With more companies seeking talent in geographies other than their home turf, the challenges of paying those overseas contractors can seem daunting, but purpose-built platforms are taking the friction out and getting people paid with less cost and greater speed.
Analyzing this in Meeting The Demand For Cross-Border Hiring: Challenges In International Workforce Payment And Management, a PYMNTS and NIUM collaboration and based on a survey of 250 executives in accounts payable, payroll or payments at U.S.- and U.K.-based firms, the scope of the issue comes into focus, as well as reasons for hiring overseas regardless.
Per the study, “only 20% of all organizations surveyed have not experienced challenges when paying or managing overseas workers, nor have 26% of organizations with more than a 50% share in international payroll. The share of organizations without challenges when paying or managing international workers drops to 14% and 13%, respectively, for companies earning $500 million to $1 billion with less than a 25% share in international payroll.”
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Given the challenges involved, why go to the considerable effort to hire and manage overseas contractors? Because, as the study also found, tapping into the right talent is imperative, wherever you find it, and companies need ways of attracting and retaining these workers.
“Organizations that have experienced the most challenges when managing and paying overseas workers have significantly increased their cross-border workforce, which suggests they are committed to growing internationally despite the obstacles. These organizations may also be more likely to look for a solution to their challenges via payments innovation or a private agency,” the study states.
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