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Talent shortages continue to be top of mind for companies around the world, creating a need to understand the global trends for attracting and retaining talent. Luckily, two recently released reports are shedding light on how companies around the world are addressing these concerns. These reports indicate global mobility continues to be an excellent strategy for attracting and retaining talent, building diversity, and creating a positive employee experience. Additional talent trends include internal mobility, people analytics, and focusing on the multigenerational workforce.
A recent report from global immigration service provider Envoy Global entitled “The Global Talent Imperative” explores the future of talent mobility. The report considers the current changing nature of work and how it’s shifting the strategies of companies looking to attract and retain talent amidst talent shortages.
The report shows that leading organizations are realizing that global talent is a “two-way strategy.” Citing data showing millennials’ desire for overseas assignments and a shift from long-term, executive relocations to shorter assignments, a two-way strategy refers to providing employees with international opportunities as well as recruiting international talent. Additionally, global talent involves not just filling skills gaps, but building diverse teams, which outperform homogenous teams. As a result, building diverse organizations is a board and CEO-level priority.
Beyond these takeaways, the report provides tactical strategies for leveraging global talent based on real-world examples. Such strategies include: enabling a competitive and data-driven global talent program using data analytics and competitive intelligence; putting employee experience at the heart of your program by reducing foreign national employees’ anxiety and increasing diversity; adapting hiring requirements to tap into nontraditional talent pools such as local colleges; and opening global rotation programs to more employees.
Another report from LinkedIn identifies the four global trends changing the way companies attract and retain talent. The report presents the results of a survey of more than 7,000 talent professionals in 35 countries as well as LinkedIn behavioral data and 40 expert interviews. LinkedIn identified four trends that will continue to grow in importance for the future of recruiting and HR: employee experience, people analytics, internal recruiting, and the multi-generational workforce.
To increase retention, 77% of companies are focusing on employee experience, actively collaborating with employees to collect feedback and design a path forward for the employee. People analytics and the data derived from it is more accessible than ever, creating an increase in the skills needed to understand and capitalize on it. As a result, the number of HR professionals with data analysis skills has increased by an astounding 242% over the last five years. Internal recruiting is increasingly important, demonstrating the need for HR leaders to create a formal internal hiring program as well as learning and development opportunities. Lastly, 56% of companies say they’ve recently updated their recruitment policies to appeal to a multigenerational workforce ranging from Gen Z to Baby Boomers.
The report also reveals where companies are most focused on employee experience. Employee experience is most important in Australia with the U.S., India, Brazil, and U.K. not far behind. People analytics is most important in India followed closely by Southeast Asia, China, Mexico and the Middle East. Internal recruiting is most important in Mexico and is joined by China, the Middle East and Brazil. Finally, the multigenerational workforce is most important to both Brazil and Southeast Asia, followed by the U.S., India, and the U.K.
Whether the opportunity is mobilizing employees, a learning and development program, or something tailored to the Gen Z worker, creating an optimal experience for the employee can be key to attracting and retaining talent.
Central to both of these studies is a focus on the employee experience. Whether the opportunity is mobilizing employees, a learning and development program, or something tailored to the Gen Z worker, creating an optimal experience for the employee can be key to attracting and retaining talent. As the talent shortage continues, focusing on the needs and wants of employees can help companies remain competitive.
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