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Remote work has unlocked formerly unknown opportunities for talent acquisition and recruiting. Instead of being restricted by geographical barriers, organizations can now recruit and hire talent anywhere in the world and thereby solve the growing problem of local talent shortages.
In order to navigate the vast array of opportunities, however, businesses need a strategic approach to attracting and retaining international talent. This is where global talent acquisition strategies come into play.
But what exactly are talent acquisition strategies? Why are they important? And how to create a talent acquisition strategy that is suited to a dynamic global employment market?
Talent acquisition is the collective term for all the processes and efforts a business undertakes to find, attract, hire, and retain talent. A talent acquisition strategy can be defined as a detailed framework that outlines how talent acquisition is managed in an organization.
It outlines all the different processes, principles, and guidelines that are designed to ensure that organizational needs in terms of talent supply are constantly met. Global talent acquisition strategies take talent management one step further by extending the strategic reach to an international talent pool.
Global talent acquisition strategies help businesses find and hire the best people for their open positions without being restricted by geographic barriers. With a firm strategy in place for sourcing and recruiting talent globally, organizations can leverage several benefits.
Global expansion is a fast-paced undertaking, and businesses need to be able to react quickly to use every opportunity that opens up. But in order to do so, they need the right people. With a global talent acquisition strategy, businesses enhance their chances of finding the right talent as quickly as possible.
A talent acquisition strategy framework enables businesses to also consider factors like diversity in their hiring and recruiting practices. Making their hiring practices more diverse is one of the main objectives many businesses have when it comes to talent sourcing and recruiting. Working with a diverse team enhances creativity and innovation as well as increases the range of skills that are available.
Local knowledge is an important enabler for businesses with global operations. Whether it’s running payroll, meeting customer expectations, or establishing business practices, organizations that have access to local insights have a significant competitive advantage. Global talent acquisition and recruitment strategies unlock access to localized knowledge by connecting businesses with talent in foreign markets.
Finding and attracting the right talent is crucial for business success. Yet with the ongoing war for talent, talent acquisition has become a real struggle for businesses. In a highly competitive talent market, organizations with a strategic approach significantly increase their chances of success. A talent acquisition strategy ensures that resources and budgets are used in the most efficient way and that no money is wasted on talent recruitment measures that are not suited to a specific market.
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Now that we know the different benefits of managing talent acquisition strategically, it’s time to answer the question of how to develop a talent acquisition strategy for businesses that want to build a global team. Here is a step-by-step guide to creating a framework that will help you meet your global hiring needs in the most efficient way possible.
The first step towards developing an effective global talent acquisition strategy is to analyze the business’s global hiring needs in both the short and long run. Similar to strategic workforce planning, businesses first need to look at their current workforce and then assess how their staffing needs will change in the future course of their global expansion. This includes answering questions like:
Which markets will be targeted next?
What positions are needed in the new markets?
Which skills that are needed for business growth are currently in short supply?
Are there any key positions that will become vacant in the near future due to retirement or other reasons?
Developing a global talent acquisition strategy always requires sound knowledge of the requirements and restrictions that apply to hiring international employees. The rules surrounding employment differ from country to country, and businesses need a firm understanding of the legal obligations they will have as an employer in a certain market before making any hiring decisions. This refers not only to future target markets, but also to popular talent-sourcing destinations that could be used to fill specific skill gaps. One example of talent-sourced destinations is Eastern Europe for developers and IT experts.
Compensation and benefits are two crucial factors in talent acquisition. Businesses that master the art of creating attractive compensation packages are one step ahead of their competition. Managing benefits for globally distributed teams isn’t easy though. Organizations need to find the right balance between creating a common global standard and localized compensation elements that ensure competitiveness on a local level. Another element to consider is compliance with statutory requirements regarding different types of employee leave.
Building a strong employer brand is an essential part of talent acquisition, regardless of whether a business aims at attracting talent in its domestic market or in a foreign market. Employer branding activities include creating an appealing social media presence, identifying company core values, and prioritizing the overall employee experience. Employer branding initiatives should not be missing in a global talent acquisition strategy.
