The pandemic has changed our perspective on the way we work and has accelerated many positive changes in organisations. There is one thing that remains unaffected—companies prioritising the hiring of quality talent. A recent report from Indeed stated that the job postings in Singapore have exceeded pre-COVID levels with a surge of 19.2 percent compared to last year. Skilled employees are essential for any organisation to succeed, and after the pandemic halted several hiring activities of the last year or more, many companies are looking to make a comeback by hiring the right employees, and fast.
However, talent acquisition has changed drastically in the past year. One of the most important lessons from 2020 was how geographical boundaries were erased to enable a collaborative environment for organisations. Companies were forced to embrace remote working in the beginning but have since seen that it has a lot of potential and opens up a wide variety of possibilities, effectively shattering borders for many roles.
According to GitLab’s Remote Work Report, 62 percent of respondents stated that they would prefer leaving a co-located company for a remote role. Why? Among the numerous benefits offered by remote work is reduced anxiety, better work-life balance and improved health.
Also, the number of people who are willing to relocate abroad for a job is declining, according to Boston Consulting Group’s Decoding Global Talent report. In Singapore, it reduced by 70 percent, with only 44 percent of respondents stating that they are willing to relocate for their job. Singapore ranked ninth as a destination for international remote employment while it ranked eighth as a place to relocate for work.
This is a clear indication that companies should start leveraging a global talent acquisition strategy to be prepared for any uncertainties and to sustain competitive advantage. A universal approach helps companies scale up and add value to functions that have usually been enclosed in silos. This adds flexibility to companies and changes the traditional dynamic, giving more value to effectiveness and productivity over proximity. This also helps to align an organisation’s talent acquisition team with dynamic operational requirements, regardless of their location and the region they service.
When one employs a global talent acquisition strategy, it elevates your company to compete locally as well as globally. Whether your company is in five or fifty countries, a global talent acquisition strategy helps add efficiency to your recruitment process to attract top talent, provides better business insights and drives the company strategy and operations.
Benefits of a global talent acquisition strategy
Increased Brand Awareness
A global talent acquisition strategy helps build better brand reputation and a strong employer brand which is crucial to attract top talent. Consistency is important, especially with regards to marketing and branding, as it helps create a reliable reputation and trust. The candidate journey, i.e., the experience each person has as they go through the recruitment process, becomes consistent across countries when one adopts a global strategy, instilling confidence in the company.
Diversity, Equity and Inclusion
It is broadly accepted that a diverse workforce is important for a company to be stable and to thrive. According to a McKinsey report, companies with higher diversity in their executive teams were 25% more likely to have above-average profits. It also stated that ‘the greater the representation, the higher the likelihood of outperformance.’ Adopting a global talent acquisition strategy can help you achieve increased gains, not just in profits, but also in understanding different business landscapes and how an organisation can leverage it.
Improved operational efficiency
When a company operates at a country level, there is a higher chance of them relying on recruitment agencies to help fill open positions. Localised talent acquisition will provide different solutions to the same issue. However, a global talent acquisition strategy allows you to streamline operations - reducing costs, leveraging local knowledge and communicating requirements for specific roles and concerns regarding hiring needs and skill gaps.
A global talent acquisition strategy can aid in retention by ensuring that your internal mobility strategy is truly inclusive. An employee should be considered for a role and encouraged to apply, regardless of the location, through a centralised internal platform for opportunities. This not only helps to retain all important company knowledge within your organisation but also reduces the time and expense spent on onboarding if you were to hire an external employee.
Stronger social media presence
COVID-19 has ensured that technology is king in today’s world. Most of our interactions from talent attraction to onboarding have been digitised so that face-to-face meetings seem like a thing of the past. This has propelled social media recruitment marketing to new heights, and with a global talent acquisition strategy unifying your brand marketing message across every locale, candidates will feel like part of a core global community, wherever they are.
Trusted local knowledge
When a company operates across various countries, success largely depends on their understanding of the local culture, its intricacies, business practices, economic climate, laws, privacy, and individual sales and service strategies, which differs from country to country. One of the key principles of a global talent acquisition strategy is to ensure local input is incorporated to ensure the global approach is optimised for local stakeholders and candidates.
The future post COVID-19
Another major lesson from COVID-19 that will stand the test of time is unity and harmony. In the future, success will come from partnerships, alliances and support within local communities and ecosystems. We are less likely to work independently. The pandemic made us realise the power of ‘remote togetherness’.
Last year served as a reminder to the talent acquisition sector that geographical boundaries were manmade, and these were limitations that we set for ourselves. It proved that people from different parts of the world can work together and be a part of something bigger than themselves. A global talent acquisition strategy can break down barriers, prioritise inclusion, increase efficiency, and ultimately help you to achieve your business goals.