What to Do When the Local Talent Market Is Scarce?
Finding local talent for your growing business is not always an easy thing to do. We see that in our Markets in Switzerland, Germany but in Spain too. In the 2016 Talent Trends report released by Randstad Sourceright, 72% of all HR directors surveyed said that talent scarcity negatively affected their business operations, while 45% said that it has even threatened their leadership continuity.
Among the other adverse side effects put forward by this shortage also include things like increased spending, growing frustration among HR managers, and, of course, a stagnation in production, accompanied by the inability to progress. If your business ever finds itself in this situation and there isn’t enough local talent to fill in the ranks, then the best solution could be to hire internationally.
Broadening the Talent Pool
Probably the most significant advantage when going for an international hire is the fact that you no longer have to make compromises and go solely on talent and experience. There are also two ways of approaching the issue. You can choose to have workers being remote, or you can opt for relocation.
Some business owners, however, are worried about their remote staff slacking off, but it is rarely the case. Telecommuting was proven, time and time again, to keep workers happy; to make them work better, to be more productive, and less likely to quit.
An equally important advantage when seeking employees abroad is the fact that most are bilingual. And even if the job description may not require someone who speaks multiple languages, the need for bilingual employees is definitely on the rise – doubling in less than five years.
The Challenges of Hiring Internationally
There are, of course, specific challenges that come with international hires that are not the same as the local talent market.
First and foremost is the issue of miscommunication. More often than not, companies take for granted the fact that its employees know what is going on. In their defense, however, when everybody is under the same roof, word gets around much faster than over the internet. But when there are remote workers, there is the possibility that some of the information may not find its way as easily.
Secondly, there’s also the issue of cultural differences. Based on the so-called 7-38-55 rule, the words themselves represent only 7% of what is being said, with the rest comprised of the tone, syntax, and body language. When dealing with people from other countries, it could be somewhat hard to deduce what it’s being communicated.
Lastly, is the issue of red tape and what it implies to hire internationally as opposed to merely hiring remotely. There are specific regulations that you will need to keep in mind to make the relocation process as seamless as possible. Nevertheless, the effort is well worth the hassle.
Rebecca Henderson, chairman of the global leadership team at Randstad Sourceright said that “As the workforce management and technology landscape continues to evolve at a rapid pace, HR and talent leaders must understand how they can leverage new tools and capitalize on the power of talent analytics to adapt their strategies and account for these changing trends.”
Lionstep is an organization that makes use of state-of-the-art technologies such as artificial intelligence and big data to streamline the entire international hiring process, bringing the best-qualified candidates to the table. We are hiring for many clients clienzt abroad – exactly because of finding local talent is not that easy. We will also aid our clients in understanding the inner workings of the global talent market, ensuring that you will not get bogged down in the challenges presented above.