As part of our 2022 Salary Guides and Hiring Trends Report, this article was written by Jennifer McGuire, Director of Strategic Partnerships for Globalization Partners, RECRUITERS' international hiring partners.
As Europe experiences a faster rebound than many leaders expected post lockdown, companies are looking to take advantage of new market opportunities. Business in Ireland specifically is already seeing incoming investments rise – the question today is: Where should that capital be going for Ireland to surpass international growth tendencies?
Globalization experts think it should be used to dive into the largest global talent pool ever. Made easier by the prevalence of remote work, hiring internationally should be at the center of growth strategies. Debbie Millin, Chief Operating Officer at Globalization Partners stated: “Today, companies that need people with highly specialised skills have the ability to look for that in new places. Moreover, the importance of having someone in the market to understand it, as well as to build out a local team, is clear.”
Many companies want international teams. They see the competitive advantages that a diverse workforce affords and remote work broadened the hiring landscape. However, many companies based in Ireland discouraged employees from staying abroad in 2020, perceiving the legislative headache that nomadic workers can pose. So, how can leaders with international aspirations take the global talent pool, and pour it into their own companies, without drowning in red tape? First, let’s look at business in Ireland from a macro level.
Across the country, companies registered outstanding performance throughout 2021, but perceptions of future growth do not reflect this. The Irish Times8 reported 79 percent of business owners in Ireland expected company performance to return to normal or better than usual in 2021. We can compare this to the 93 percent of global leaders that Globalization Partners and CFO Research of Industry Dive found to be expecting on-target or above-target performance levels – companies in Ireland are less optimistic.
This is surprising, when Irish companies saw an investment surge in 2021, with deals announced reaching €33.5 billion. This, compared to the neighboring UK which registered €41.7 billion of incoming merger and acquisition activity in the same time period, with a population 13 times larger, indicates a strong rebound on the Emerald Isle. Arguably, business owners in Ireland ought to be more positive.
Despite Brexit, the UK remains the destination of choice for expansion. Of the 95 companies entering the UK, France, and Germany supported by Enterprise Ireland since 2020, 67 established a new presence in the UK.
Ireland stands at a unique crossroad. Today, the nation can capitalise on European Union (EU) membership plus its longstanding relationship with the UK. Companies from Ireland could reap post-Brexit opportunities to hire in both markets, acting as the link between EU and British businesses. The Times reported that many companies are doing just that – exploring new markets, “to safeguard their trade [in the UK] or further afield to mitigate risk.” Wherever they set up shop, companies looking beyond borders are opening themselves up to greater talent access.
PayPal moved jobs from Ireland to other countries in 2021. While this sort of decision is often reported unfavorably, it sometimes makes business sense. Even prior to the pandemic, almost 50 percent of Ireland’s engineering organizations were hiring beyond the coastline to fill local talent gaps.16 The opportunity is simple: By not limiting hiring to cities within commuting distance to HQ, companies can choose from more candidates, gaining a better chance of landing the perfect recruit. In today’s remote workplace, location needn’t be an impediment to team building.
If you plan to hire in other countries as a talent gap solution or a market entry strategy, make sure you check off these questions:
Millin reinforces the latter checkpoint: “It’s important when hiring in a new country to not only understand what is required there – HR policies, legal regulations – but also what is the market norm for employment. This makes you a more attractive employer.”
The above checklist can be ticked off with support from local HR and legal experts, and a global employment platform. This also makes companies more attractive as employers by ensuring employment stability. Supported by international hiring experts, leaders should feel encouraged by recent investment in Ireland, to grow to new countries compliantly, and quickly.
Written by Jennifer McGuire
Jennifer is Director of Strategic Partnerships for Globalization Partners in the UK. In this role, Jennifer creates joint value propositions that add value for both Globalization Partners' customers and partners. With a background in Organisational Psychology and SaaS, her work in global HR and Finance has led leaders to leverage new tech and stabilise processes that solve their business challenges. Hire anyone, anywhere, quickly and easily with Globalization Partners. Use our AI-driven, automated, fully compliant global employment platform powered by our in-house worldwide HR experts. Trust the named industry leader that consistently attains 98% customer satisfaction ratings.
Globalisation Patners is a strategic business partner of RECRUITERS. Our clients can avail of reduced rates when it comes to building remote teams, anywhere in the world. They ensure that our clients can hire anyone, anywhere, quickly and easily. Use their AI-driven, automated, fully compliant global employment platform powered by our in-house worldwide HR experts.
