Why do you need a global talent acquisition strategy?

The job market is witnessing an unprecedented decline of available workforce post-pandemic. In the US alone there are over 7 million unfilled job positions relative to 6.3 million people looking for job opportunities domestically. There is a clear mismatch between the demand and supply of talent and this gap further widens as most people are looking for work-from-anywhere opportunities and exploring international markets. There is no way companies can fill the open positions by restricting their hiring to local talent. 

Fortunately, with an exponential increase in demand for remote work opportunities, recruiters now have a chance to tap into talent sources from anywhere in the world. Global talent acquisition is the future of work and companies certainly need to put in place strategies and policies to hire globally, efficiently. Today, more than ever before, companies have the opportunity to build a globally distributed workforce with the right talent for the right job.

Why companies need a global talent acquisition strategy

Helps in building diversity 

Building diversity in the workforce presents so many opportunities for employers that can’t be generated otherwise. According to a PWC survey, over 75% of managers and global companies agreed that diversity is a predominant factor for building a competent workforce. Furthermore, companies with diversity are known to generate 19% more revenue with a 1.4 times higher profitability rate. 

There have always been discussions around diversity building initiatives in the workforce, and for some reason, companies have failed to deliver on their promises. But in 2022, when employees now have the option of choosing to work at almost any organization, they are more likely to choose ones that have a strong diversity and inclusion program. 

Fosters operational efficiency‍

Operational efficiency is the measure of how smoothly business operations are conducted on a day-to-day basis. When companies have a global talent acquisition strategy in place, it considers cultural and local hiring practices which enable companies to better manage local talent because they are more prepared for behaviors and expectations.

When companies fail to adopt a global talent acquisition strategy, they end up making policies at the country level which only help with the selection and retention of a selected group of talent. This can be disastrous for expansion to new markets as there are clear operational gaps and inefficiencies. Many companies with no global talent acquisition plans are forced to outsource the recruitment process to third-party agencies. However, partnering with the right talent acquisition company can take your company to the next level. 

Increases understanding of the local market 

With a global outreach plan, companies are not only hiring candidates with different cultural backgrounds and mindsets but are also readying the environment to accommodate these differences. Companies that have diverse teams should plan training for current staff to help them interact with employees from other cultures. 

This has far-reaching impacts as apart from embracing diversity,  members of the organization also get acquainted with foreign market norms. For companies boasting a global workforce, they are better positioned to navigate through local customs to avoid misunderstanding. This significantly helps the business because it becomes clear as to what sells and what doesn’t in a particular market.

Provides access to a wider talent pool

Hiring globally implies that companies have access to a large pool of talent. However, to truly capitalize on this advantage,  an effective global talent acquisition strategy is required. Apart from providing the above-mentioned benefits, it also helps with talent management.

As you continue hiring from different markets, you will have to work with different labor laws, compensation structures, and expectations from potential employees. An acquisition strategy will help in streamlining the entire hiring process to accelerate hiring and managing all the requirements in a local market.

At Talent500 we have been building global teams for Fortune500 companies. We have the tools and talent to help you build globally distributed teams faster. Let’s discuss your requirement, set up a consultation today.