As organizations battle for top talent in a challenging market, globally-minded teams are expanding their talent pools across borders to outpace the competition
Oyster, a global employment platform that empowers companies to hire, pay, and care for their teams,released its 2022 Global Employment Report offering a definitive look at the impact of global hiring on the organizations that embrace it.
Oyster works with over 500 organizations from around the world, including Juno, Quora, and Lokalise. More than 85% of these customers are startups that have raised an average of $43 million in venture capital. The 2022 Global Employment Report explores how these companies have embraced global hiring and assesses the impact of this commitment on their businesses. The report also discusses the relative speed and ease of global employment explores how human-centric global hiring is as a practice, and examines whether hiring global talent is a viable, realistic option for fast-growing companies. Key findings include:
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Global hiring is a growth-driver. Among Oyster’s fastest growing customers, 37% are growing at a rate of 30% or more per year. Approximately 4% have doubled or tripled in size. The average Oyster customer is considered to be a “high-growthstartup” at 14.81% growth per year.
Access to global talent accelerates the hiring process. Global hiring proved to be faster than standard hiring across industries like diversified financial services, in which it’s 42% faster to hire global talent than to focus solely on local candidates. In hospitality, it’s 25% faster, and in the software industry, it’s 23% faster to recruit internationally. Companies are working with Oyster to hire in as little as six hours, with an average onboarding time of 15 days.
Talent located in Denmark is fastest to find and onboard; Switzerland is slowest. At an average of just 23.5 days, workers in Denmark have emerged as fastest to hire. This is followed by talent in Germany, the United States, Ireland, the United Kingdom and Portugal. Switzerland’s talent are slowest to hire at an average of 33.75 days.
Financial services leads all sectors for international growth. With a growth rate of 23.94% over the past 12 months, financial services startups are growing at the highest rate thanks to global hiring. This is followed by professional services (13.93%) and software & services (13.44%).
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“The findings in the Global Employment Report are clear: Global hiring is a competitive advantage for startups, at an inflection point when they need it most,” said Tony Jamous, CEO and co-founder of Oyster. “There are near record job openings around the world and top talent has every ounce of leverage in seeking the perfect role. If you’re a startup focused on growth, you need to expand your talent pool. The early adopters have already arrived. We work with hundreds of fantastic, globally-minded companies and they’re thriving because they’ve tapped into global talent. Now, as startups look to alleviate the pressure of economic headwinds, we want them all to know the many positive benefits that global hiring will have on their businesses.”
Oyster customers, who can recruit job seekers in over 180 countries, use the platform to pay more than $200 million to global talent each year, with 25% of that talent living in emerging economies. Given that the global tech industry is valued in excess of 5 trillion, there is tremendous opportunity to level the playing field by spreading money across the planet. Oyster itself is projected to inject more than $1 billion into emerging economies by 2024, paving the way to a more equal workforce through global employment.
Oyster’s Global Employment Report is based on first-party data captured, modeled, and analyzed from proprietary sources, and has been aggregated and anonymized to protect customers’ privacy.
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