The global talent shortage is a real problem in the HR world. Unemployment rates in 2019 shattered previous records with no signs of slowing down in 2020. With low unemployment comes a shortage of qualified candidates to fill roles. Now, more than ever, it has become clear that attracting top candidates and retaining talent is crucial in today’s job market.
According to LinkedIn’s just-released Global Talent Trends 2020 report, we’ve reached an inflection point where a company should work for employees––not just the other way around. To tackle this issue, your company will need to implement a sound talent strategy. Global talent mobility is a key strategy your company can implement for both attracting new and retaining existing employees that can work to address the current skills shortage.
Solving the talent shortage
Changing skill demands and increasing employment rates have pushed talent shortages to their highest levels since 2006. As the global economy has strengthened over the past decade, the need to hire is stronger than ever. Across all industries and companies, recent data has shown that 45% of organizations are unable to find the skilled applicants they require. How can your company engage the skilled workers these positions require without neglecting their current key players?
To find the solution you must understand that, fundamentally, employees are consumers. To attract the best and brightest, you must offer the services and benefits that they demand. Global talent mobility is a desirable incentive for both your existing employees and new talent prospects. Additionally, with a limited pool of qualified candidates, the global deployment of existing talent is becoming more necessary for companies to accomplish their business goals.
Acquiring new talent
Acquiring new talent and appealing to existing employees are two sides of the same coin. Prospective employees desire competitive benefits and flexibility with when and where they work. Existing employees desire ongoing personal and professional growth opportunities. Every employee wants to feel as though their contributions to your company are valued. As an employer, you need to work hard to showcase a strong employee value proposition, a clear purpose, and winning company culture.
In a survey conducted by LinkedIn, 42% of Millennials said they accepted a company’s offer based on the opportunity for growth. A robust global talent mobility program offers growth and advancement opportunities for Millennial employees, Gen Y employees, and Baby Boomers alike. Talent mobility feeds the uniquely human desire for constant learning and growth by testing employees with a new city, culture, office environment, and teammates. In addition, it gives them the international experience required to step up into future leadership roles.
Investing in global talent mobility technology will level-up your talent strategy in 2020. Topia’s global talent mobility platform effectively supports positive ROI by accurately tracking and reporting costs and outcomes. With this data in-hand, your business can justify the critical and strategic investment of global employee deployment.
By investing in global talent mobility, you are investing in the future of your company. Topia offers a robust global talent mobility platform focussed on the key pillars of operational efficiency, assured compliance, data maturity and delightful employee experiences. which is a win-win for companies and employees. For more information on solving the talent shortage through global talent mobility, check out our recent webinar on the Strategic Power of Global Talent Mobility with Dell.