How US companies are staying ahead of the market with global talent acquisition

Challenges American Companies Face Hiring Talent

 

Of the 250 American tech companies surveyed in Revelo’s Remote Hiring Maturity Report, half reported that the talent shortage was the biggest barrier to hiring tech talent, ahead of affordability, indicating teams were willing to pay higher salaries if talent were available for hire. The success of tech companies has led to skyrocketing demand for software engineers and not nearly enough talent to fill those roles. The cost of hiring software developers to create new technologies has spiraled out of control, effectively weighing down the whole economy.

 

In San Francisco, for instance, when stock options and benefits are factored in, the cost of hiring a software engineer can hit hard-to-believe heights, with developers mentioning total comp in the range of $700k–$800k annually. 

 

Even now, as the technology industry experiences a downturn, suffering more layoffs than in the depths of the Covid-19 pandemic, software developer unemployment is still less than 2%. The most significant barrier to most companies’ growth and American innovation is still access to high-quality talent at an affordable price.

 

How the Shift to Remote Work Has Impacted Global Talent Acquisition

 

Before the remote work revolution, the lack of a skilled talent pool created massive barriers to companies’ ability to innovate. Once teams became remote, American companies realized that if a candidate is technically strong, English-proficient, and in their time zone, their physical location doesn’t actually matter. Managers often do not know, or even care, where their employees are physically located so long as they can complete tasks and work efficiently within their team.

 

This has resulted in a boom in technology companies and entrepreneurship. Despite the recent tech layoffs and the rise in interest rates, new company entrepreneurship is thriving, with the rate of business formation having climbed 44% since 2019. Companies taking advantage of the opportunity to acquire global talent create more value for customers while keeping their cost base lower than competitors.

 

The shift to remote work has ensured that American companies will stay ahead of the market and has locked in American dominance for decades. America is uniquely positioned to take advantage of the remote work revolution because of Latin America’s vast, time-zone-aligned labour market of over 600 million people. Other wealthy countries can not replicate this advantage; Europe faces challenges tapping into the African labour force due to their lack of technological resources, while Asian countries face more significant time zone differences and language barriers. Conversely, America can nearshore to Latin America and instantly expand its talent pool with little differentiation among a company’s workforce.

 

It used to be expensive and challenging for companies to hire internationally, but with companies like Revelo allowing American companies to easily dip into the labour pool of millions and integrate them into their teams, there is no end to accelerating American innovation. 

 

Taking Advantage of Remote Hiring Platforms to Scale Your Team Efficiently

 

To stay ahead, companies must react quickly or risk being caught with a more expensive and less agile workforce than younger competitors. While there may be more candidates in the market today than a year ago, maximizing the ROI from every hire is more critical than ever. The challenge, of course, is how to quickly and easily set up the infrastructure to source, hire, and manage payroll and benefits for candidates in the 33 countries comprising Latin America. 

 

Revelo bridges this gap, enabling companies to hire full-time, remote talent from the global job market by providing support with payroll, taxes, local compliance, access to best-in-class benefits, and performing routine follow-ups with developers to ensure engagement and retention. And while platforms like Revelo help facilitate this process, our Maturity Report found that 60% of companies aren’t aware that remote hiring platforms even exist.

 

Setting up local entities and recruiting teams is slow, expensive, and often not an option for most small companies. Leveraging your internal team is also often inefficient—it’s challenging to know where to find top-tier qualified candidates, how to avoid scams, what the norms regarding salaries and benefits are, or about local tax and labour regulations, especially since they vary from country to country. Building a global talent acquisition team has, until recently, been something only within reach of multinational corporations.

 

Acquire Global Talent With Revelo

 

By removing barriers to the global talent pool, technological innovation can move forward faster as the demand for skills is met. At the same time, previously untapped talent can flourish and achieve great success as they play an integral role in driving the growth and advancement of the industry.

 

Revelo offers the world’s largest online platform for U.S. companies to build and scale remote software development teams with talent from Latin America. Representing a network of over 300,000 active tech professionals, Revelo’s platform enables U.S. companies to source, hire, and manage full-time, highly qualified, English-speaking, remote tech talent in the same time zone. 

 

Revelo provides support with payroll, benefits administration, taxes, and local compliance, delivering an end-to-end, turnkey solution for sourcing, hiring, and managing hard-to-find software developers quickly and easily. Revelo has helped hundreds of companies, from startups to Fortune 500s, build and scale their engineering teams.

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To learn more about how Revelo can help you hire remote developers to scale your engineering team, visit: www.revelo.com

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by Lachlan de Crespigny, Co-founder and Co-CEO, Revelo