Global Talent Acquisition is a strategic move put forth by a company to find and hire top-notch talent from around the world. The process starts from identifying the right talent who are in tandem with the strategic goals of the company to acquiring and hiring them.
Though it may sound similar to recruitment and has the same objective - to fill the open positions - global talent acquisition is way beyond that, in terms of longevity, futuristic planning, growth, and development of the organization.
Global Talent Acquisition Deployment Types
If your organization is considering going global, then the time can't be more right! With global talent comes new market entrants, a new vertical of product and services, and higher chances of boosting your company’s revenue.
When you are mapping out a strategic action plan for global talent acquisition, the first item of the list is to choose the deployment type through which you want the plan to execute your talent acquisition strategy.
- Combined Deployment:
You roll out the global talent acquisition operations as a unified approach irrespective of the region on the same date, since you are well-versed with the global compliance policies and standards, as it aligns with your goals.
- Gradual Deployment:
When you want your organization to absorb the changes by employing global talents and also, understand outsourcing through MSPs (Managed Service Providers) and RPO (Recruitment Process Outsourcing), then a phased or gradual deployment works well.
And the deployment type should be chosen based on the geography and its factors like what kind of talent supply is available, culture and diversity, compliance, and financial risks.
Factors to Consider for International talent acquisition
How to decide if your company needs Global Talent?
Both new businesses and well-established entities would like to know the various factors to consider for your international talent acquisition strategy. Thus, we have compiled the most useful ones
- What are the markets we are looking to expand to?
A futuristic question that is likely to set the course of your business. Though you might start your business to serve locally, there is always space to expand globally if your product/service is well-suited for a target audience across the world.
Based on the answer to this question, you map out a plan to hire beyond borders, as that becomes essential to understand the geo-centric target markets.
- How much do I know about localized job markets?
The hiring process varies from region to region and it is pivotal to know about them thoroughly, especially when you are looking for talents from the region.
This includes mainly knowing about the skills, resources, labor laws, and compensation, but not limited to networking locally with recruiters to understand the culture and trends of the local job market.
To attract the right talent, personalize the job description to their way with straightforward compensation, required qualifications, and perks and negotiate the other details during the e-meet.
- What are your long-term and short-term goals?
Every business requires its core competency and aligned goals, that not only accelerate the productivity of the company but also the dependent growth.
If your answer is to acquire new markets in the long run, then you obviously know a strategy for Global Talent Acquisition should be up and running!
- What are the skill gaps your company is facing now or will face in the future?
As a crucial question to your business, it is mandatory to evaluate the skill gap right from inception. Employees have to be on par with the ongoing market trends and require reskilling and upskilling on the go.
The skill gap can be due to various reasons such as lack of resources, not enough training, slow development in your region’s industry.
2021 HireRight Report mentions that 63% of North American Companies, 36% of EMEA companies, and 38% of APAC companies feel that finding qualified persons for the job is highly challenging.
When there is a lack or gap in the skills, then hiring the right global talent with the exceptional skills you are looking for, will be the right answer here!
- Do you have a robust selection process?
When coming to hiring beyond borders, the selection process should be holistic and robust, but should also be consistent with room for flexibility.
Right from personality assessment tests to set expectations based on qualifications from top-tier colleges to special hiring tests, each step should be designed with special care and attention in accordance with the local labor laws, employment regulations, and status quo of the region.
Stages of Global Talent Acquisition
Now that you have considered the factors for global talent chosen the deployment type, considered the factors, understand how the deployment will be instigated in a step by step manner:
- Define & Set Goals -
Considered as the pre-launch stage, set an agile global talent acquisition plan and communicate the same to internal stakeholders from C level to hiring managers, and ensure employees are ready for the change concerning technology and unified global workplace via proper training and awareness.
- Launch -
Implement the plan globally within the stipulated timeline, create and convey employee messaging that resonates well with every region and focus on an agile methodology so as to keep up with the new talents and current employees' progress in the changing workplace.
