to change the hiring landscape. Why should you miss the train to success?