Key Takeaways
1. The recent shift towards remote work has removed geographical barriers making it easier for companies to hire top candidates from around the world.
2. A global talent acquisition strategy can help businesses access a diverse range of skills and perspectives, leading to increased innovation, performance, and competitiveness.
3. Employee relocation packages can be introduced by companies as part of their global talent acquisition strategy to make the transition process easier for foreign employees.
4. Whether a business needs an international talent acquisition strategy will depend largely on its goals and objectives as well as the location of its operations.
Attracting and retaining top talent has become a significant challenge for businesses worldwide. The adoption of a global recruitment strategy expands the pool of potential candidates enabling companies to tap into a wider selection of skilled professionals who can contribute fresh perspectives and unique skills, helping them to stay competitive in today’s global marketplace.
One of the key takeaways from the COVID-19 pandemic is the realization that geographic boundaries can be viewed as opportunities instead of limitations when it comes to the acquisition of talent. The shift towards remote work necessitated by the pandemic has presented organizations around the world with the chance to rethink their recruitment strategies and hire the right candidates regardless of location, effectively erasing borders as barriers to talent acquisition.
This article will explore the importance of embracing a global talent acquisition strategy and outline the best way to implement this into your business.
Why is it important to have a global talent acquisition strategy?
An effective global talent acquisition strategy is essential for companies looking to attract and hire the most suitable candidates for their business, regardless of location.
Adopting this approach can provide a number of benefits for your organization, including:
- Flexibility
- By identifying and attracting the best candidates from around the world, a global talent acquisition strategy gives companies the ability to capitalise on new business opportunities enabling them to compete on a global level, as well as confidence that they have the right people and expertise to meet their business needs, no matter where they arise.
- Diversity
- A more diverse workforce can introduce new insights and perspectives into an organisation and can provide a global business with a competitive edge by improving its international human resource management strategy. There is also mounting evidence to support the benefits of a more diverse workforce with studies such as those by Boston Consulting Group (BCG) highlighting how greater diversity within leadership teams can result in more innovative outcomes and improved financial performance.
- Local Knowledge
- A company’s ability to successfully operate in different countries often depends on its ability to understand the local culture, laws and regulations, and business practices. A global talent acquisition strategy that incorporates input from local experts can help companies to better navigate such differences, aiding their expansion into new markets.
What is the best way to implement a global talent acquisition strategy?
Successfully acquiring talent on a global scale requires a strategic approach. Below are a few key steps your business can implement to ensure a successful global talent acquisition strategy:
- Identify your company’s global hiring needs
- Putting in place a clear plan about who to hire and how to attract the right talent to support business growth and success. Taking into account factors such as specific skills gaps and positions which require filling, as well as expansion into new markets can help to hone this process.
- Research the local market
- It is important to have a solid understanding of the nuances of the local job market where you plan to hire in terms of local labor laws, recruitment practices, and cultural differences. Aside from operating lawfully, having an awareness and sensitivity to local customs and practices can avoid any cultural faux pas and the potential of alienating prospective candidates.
- Tailor your recruitment strategy
- Your recruitment strategy should be tailored to the specific needs and market of the country you are recruiting in. This will require an understanding of the various recruitment channels and preferences of your intended market which may place greater reliance on strategies such as job fairs or personal referrals, as opposed to recruitment agencies or online job postings. It is also essential to understand what motivates candidates in a particular location in order to develop a strong employee value proposition. For example, in some regions, flexible working arrangements or private health insurance may act as a greater incentive than salary or bonuses.
- Refine your selection process
- It is important to check that your candidate selection process complies with local laws and regulations as procedures that may be legal in one country may not be in another. For example, certain interview questions relating to a candidate’s marital status or religious beliefs may be acceptable in some countries but regarded as a possible basis for discrimination in others and should, therefore, be avoided.
To avoid any legal issues, consider outsourcing recruitment to experts in the country of origin who can help guide you through local HR practices.
- Consider relocation packages
- Offering employee relocation packages can help your organisation in attracting top talent globally, by making the transition process smoother for employees in other countries. Consider offering candidates comprehensive packages that include financial assistance with matters such as accommodation, travel, and transportation.
- Evaluate your efforts
- When seeking out and attracting top candidates from around the world it is important to regularly evaluate your efforts and measure the effectiveness of your global talent acquisition strategy. Tracking key performance indicators such as retention rates, time-to-hire, and cost-per-hire will help your business identify areas for improvement and optimise its strategy in terms of attracting and retaining top talent from around the world.
In addition to helping your business attract the most suitable candidates for available roles, these steps can assist it in growing its global talent pool.
Implement your global expansion strategy — with Horizons
At Horizons, we help clients with distributed workforce models to hire remote teams all over the world. With our knowledge of local labor laws, ensuring compliance with employment regulations, we enable businesses to successfully establish their operations in other countries without the need to set up a local entity. Contact us to find out more.
Frequently asked questions
Not all businesses need an international talent acquisition strategy and this will depend largely on their goals and objectives and the location of their operations. For businesses that operate domestically only, such a strategy may not be necessary, however, as an international talent acquisition strategy can help businesses access a wider pool of candidates it can be advantageous for businesses that operate globally or that are planning to expand their operations internationally.
