Businesses are constantly looking to grow and become competitive in different markets. This is how offshoring appeared as a way to do it while lowering costs. Outsource and nearshore strategies were mainly used for savings purposes, reserved for large corporations due to the volume needed to make them viable when building a new plant overseas. But with the rapid evolution of the internet and technology, companies found themselves fighting for the best resources.
By 2016, tech jobs available in the United States outnumbered qualified talent by 3 million. Companies started looking for top talent abroad, especially in Latin America, and the movement toward remote work was starting but mostly reserved for technology jobs.
Nearshore staffing for the win
2022, was the year when the trend toward offshore and nearshore staffing became a fixed practice, not only for tech but for all kinds of positions.
To hire talents that make a good fit, companies needed to fill the open roles with people of similar time zones and cultures to those in the main business location. To do this, they turned to nearshore staffing firms. The benefit of this is that businesses of any size can take advantage of this strategy.
Nowadays, with competition taken to a global scale, every company should consider using these strategies and see how they benefit them. Forget about your company’s industry or size. A clear example of how these strategies are truly successful is Latin America, where hiring skyrocketed in the last years increasing by 286%.
Nearshore teams can give startups the talent needed to complement their growth without burning their budgets. Seizing these benefits goes from hiring a single executive assistant or a complete team of designers, marketers, or developers. It’s key to analyze which position can be done remotely and supply them with the necessary tools to achieve a top performance.
As of today, LATAM is emerging as a hub for technological innovation on a worldwide scale, getting recognized for its highly qualified professionals with skill sets that could surpass those found in Silicon Valley. Also, looking for resources in Latam also ensures convenience, flexibility and cultural compatibility, making this region the most reliable option for nearshoring staffing.
Even if nearshoring can be beneficial for businesses looking to expand into new markets, raise standards, or become market leaders by utilizing global talent, organizations are turning to Latin America to find the top-notch talent they need.
How to manage your Nearshore teams
The increasing number of nearshore teams has been one of the most important changes in how businesses operate in the past few years. As this has stopped being a trend and become a new way of working, companies are looking for ways to become more productive while getting top talent.
In this article we’ve explored nearshoring as a winning strategy, but we also want to share some tips and recommendations for managing nearshore teams.
Build trust with your nearshore team
Trust is key within your nearshore team. Members need to feel they play an important role in the company. Take time to listen to your teammates’ feedback and include them in projects to build trust.
All your team members must know the company’s vision and purpose. Share the team’s goals and priorities, and make them feel they are key to achieving them.
Foster communication and collaboration
Communication and collaboration are so important when managing a nearshore team. Fostering a sense of community is essential to promote them.
It’s important to create an environment where they can express themselves, share their inputs, and show availability to help others. Setting up regular team meetings, 1:1 meetings, or virtual office hours are some practices you can use to archive it. We also recommend off-work meetings, which will help teammates get to know each other better in an informal environment, fostering an even greater sense of community.
Recognition and rewards
Recognizing and rewarding your nearshore team is also important to keep them motivated, and engaged. According to Zippia, 69% of employees report performing better when they feel appreciated at work, and 37% consider recognition the most important factor for job satisfaction.
There are many ways to recognize and reward team members like public recognition, bonuses, and promotions.
Setting clear expectations
Clear expectations are crucial when managing a nearshore team, as members need clear sight of the goals, timelines, and responsibilities to ensure the team works properly. Setting clear expectations also means establishing a work schedule that works for everyone, and that they feel comfortable with.
This you may already know, but sometimes it’s good to go back to basics: your nearshore team needs to hear your feedback. This can include providing feedback on individual performance with 1:1 meetings, team performance with complete team meetings, and sharing the project progress. This will help your team members feel more included in the process and boost their performance.
Nearshore may look like the golden egg chicken; US companies have lots of opportunities, and Latin America has lots of talents to offer. It seems like a perfect match.
While initially this is right, hiring a remote talent because nearshore is a successful strategy doesn’t assure you’ll find the perfect fit for the position. Nearshoring staffing companies can help you find a top-notch talent who can look like the chosen one for the open role, but your job doesn’t finish there. You still have to work on your team’s culture, communication, and collaboration to shape it and make it work toward the best performance possible.