A report released by Velocity Global revealed an interesting approach U.S. technology companies are planning to tap into a broader talent pool. The State of Global Expansion 2019 report, which surveyed 500 U.S. and 500 UK tech companies, confirmed 85 percent of firms plan to implement global expansion efforts in markets known for having the highest potential for the best global talent, such as Europe (23%) and Asia (23%).
“The survey provides a fascinating snapshot of the way U.S. tech firms are feeling about their global ambitions,” CEO of Velocity Global Ben Wright said. “It reveals an outward-looking sector that has the confidence to pursue growth internationally and recognizes these companies understand the benefits that global expansion can bring to businesses.”
“Crucially, the businesses we polled recognize that when it comes to tech, people are everything,” Wright continued. “Many of them are expanding overseas not just because U.S. tech carries with it a reputation for innovation and excellence, but also because they want to ensure they have a presence in markets with the brightest talent.”
The survey also revealed talent recruitment continues to be a primary challenge above employee immigration management, long-distance client communication, finding expert consultancy, and managing new payroll processes. International expansion is the common solution among U.S. tech companies, as more results from the research confirmed companies seeking to add talent are looking beyond U.S. borders, and into foreign markets. Out of the 54 percent surveyed companies operating strictly in the U.S., the report revealed that this number will drop to only 22 percent by the end of 2019.
“It’s understandable that some businesses continue to have reservations about taking those first steps into unfamiliar overseas markets. Yet more often than not, the myriad opportunities outweigh the risks. And with the right advice and an expert partner on hand to simplify processes, it can be hugely rewarding and the route to future growth.”
To read more about the report’s findings, visit: VelocityGlobal.com