Local workers could prove to be your greatest resource in a new market. Not only will native employees give you valuable market insights and help you identify untapped opportunities, but they’ll also speak the language and understand the norms and customs in that country.
However, before you go ahead and start recruiting international workers, it’s essential to understand the issues that come with hiring globally and the differences in salaries around the world (not to mention the pros and cons of expanding into a given country).
There are many regulatory and cost hurdles associated with employing overseas workers — from employer registration to dealing with global payroll, taxes and benefits. Hiring internationally is not without challenges.
Salary expectations can also vary significantly from one country to the next, even for the same role and job description. Plus, there’s more to employment costs than the base salary. When hiring in new markets, businesses also need to think about the additional costs of employment, including in-country taxes and statutory benefits.
So, what do salary ranges and employer costs look like around the world? And what’s the true cost of employment?