Finding talent locally has its benefits — but expanding your outreach outside of traditional methods can yield excellent results as well. Global talent acquisition normally involves sourcing candidates internationally, as you’d expect, but it could simply mean recruiting from new areas that you wouldn’t normally consider. A global talent acquisition strategy could help your organization solve some of its hiring issues, but it needs to be executed properly. Today we’ll be discussing the benefits of global talent acquisition, and how your organization can best take advantage of its expansive nature.
Widen Talent Pool and Reference Diversity
Due to the recent talent gap, organizations are still struggling to find candidates with the skills they need. The IT industry is suffering from this shortage more than anyone, with 72% of IT workers surveyed saying they plan on quitting their job within the next year.
Expanding outreach to other nations and areas allows your organization to widen your talent pool exponentially. For the example above, reaching out to other IT industry leaders like India, Japan, and the UK could provide skilled candidates that traditional sourcing could not.
If your employees all live locally, their connections are more likely going to intersect. References might not be particularly diverse, and your talent pool will suffer because of that. Global talent acquisition plans give you diverse connections, who in turn will reference a diverse range of candidates.
Remote Work Benefits
While in the past international employees would have to relocate, the pandemic has more than normalized remote and hybrid workplaces. There has been some pushback against this trend, but unless your industry makes remote work an impossibility remote work is mainly upsides. A study reported by Stanford, alongside other reputable sources, shows that working from home can result in a 13% increase in overall productivity. Not only that, employees were less stressed during meetings and were more satisfied with their jobs.
Working remotely, employees are 63% less likely to take sick days when they’re not sick. Team members calling in sick when they’re not actually sick can cost $1,800 a year per employee on the low end. Remote work can save countless thousands of dollars over just a few years passively in this way.
Global acquisition strategies allow you to remotely employ talent from across the globe, reaping the benefits of the workplace style while finding candidates that suit your company culture and attitude.
Increased Diversity and Local Market Understanding
A global outreach plan means that you’ll be interacting with, and most likely hiring, people with vastly different cultural backgrounds and mindsets. This can bring a new level of creativity to your organization, a new variance of ideas, and ways of working. Culturally your company will also be enriched, exposed to new ways of life, celebrations, and foods.
This does also mean that you will have to be ready to accommodate these differences. Mandatory diversity training for your current staff will ensure that your team understands how to interact with those from other cultures — but you shouldn’t stop there.
Alongside increased diversity, your organization will become better acquainted with foreign market norms. Employing globally, your workforce will be filled with advisors on navigating local customs to avoid misunderstanding. Insight on what sells and what doesn’t can also push your business forward significantly.
You should use your current planned salary as a baseline for overseas hiring. Most countries have a lower base income than the United States but provide more benefits. A higher salary and good benefits will entice those who may normally prefer working for a native organization.