How to Conduct Effective Market Research for International Hiring

Hiring internationally can be a game-changer for businesses, opening up a diverse and dynamic pool of talent. 

However, it also brings unique challenges, particularly when it comes to understanding new markets. Conducting effective market research is key to navigating these waters.

Market research helps you understand the local job market, identify potential challenges, and uncover opportunities. Knowing the nuances of the local market will allow you to tailor your hiring strategies, and make them more effective and aligned with the local culture and expectations.

Your Step-by-step Guide to Conduct Market Research for International Hiring

Here’s how you can conduct strategic market research to make your international hiring process smooth and successful.

1. Pin Down Your Objectives

Make a conscious effort to gain clarity at the route level. Ask yourself about what precisely you want to achieve with your market research. Whether you are seeking for more qualified candidates, want to understand average salary for a specific role, aur need help with recruitment and retention strategies.

Always remember, clearly defining your objectives will streamline your efforts and help you focus on what matters.

2. Spot Potential Markets Around the Globe 

If you are not sure where to start your international hiring journey, begin by identifying potential markets. Look at factors like –

• Economic stability
• Availability of skilled labor
• Educational infrastructure
• Cultural compatibility

Use global talent reports and databases like LinkedIn’s Talent Insights or the World Economic Forum’s Global Competitiveness Report to gather preliminary information.

3. Now Gather Exhaustive Data

Once you have identified your target markets, it’s time to roll up your sleeves and start gathering data using a variety of methods. 

Consider sending surveys and questionnaires to local HR professionals, universities, industry associations, and potential candidates. 

Additionally, conducting one-on-one interviews with industry experts can provide deeper insights. Don’t overlook secondary data sources; existing reports, articles, and market analyses specific to the region can offer valuable information.

4. Get a Hang of the Legal Intricacies 

Different countries have different employment laws, visa requirements, and compliance regulations. It is, therefore,  crucial to understand these before making any hiring decisions. Consulting with legal professionals or HR experts can save you from legal hassles!

5. Thoroughly Analyze Cultural Peculiarities

Understanding the local cultural nuances will help you craft job postings, interview processes, and onboarding procedures that resonate with potential candidates. 

For example, while direct communication may be appreciated in one culture, it could be seen as rude in another.

6. Also Do a Rigorous Competitor Analysis

You are probably not the only company looking to hire in a new market. Analyze your competitors’ hiring strategies, their strengths and weaknesses, and learn from them. 

8. Craft Your Strategy

With all this data, you are now in a great position to craft a tailored hiring strategy by considering several crucial elements. 

Start by adapting your job postings to fit the local language, tone, and expectations, creating localized job descriptions. Utilize your salary data to offer competitive and fair compensation packages by establishing accurate salary benchmarks. 

Also, identify the most effective recruitment channels, such as specific job portals, local universities, and industry events, to ensure you attract the right candidates.

8. Test + Iterate

Start with a pilot project in your chosen market to test your strategy. Gather feedback, analyze what worked and what didn’t, and adjust your approach accordingly. Market conditions change, and your strategy should be flexible enough to adapt.

Meet Your International Hiring Goals With Tarmack 

It may not be hyperbolic to say that the world is full of incredible talent just waiting to be discovered. Your next star employee could be continents away, and effective market research is your first step towards finding them. This also means you can focus on finding and nurturing top talent without getting bogged down by administrative and legal hurdles.

That’s why, by acting as the legal employer on your behalf, Tarmack handles all the intricacies from managing employment contracts and payroll to ensuring compliance with local labor laws and tax regulations. 

In simple words, our EOR services take the administrative burden off your shoulders, allowing you to expand your global team efficiently and effectively.