With the current financial crisis, soaring inflation, and tight labor markets, it’s unsurprising that Baltic startups are struggling to reach greater maturity compared to EU and US averages.
The two main challenges preventing Baltic startups from growing include a shortage of:
Top-tier employees
Funding
Fortunately, prospects are improving thanks to opportunities brought by remote work. In the Baltic region, the popularity of remote hiring is growing. In Estonia, for example, the number of remote hires rose by 213% in 2022, and Latvian businesses are also increasingly looking to remote hiring to find qualified professionals in other countries.
Remote working provides Baltic startups with the following:
Access to talent with diverse skill sets and perspectives
Expansion into new markets to improve economic resilience
Access to more affordable labor economies
Reduced dependence on expensive physical workspaces
“We’ve been through some challenging times in the past three years, starting with the pandemic, and we’re now amidst a large number of layoffs globally. What we are seeing is clear— remote work is here to stay, and top talent is unwilling to return to the office full-time. To be able to recruit and retain top talent, you need to be flexible. Flexibility is a huge advantage. We see this firsthand at Deel. We hire the top talent, and we don’t care where they live; this has helped us become the fastest-growing SaaS business ever.” — Liina Laas, Head of Expansion CEE at Deel
At the TechChill event, founders, partners, and investors will hear from Deel’s Liina Laas, who will walk attendees through the easiest way startups can quickly, compliantly, and affordably engage a remote workforce.
The session will include topics such as:
How to build global teams
Getting the remote culture right
How to retain top talent