25 Jan 2024
Finding and hiring people from around the world is already a difficult process, but growth in global hiring and pay has made things even more difficult. This overview will be useful to you if you employ talent internationally.
The first global talent acquisition challenge is rising pay
According to an upcoming Deel analysis, the countries with the largest salary increases were Canada, Mexico, Pakistan, and India. The greatest pay increase, a 49 percent increase, was seen in marketing positions like digital marketing, SEO specialists, and growth and content roles.
In some ways, these soaring salaries are unsustainable. Organizations are becoming "far more data-driven and attempting to determine where talent resides and identify the higher and lower cost markets" as a result of the increase in wages.
Organizations must develop a solid employee value offer in order to meet the second global talent acquisition challenge
Candidates from all around the world are searching for companies that provide more than simply a wage. They seek employment flexibility, a favorable work-life balance, consideration for their mental health, and a car allowance. A compelling employee value proposition can boost interest among international candidates.
The majority of large companies have some sort of car allowance policy. However, businesses started getting rid of them in 2018. The expense of administering these policies was one of the factors in their removal. Additionally, that seems like a wise decision given the current increase in gas costs in Europe, global businesses would have to figure out how to balance the reality that an employee would spend an eighth of their wage on gas to go to work as a result of rising gas prices.
Building a talent pipeline for the skills of the future is the third global talent acquisition challenge
Building a talent pipeline for skill sets that take efficiency and productivity into account is seen as vital in the near future. Moreover, it should be noted that people who can complete tasks faster are increasingly necessary in the industrial industry.
Candidate experience is the fourth global talent acquisition challenge
The experience of the candidate is now more important than ever given the current situation. At TriOptus, we have noted that candidates could receive up to 13 offers in a single week, thus a focus on the candidate's experience is essential. In order to guarantee prospective workers have a positive hiring experience, effective communication is crucial.
A strong candidate experience plan is essential in the global talent market as a result of the one to three-month notice period that can be expected when an underperforming employee is let go. It can take up to three months to fire a worker in India. It could take months for the new employee to start if the candidate accepts the offer for the vacant position. There is no assurance that the "new" employee won't withdraw from the process given the many other offers they receive. Whether the start date is one week, one month, or three months after the candidate accepts the offer, a good onboarding procedure is essential to guarantee the candidate begins on time.
Diversity, equity, and inclusion is the fifth Global Talent Acquisition Challenge
The global talent market depends on diversity, equity, and inclusion, so firms must practice DEI. Companies will therefore need to demonstrate a diversity-friendly culture via their actions as much as through their Employee Value Proposition.
Your Global Talent Acquisition Challenges Can Be Handled by Trioptus
Our RPO solution can aid firms in overcoming their difficulties with international talent acquisition due to its flexibility in scaling up or down. TA executives are coping with "the huge attrition, which is also the big attraction," according to Holmes. His argument is that although workers are quitting, it's to find new employment.
On the ledger, some organizations might be on the attraction side, while others might be on the attrition side. Holmes noted that this crisis has increased demand for recruiters, regardless of whose side you support.
Since businesses are anticipated to grow significantly this year, particularly in the Asia Pacific region, there is still a high demand for recruiters. However, they have somewhat reduced them due to inflation and the current geopolitical situation. As a result, businesses that are losing staff will need to ramp up hiring, while businesses that are adding employees may need to slow down recruiting. RPOs are skilled at speeding up the hiring process and speeding it down rapidly when necessary, as Holmes underlined. An RPO is therefore your best option, whether the present difficulties in your global talent acquisition are prompting you to hire more or fewer personnel.
Companies need to start considering how they might develop a compelling employee value proposition if they want to acquire top global talent. Additionally, they must create a talent pipeline for skill sets that take efficiency and productivity into mind. Finally, it's critical for businesses to operate in a way that demonstrates their commitment to diversity. RPOs can assist businesses with their struggles with international talent acquisition.
You can learn everything you need to know about acquiring international talent from this snapshot article.
Connect with TriOptus today at +1 862 272 0555 or email at info@trioptus.com if you are hiring talent internationally.
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