Good news and bad news. First, inflation is high, as everyone knows. The 7.5% inflation rate reported last month is extremely low based on most independent consumer analysts’ reports. How this is relevant to you is that inflation will affect offshore staffing costs, eventually. The good news is that it probably won’t happen at the same rate, meaning pay increases won’t hit as hard offshore. Your Staffer(s) is/are already compensated higher than the median rates in the countries/cities where they live. However, it is important to remember that you can give a raise to your Staffer at any time. If you have questions about the raise policy, please contact your Happiness Coordinator to set up a call to discuss.
Furthermore, we have something really cool we’re rolling out in late Q2/early Q3 which will address this issue even more, and we’re really excited about it. We think it’s going to be a game-changer for you, us, and the incredibly wonderful people we are hiring offshore, thanks to you.
If inflation hits your firm hard – frankly you may not see the effects until 6-12 months from now – we’re always here to help you staff up with international talent. We’re not advocates of replacing domestic jobs; in fact, we argue that by hiring offshore you will grow so much faster that you will create more domestic jobs. That said, if you do see an exodus or unreasonable pay hikes, remember that we can help you fill most administrative and marketing positions at your firm.
Finally, because we recruit mostly out of South Africa and Latin America, we do not see the Russia/Ukraine crisis materially affecting you or your staffers. That could always change, especially if more countries are dragged into the fray. We’re monitoring the situation the best we can.