Expanding Your Global Talent Acquisition
It goes without saying that the pandemic has changed the way the workforce behaves and functions. Months of lockdown have driven companies to focus on developing a hybrid work environment.
Since the workforce is not limited to the boundaries of office space anymore, a hybrid work culture provides the HR team with new opportunities and challenges. Most importantly, now they can look all across the globe for the right talent.
Besides, the virtual work environment is also allowing employees to relocate to new locations of their choice. With this new flexibility, HR managers need to be ready to deal with the possibility that hiring global talent can become a necessity.
What is Global Talent Acquisition?
With the rise in telecommuting, recruitment drives are no longer limited by geographical boundaries. A borderless HR that manages recruiting, onboarding, and working through the virtual world is a new reality.
Global talent acquisition is the process of identifying people who can be a part of a skilled team and add value to the company from a talent pool anywhere on the planet. While the process has many similarities with traditional recruitment it requires a more holistic perspective.
That means you need to make some adjustments to scale up the recruitment process and frame the right strategy. Essentially, the strategy should be dynamic and needs to evolve constantly. Beyond that, you need to have a clear idea about the company’s business goals and any specific skill gaps that might exist.
Here are a few factors that you need to keep in mind while creating a global talent acquisition strategy:
- It is necessary to form a clear idea about the local job market of the area you are planning to recruit from. Note that cultural differences, skill levels, labor laws, and local regulations keep varying. You also need to familiarize yourself with the local hiring processes. That way, you won’t end up offending or alienating the top candidates.
- Performing the right level of employer branding is important to define the brand image, reputation, and key differentiators in a new location. It will also help potential candidates to learn about the work culture and understand the market position of the company.
- Since the nature of candidates can vary from one region to another, the outreach strategy should be flexible too. For some regions, the hiring trends can be based on skill and competency. For others, it might be relationship-based.
- Make sure that you use the right candidate selection process that complies with the local laws and employment regulations. The process should also be in line with the local culture. If needed, in-country recruitment managers can be hired to oversee the entire process.
- Assuming that you can save costs through global talent recruitment can be a mistake. Salaries for top positions in some countries may be higher than those in the US. That means you should use the right tools to ensure that you don’t underpay or overpay the global employees.
- Even though you allow remote working, it’s best to consider what your candidates might require if the need to relocate arises. In fact, an attractive relocation package can be an added bonus for the top talents to join your company. You need to answer their queries about relocation and provide assurance of offering support during the process.
Why is Global Talent Hiring Important?
One of the primary benefits of global talent hiring is that it provides you access to a vast talent pool. By welcoming talent and experience from other countries, you are casting an international recruitment net to improve your workplace performance and culture.
In a competitive talent landscape, reshuffling existing talent will lead to continuous wage escalation. To avoid that, employers need to pursue a multifaceted approach including hiring from the global talent pool. This can be done without changing the missions and values of the company.
Beyond that, global talent hiring also leads to the development of young talent across the globe. It also provides growth opportunities to talented workers coming from emerging economies. That way, future talent will not be concentrated in specific technology hubs in a few locations.
In sectors like finance and insurance, the majority of people who quit their jobs in the past two years are not returning to the same industry. Similar effects can also be observed with employees affected by downsizing.
For employers, managing this problem requires a new approach to hiring and looking beyond the traditional approach. Hiring global talent is one of the best ways for gaining access to new employee pools.
Benefits of Hiring Global Talent
Global talent acquisition is not just about finding access to a larger talent pool. It is an effective tool for organizational success when used correctly.
Here are some of the main benefits of hiring global talent.
Diversity promotes profitability
A global talent hiring plan promotes diversity within the company. This diversity can be racial, gender, age, education, skill sets, age, religion, and more. Statistics indicate that companies that are racially and ethnically diverse, have a 35% higher chance of performing better. In addition, diverse teams are better at taking decisions and can capture new markets more effectively.
As per the latest data, the number of job openings in the US stands at 11.2 million in July 2022. At the same time, there is a shortage of skilled workforce across different industries. Global talent recruitment can be a solution for companies facing such issues as your talent search is not limited to a single country.
Increased Market Insight
International recruiting adds regional experts to your teams who have intimate knowledge about the local market norms. The result is fewer legal issues and cultural misunderstandings. It will also save the time and money needed for extensive market research. Overall, it makes your enterprise better equipped for international expansion.
Better Workplace Diversity
Global recruiting can also help to enhance the company’s brand image and build a positive perception of the brand. Encouraging the recruitment of a diverse team shows that the company is ready to embrace a global culture, encourage new ideas, and advocates inclusion.
Today, the process of global talent acquisition is not limited to large multinational corporations. Even small and mid-sized ventures are picking up the pace and expanding their talent pool.
While finding the right fit from a global talent pool can be challenging, implementing the right hiring strategy will make the task easier for you.
To attract the best employees, you can also invest in a global mobility program that will give your workers the flexibility to work from any location of their choice.
If you need support for creating a new global relocation program, don’t hesitate to call ARC Relocation for a consultation or fill out our form online.