The next global economic crisis may not result from a pandemic or conflict, but from a lack of skilled workers in various sectors. In many geographies, more people are leaving the labor force than entering it, leaving a gap in talent pool which creates challenges for companies trying to fill these roles.

As you know, your company is only as strong as its talent. You must hire selectively, and if you can't find qualified individuals in your area, staffing quickly becomes a significant concern.

Additionally, the employment landscape has permanently shifted to the point where remote work is possible in most scenarios. You don't necessarily need your staff locally – or even in the same city or country – because technology shrinks the world. There are also some advantages and benefits to making this change.

Companies that adapt early to this new borderless world can leverage right away international talent pool and the competitive advantages they provide. This opens the possibility for new scalability and cost efficiency. You'll have access to 24/7 operations and a larger, more diverse talent pool.

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A look at the changing workforce

The workforce is changing because the global population is aging rapidly and we don't have the labor pool to fill open jobs.

According to United Nations, around 16% of the world's population could be over 65 by 2050. This trend could leave us with twice as many people over 65 as children under five. It will take decades to reverse the process, resulting in less talent available for the workforce.

Although 2050 seems far away, there is already a huge gap in the talent pool. Businesses are scrambling to fill jobs with qualified candidates, putting pressure on the labor market.

American Chamber of Commerce REPORTS there are 9.5 million jobs in the United States, but only 6.5 million unemployed people to fill them. The result is a labor shortage that shows no signs of abating.

Last year's official census revealed how population levels are showing an increase; however, there is a mix of migration and other factors at play. This means that your business location may not match areas of population growth and concentration.

Immigration is another aspect to consider, but these individuals may not have the certification or qualifications to work in your industry, so their contribution to the talent pool is limited. As a result, you can't necessarily rely on immigration to fix your situation employee absencesat least in the short term.

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Offshore for talent

One solution that businesses of all sizes now use to ease staffing issues is offshore talent pool. Simply put, you can hire remote workers globally to support your organization.

Hiring talent without borders ensures you don't have to compete with multinationals in your area, helping to control labor costs. In fact, you can pay offshore workers above average wages for their markets while still reducing personnel costs, so it's a positive for everyone involved.

Your offshore workforce will be highly skilled, willing to contribute and fully committed to delivering results. It opens your company to a whole new pool of talent without displacement or expansion, offering the best of both worlds.

Yours global workforce can fill many roles: accounting, accounts receivable, project management, software engineering, and sales development, among others. Depending on your organizational needs, you can also hire virtual assistants, IT staff and marketing professionals remotely.

Hiring talent without borders can seem like a novelty if you don't have experience engaging an international workforce. However, it could quickly become the norm for companies with significant talent gaps or looking to grow while controlling operational expenses.

A remote team has the potential to remove many of the obstacles you'll face as you grow, and is an X-factor if you're struggling to find the right people to gain a competitive edge.

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Adapting to a world without borders

In today's world, it is accepted that employees can work from anywhere. You don't need your workers in the next room for it stay in constant touch.

Companies that are early adopters of the impact demographics can have on operations are well positioned to adapt and succeed amid the challenges facing tomorrow's workforce. Finding new ways to access the resources you need will be key, and leveraging offshore talent is a key strategy for creating a competitive advantage in any industry.