Researching the best-suited recruitment channels is another important step towards creating a global talent acquisition strategy. The chosen means of advertising open positions should not only be cost-effective, but also work in the different target markets. Some platforms allow businesses to connect with talent from all over the world; however, organizations shouldn’t underestimate the importance of local networks and channels.
Also, local preferences differ when it comes to approaching potential candidates. In some regions, it may be preferable to go through a local recruiting agency. In other regions, reaching out to candidates directly might be the better approach. Taking the time to get to know local preferences in terms of recruitment tactics can make a big difference.
The same goes for recruitment processes like job interviews. Checking upfront if there are any local customs that need to be respected can prevent uncomfortable situations that may scare off potential candidates.
Assessing candidates for open positions is a central part of the talent acquisition process. Since the candidate assessment process works differently when building a global remote team, a business’s international talent acquisition strategy should define clear guidelines on what aspects to consider. This includes aspects like workforce diversity and team fit as well as ethical hiring practices.
Talent acquisition doesn’t stop with finding and attracting top talent. Businesses that want to ensure that their talent needs are met on an ongoing basis need to go one step further and also consider how to retain the talent they attract. There are different employee retention strategies businesses can adopt, ranging from creating an attractive and inclusive workplace culture to offering compelling perks and benefits. Usually, talent retention is a mix of different strategies that blends candidate expectations with the existing company culture.
A global talent acquisition strategy should not only provide a framework for finding and recruiting talent all over the world. It should also include a set of KPIs and other metrics that can be used to measure the effectiveness of the organization’s efforts to attract new talent in different overseas locations. Metrics to track include time to hire, cost per hire, and the business’s employee retention rates.
Being familiar with the step-by-step process of building a global talent acquisition strategy isn’t enough though. Businesses further need to consider the following factors that might restrict them:
Budget: A business’s financial means can both limit and increase its possibilities for attracting international talent. Before starting to develop a concrete strategy, organizations should first define a clear budget for international talent acquisition. Having a fixed budget will avoid overspending and provides a clear financial framework for developing employee benefits packages that respect the company’s bottom line.
Suitability of hiring destinations: Employment laws and employer obligations differ from country to country. The level of legal protection and the number of statutory benefits employees enjoy determines whether a country makes a good or a bad hiring destination. Businesses should conduct some upfront research to find out which countries aren’t worth considering for hiring foreign talent before wasting time and money on attracting potential candidates, only to find out that employing them is not a feasible option due to legal restrictions.
Options for employee relocation: There are two different approaches to building an international team. Businesses can either hire remote employees and allow them to work from their respective countries of residence, or they can leverage the possibilities of remote hiring to recruit and relocate employees with specific skill sets. A global talent acquisition strategy should therefore also include guidelines on how to handle employee relocation.
Lack of expertise and knowledge: As mentioned earlier, a global talent acquisition strategy can unlock access to local knowledge regarding customer expectations and cultural norms in a new target market. But what businesses often don’t realize is that they first need a certain level of expertise and knowledge to be able to attract and hire talent in foreign countries. Small businesses and start-ups often lack the necessary knowledge to confidently navigate international employment markets and should hence consider working with in-country employment experts like an Employer of Record.
A global talent acquisition strategy answers the question of how to identify, attract, hire and retain international talent. What it doesn't provide, however, is guidance on how to manage compliance throughout the hiring and onboarding process. This is where global employment solutions like Employer of Record come into play.
An Employer of Record (EOR) is a service provider that offers employment outsourcing services to businesses that want to hire talent in a foreign market where they don’t have a legal entity. By taking on the role of the employee’s official employer, the EOR takes the compliance burden off the client business’s shoulders. The client business meanwhile remains in full control of the employee’s day-to-day activities.
Since finding an EOR partner for every new market can be a very time-consuming task, businesses that want to unlock the full potential of their international talent acquisition strategy should opt for a global employment solution like Lano. Lano works with an international network of prevetted EOR partners that offer their services across more than 170 countries worldwide.
Book a demo with one of our global employment experts and learn how to hire and onboard international talent in record time.
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