6 Things You Should Know About Global Talent Acquisition
When employees are content with their company’s time and location flexibility, they’re almost three times more likely to report being happy with their job, according to a LinkedIn Business report. They’re also twice as likely to recommend working for that company to others.
Flexibility has become a buzzword in the recruiting world since 2019, and global talent acquisition is a great way for your company to hop on that bandwagon. Not only is it going to leave your team with more recruiting opportunities, but it gives your employees opportunities they might’ve never had. It also helps open your brand to become a global one.
But how can you get started with this? Is entering into the global market even a possibility for your brand? With the right steps, it is.
Read on to learn six things you need to know about a global talent acquisition strategy.
1. Have a Strategic Plan in Place
Like in most cases, when you have a plan in place, you set yourself for success in a lot of different aspects. It’s also an easy way to identify specific holes that need to be filled. Here are a few questions you can ask yourself to get started:
- Will your business do well in new markets?
- What specific goals is your company looking to achieve?
The clearer you can get when identifying these goals, the better you’ll be able to create a solid plan. It’s important to remember that you’re not only hiring new people for your organization, but you’re also filling essential spaces within your team and your brand.
2. Get To Know the Local Job Markets
That’s why getting to know the local market can help a lot. If you have a target demographic, then you can turn to specific areas of the world to bring your brand. Your brand is going to fill a hole in that area’s business needs, and in turn, that area is going to help you find a talented new addition to your team.
The more specific you can get with this step, the better. Don’t be afraid to ask for certain things out of fear. You’re a lot more likely to find what you need when you know exactly what it is you’re looking for.
Knowing the local culture is also a great way to tailor the hiring process to specific regions. You need to know how to approach the people you’re speaking with, otherwise, you won’t find a candidate that’s willing to work for your company.
3. Design a Strong Candidate Selection Process
The other reason you need to conduct local research: which candidate selection tools can be used in which countries?
If you want to use a hiring test in the US, then it has to pass certain requirements to avoid hiring bias. In Europe, those rules don’t apply. In some countries, you’re not allowed to ask about health, age, family or marital status, or even sexuality, so knowing those laws is also going to help you avoid legal trouble.
So, while you want a streamlined hiring process that’s consistent for everyone, it’s also important to allow enough flexibility so it can change as required for different regions.
4. Be Transparent About Compensation
Next, it’s important to not assume you’ll save money by going global. Different regions are going to have different compensation requirements, and it’s important to take that into account when you’re hiring new talent. Living expenses in New York are going vary greatly when compared with Costa Rica, just like positions in London are going to have different salary needs than those in Sao Paulo.
It’s also important to remember currency conversion. What you’re offering this potential new employee in US currency is not going to look the same on their end. This small mistake can potentially cost you a lot of great talent if they think you’re lowballing them during the interview process, which is when you should be letting them know their salary expectations.
Letting them know what your compensation policies look like from the beginning is going to let them know whether the position is worth applying for. It also helps keep everyone on the same page from start to finish, and nobody is going to have their time wasted.
5. Evaluate Regularly
Finally, don’t be afraid to reevaluate your process as necessary.
What worked five years ago isn’t necessarily going to work now, and that’s important to remember. You cannot rely on good talent just falling into your lap. You have to be willing to work to find the person you’re looking for, and you have to know what they’re expecting in return.
Here are a few questions you can ask yourself when the time comes for reevaluation:
- What parts of your talent acquisition strategy are working?
- Are you sourcing and hiring your ideal candidates?
- Is your globally sourced talent engaged in your company?
- How is your globally sourced talent fitting into company culture?
No matter how great you think your strategy is, or how effective it is for helping you find decent talent, it’s important, to be honest with yourself when the time comes. Redesigning and updating different parts of your hiring process can do exactly that.
Is Global Talent Acquisition Right for You?
If you’re a remote company, then global talent acquisition might be something you’ve thought about before. It can feel intimidating to get started with this form of hiring, but it’s also worth it if you can do it right. Whether you’re entering new markets or dipping your toes in for the first time, scaling your business in this way opens it up to talent it would’ve never had otherwise had access to.
If you’re curious about global expansion for your company, contact us today to get started.