- Assess & Analyze -
Once the plan is set in motion, assess the goals and metrics of recruitment, to understand the success of the strategic plan. Optimizing the results may not only pave the way for a better hire but also improve the brand value of your organization globally!
Global talent acquisition trends
The Current Global Job Market
According to the recent Talent Industry Insights Report, the US job openings hit an all-time high of 9.3 million in April with a month-on-month increase of 12%. The pandemic has ascertained that employees want stability in their current positions.
Global Talent Acquisition is now seeing an upward trend with the growing ease in virtual hiring and onboarding. Thus your competition companies would want to fill positions, by expanding their search into the global market and rather than just the local talent market.
Overcoming Talent Shortage:
Many developed markets are facing severe talent shortages in 2021. The viable way to overcome the talent shortage is to explore hiring opportunities in emerging markets such as Brazil, Mexico, Peru, Ukraine, Latvia to name a few in the tech sector.
Increased Acceptance in Setting up Remote teams:
The 2021 HireRight Report states that about 16-18% of respondents across North America, EMEA and APAC regions have said that their companies had hired employees to work remotely.
With technology like AI and cloud computing advancing every day, reaching out to global talent has now become a piece of cake.
Companies have started realizing that remote workers can not only boost strategic productivity but also promote the diverse culture and bring in market-centric perspectives that may not have struck local employees. The demand is also driven by the skill gap in the local talent market.
Looking beyond qualifications:
As digitization takes over the job market, educational qualification is not the only criteria to look for in candidates but their ability to understand business under every scenario and their agility to evolve with the business is considered as essential qualities in 2021.
Culture, Diversity, Equity & Inclusion:
Now that you have a global team to manage, ensure to build an inclusive work culture, which will be a major attraction for the global talents when assessing the company’s strengths.
The Advanced Pro Talent Industry Reports 2021 diversity is to be included as a key metric for recruitment in 2021 as there is an 800% increase in job openings based on diversity. Also, 70 percent of job seekers said they want to work for a company that demonstrates a commitment to diversity and inclusion.
Diversity, Equity, and Inclusion do not end with the Talent Acquisition team, but advisory support should be extended to hiring managers of specific teams to understand the qualification barrier, importance of diversity goals, and building interview panels & processes based on an inclusive approach.
Setting an employer brand and a value proposition:
Employees build your businesses. When exploring new job markets, ensure to set a strong and solid value proposition for employees.
As you start to find new talent for your companies, this will be the key for them to know what they are getting into in terms of their career growth, upskilling, financial security (localized compensation packages), benefits, work culture.
It is not a one-size-fits-all proposition but customized to topical wise personas of new hires.
Remote working is here to stay:
The pandemic has taught us valuable lessons including the comfort of working remotely! Building international teams can now be done based on the remote working experience gained during 2020.
By the end of 2021, it is expected that 26.7 percent of workers will be fully remote in the US alone.
Increased usage in tech tools for hiring such as Artificial Intelligence, Chatbots, Applicant Tracking System has made hiring efficient and quicker. With a mix of traditional and digitized hiring, quality global talent acquisition is possible.
Effective Recruitment with PEO & EOR:
As businesses of all sizes are shifting to acquiring global talents, an easier way to hire employees globally without any compliance risk is by using a Professional Employment Organization (PEO) or an Employer of Record (EOR).
The partnership eases the onboarding process in terms of compliance, employment law and can help onboard them into your payroll in minutes!
Multiplier: Your partner in Global Talent Acquisition:
If you are looking to hire global talent for your organization to grow vertically and horizontally across industries, then you are in the right place. At Multiplier, we understand hiring beyond borders and align with your core goals to find the best hire for your globally winning team! Our PEO and EOR Solutions steer you to hire the best talent from anywhere in the world and onboard them easily, with no compliance risk! What’s more, a single and precise payroll platform that rolls out International benefits and compensation suitable for more than 100 countries in their local currencies within minutes and keeps track of them under a single point.
Book a demo with us right away to simplify your global talent acquisition model economically in terms of cost and time and simultaneously amplify the growth of your global success team.