U.S. companies are unable to find the local talent they need to grow their businesses — because it simply isn’t there. 

With unemployment in the US at 4.2%, competition for talent is fierce. In the finance sector, 40% of job openings are going unfilled. And in IT, the skills gap is growing so rapidly that IDC predicts more than 90% of organizations worldwide will experience a crisis by next year — one that could translate to $5.5 trillion in lost productivity.

“Top-tier talent is not concentrated; it’s distributed,” says Sagar Khatri, CEO of global employment firm Multiplier, which acts as the legal Employer of Record (EOR) for internationally-based workers. “You need skills and expertise from all over the world.”

A new approach to hiring

To address these shortages, U.S. employers are rethinking traditional hiring practices. Many are loosening degree requirements and adopting skills-based hiring, focusing on candidates’ actual capabilities instead of their credentials. Yet, as demographic shifts and persistently low workforce participation intensify the scarcity, companies are finding that such measures aren’t enough.

Increasingly, organizations are looking abroad to fill their most pressing gaps. What was once an option reserved for multinational giants has now become accessible to companies of all sizes, thanks to the rise of global payroll solutions and EOR services that simplify legal compliance and onboarding.

According to Multiplier’s data, the number of U.S. companies hiring internationally has surged across industries. While India remains a key hub — 34% of tech talent hired through Multiplier’s EOR platform came from India last year — markets like Eastern Europe and the Philippines are also emerging as top destinations. These regions, with robust upskilling programs and modern infrastructure, are developing the pipelines U.S. employers urgently need. Even sectors long considered resistant to remote work, like accounting, are feeling the shift; the number of overseas accountants hired by U.S.-based companies through Multiplier quadrupled between 2022 and 2024.

Why now?

Several factors are converging to make global hiring more viable than ever. Remote work has removed the location barrier. And while demand for specialized skills is outpacing local supply in the U.S., international talent hubs are producing highly qualified professionals who are ready — and eager — for opportunity.

As companies face pressure to move faster, do more with less, and hedge against regional instability, global hiring offers a way to stay agile, reduce costs, and de-risk talent strategies. But until recently, it was only available to the largest companies with the deepest pockets.

“There’s this perception that global hiring is hard,” says Khatri. But with the rise of solutions like Employer of Record (EOR) employing workers on your behalf, “it’s never been easier to tap into global talent without the associated risks and costs.”

The strategic upside of global hiring

Global hiring offers more than just a solution to talent shortages, industry leaders say. Companies that can access the right skills, regardless of geography, are positioned to innovate, scale quickly, and remain resilient in an uncertain economic climate. The benefits extend beyond filling gaps; businesses that adopt international hiring can leverage 24/7 productivity, access regional expertise, and reduce dependence on local market conditions.

This flexibility enables organizations to adapt rapidly as needs evolve, taking advantage of talent wherever it emerges. “Could we have developed a product used by people around the world by only hiring people in Singapore and operating with a purely Singaporean perspective? Absolutely not,” Khatri said.

Building a global workforce

For companies considering global hiring, experts recommend starting with a clear assessment of which roles are hardest to fill domestically and most conducive to remote work. Identifying the right international markets — those with proven talent pipelines and supportive infrastructure — can help organizations hit the ground running. Understanding the legal and compliance landscape is also critical, and many firms choose to partner with EOR providers who specialize in navigating these complexities.

But companies shouldn’t stop at hiring. Building a global team requires thoughtful onboarding, robust communication practices, and a commitment to inclusivity to ensure international employees are integrated and engaged. Those who invest in these areas can realize not just a solution to immediate talent shortages, but also unlock new sources of innovation, resilience, and market insight.

As the next generation of global talent emerges — from AI engineers in Bangalore to cybersecurity specialists in Manila — U.S. employers who recognize the value of global hiring are already gaining an edge. According to Khatri, the future belongs to those willing to look beyond traditional boundaries.

“The answer to talent shortages isn’t to fight harder over the same old battlefields,” he said. “It’s to look beyond borders and build a truly global team.”