The talent gap is only widening – here’s how to make the most of a global talent pool
This article was produced in partnership with Safeguard Global
Safeguard Global is an industry leader in workforce management solutions, helping businesses to manage their international workforce more efficiently. Its offerings include global payroll, employment outsourcing and consulting services in relation to international labour laws, tax compliance and HR strategies.
As the global talent gap is projected to hit a staggering 85 million unfilled jobs by 2030, forward-thinking organisations are looking across borders to fill open positions.
According to recent studies, 75% of companies worldwide struggle to recruit effectively, with one in five organisations averaging 1,000 unfilled jobs. The increase in remote work has made recruiting abroad more viable – however, it also demands a robust global talent strategy.
Global HR specialist Safeguard Global recently released an e-book on navigating new talent pools, and the potential challenges organisations should be aware of when hiring overseas. This includes everything from onboarding to engagement and retention, navigating cultural differences, and ensuring compliance.
The core components of a successful strategy
As talent pools shrink, companies naturally look for new ways to grow. Around 40% of companies globally have embraced hybrid working, and 16% have gone fully remote. This means that today, many companies are competing for the same global talent – and so pinning down an attraction and retention strategy is vital.
According to Safeguard Global, the key starting point is to focus on the full experience, from onboarding to retention and engagement. Think about the following questions: how do you encourage cross-cultural and cross-geographical collaboration? What kind of upskilling opportunities do you offer? How do you provide feedback and motivate your people?
In short, your employee value proposition (EVP) should be a total package, including salary, culture, diversity and career development. A solid EVP can help organisations decrease turnover by as much as 70%, and can increase new hire commitments by almost 30%.
When looking for talent overseas, having a solid understanding of the countries and cultures you operate in is also crucial. Safeguard Global highlights that exporting your existing culture to new employees is a good step – however, you should also educate your existing team on the social norms and expectations of the regions they’ll be working with.
“Japanese companies require asking a manager for input on decisions as a sign of respect, whereas Swedish companies typically enjoy flat hierarchies that empower employees to make decisions more autonomously,” Safeguard Global explains in its e-book, Navigating new talent pools.
“Colleagues in Sweden also enjoy an afternoon break, called a fika, with coffee and a snack, whereas French workers may socialize over lunch but their personal lives are not traditional conversational fodder. To understand and accommodate different work styles, you’ll need to add cross-cultural training to employee development.”
Navigating complex compliance landscapes
Compliance is often one of the biggest barriers to companies hiring overseas, and understandably so. An optional bonus in one country is a mandatory regular pay check in another. As an employer, not understanding or fulfilling these responsibilities can come at a substantial cost.
When it comes to compliance, the advice is simple – don’t go it alone. Keeping up with constantly changing regulatory requirements is difficult for outsiders who lack local expertise, and so collaborating with legal and HR specialists is the best way to ensure you’re operating in a full compliance with local laws and regulations.
Safeguard Global navigates this by using GEO as its employer of record (EOR). It acts as the legal employer and hires employees on an organisation’s behalf, managing payroll and benefits, and keeping up with all of the latest compliance requirements. For companies that are actively recruiting abroad, partnering with an experienced HR specialist is a great way to go.
“Not only does an EOR advise you on cultural expectations, help your draft attractive compensation packages and ensure compliance with local labour laws, it can also hire on your behalf because it has already done the work of establishing a local entity,” Safeguard Global states.
“The EOR handles hiring, payroll and ongoing in-country support. This frees your team to focus on more strategic tasks.”
For more insights about hiring overseas, download Safeguard Global’s full e-book, Navigating new talent pools.
