Hire globally to fill skills gaps in accounting and beyond

We’re at the beginning of a movement toward distributed work. And the accounting field, where U.S. companies are lacking 340,000 workers, provides the perfect example of how the transition will look.

Our recent report, Strategies for Beating the Accounting Shortage, found that global hiring of accountants through our employer of record (EOR) solution has multiplied by four times in the past two years. This rate of growth exceeds what’s typical for our platform.

As local skills dwindle and talent is less available domestically, companies across sectors are looking further afield to fill gaps. Here we take a closer look at how the strategy looks in practice.

The benefits of global hiring

Eighty seven percent of organizations now have a skills gap or anticipate that they will experience one in the coming years.

Accounting is one industry severely impacted by this issue. Older employees are rapidly retiring while heavy educational demands mean that fewer new recruits are beginning work.

Global hiring allows businesses to look beyond their initial talent pool to fill these gaps. In a distributed model you might find your accountants in the Philippines, your IT staff in India, and your data analysts in Europe.

This approach comes with additional benefits beyond filling empty positions more quickly. Global workforces can operate around the clock, supporting customers anywhere in the world with diverse perspectives and experts in different time zones.

Meanwhile, companies can save money by hiring in regions where wages are lower. For example, in our research we found that accountants in North America and Europe are currently five times more expensive than those based in Asia and the Pacific.

How to find the talent you need

Here are ways you can get your accounting work completed—or any roles where you are having a difficult time finding talent.

Prioritize skills above all else

Global hiring requires a mindset shift: You’re no longer constrained by geographic boundaries, traditional demographics, or preconceived notions about the ideal candidate. Instead, you can focus on finding the person with the skills you need for the future.

This means your candidate profile might shift, depending on where you hire. For instance, while North American accountants hired through Multiplier tend to be predominantly between ages 25-35, those in Asia are often 35 or older.

Build your employer brand

With skilled talent in demand, it’s important for companies to determine how to differentiate themselves for potential applicants. This means clearly defining your employer value proposition (EVP) and communicating this internally and externally.

Use an EOR

Establishing a local entity is complex and using a local staffing agency is expensive. An EOR can be the best option for companies looking to hire, onboard, and manage a distributed workforce. Organizations can outsource payroll, benefits, and more, ensuring compliance with local laws.

Hiring for the future

Companies have been hit particularly hard by the accounting shortage, but the problem is worsening across sectors. Adapting means embracing a new hiring approach that prioritizes skills over traditional constraints. Organizations that manage this will not only fill critical roles more efficiently but also gain a competitive edge by building a more diverse, flexible, and resilient workforce.

Sagar Khatri is CEO and cofounder of Multiplier.