As the initial surge in hiring activity for 2024 tapers off, the competition for top talent remains intense. Businesses across various industries are grappling with talent shortages and skills gaps. In this climate, companies need to adopt innovative recruitment strategies, looking beyond national borders to attract the best candidates, according to leading global mobility platform Localyze.
The World Economic Forum has highlighted that emerging markets such as Brazil, China, India, Indonesia, Mexico, and Turkey are rich in untapped talent. For instance, India’s university-educated talent pool is projected to grow by over 45 million in the next decade. This vast reservoir of skilled individuals offers a significant opportunity for businesses willing to broaden their recruitment horizons.
Hanna Assmussen, CEO and Co-Founder of Localyze, emphasises the importance of a global approach: “Incredible talent can be found across the globe, not just in one or two regions where organisations might have traditionally looked. One of the keyways that businesses can beat their competitors is by looking beyond borders to find the best talent. Additionally, offering global mobility is hugely attractive to both new and existing employees who may want to relocate permanently or enjoy temporary trips, such as workcations.”
Localyze’s recent research underscores the strategic advantage of global mobility. More than half of business leaders surveyed believe that expanding access to talent through global mobility can significantly enhance their talent pool. The data suggests that relocations can yield nearly double the return on their costs in the short term and quadruple when relocated employees remain for two years.
Assmussen notes a shift in the demographics of those seeking relocation opportunities: “Relocating talent isn’t just for senior leaders anymore. Young professionals are also looking for flexibility within their roles and often opt for opportunities that present flexible working options. As the new year hiring flurry comes to a close, organisations must embrace global mobility solutions such as temporary relocations, offsites, and workcations.”
The shift towards flexible remote work models, which facilitate employment across borders, is poised to drive significant and sustainable growth for businesses. While relocating employees incurs costs, the benefits far outweigh them. Mobility across the world can enhance productivity, boost company profits, and attract a global talent pool.
Hanna Assmussen concludes: “The war for talent continues to soldier on, and businesses must do more to stand out from the crowd. The adoption of global mobility facilitates access to a much wider talent pool and boosts a business’s ability to attract, retain, and develop top talent on a broader scale.”
The call to action for businesses is clear: in an increasingly interconnected world, those that harness the potential of global mobility will secure a competitive edge. By adopting flexible, international recruitment strategies and facilitating employee mobility, companies can navigate the ongoing talent war and emerge stronger, more diverse, and more innovative.
In summary, as traditional hiring peaks subside, the emphasis must shift to global recruitment strategies. Localyze’s insights highlight the critical importance of looking beyond national borders to tap into emerging talent markets, providing businesses with the means to thrive in a competitive landscape.