New hires who must relocate aren’t like other employees.
We operate in a truly global economy. U.S. multinational corporations alone account for more than 34.5 million workers around the world, and trade accounts for more than 50 percent of global GDP.
For talent acquisition, this means recruiting no longer takes place within driving distance of a company’s headquarters. As the economy continues to improve, and the competition for talent increases, recruiters are tasked with reaching beyond borders to source, recruit and relocate talented candidates to wherever they’re needed.
Unfortunately, although most companies are investing in their ability to attract talented individuals from around the globe, they don’t always match resources in supporting candidates as they move, leading to higher rates of new employee attrition and loss of ROI on recruiting efforts.
Meanwhile, even though unemployment around the globe is still relatively high, according to research conducted by Manpower, an astounding 40 percent of global organizations are having a hard time filling open positions — the highest reported talent shortage since 2007.
This historic shortage is being driven by increased competition for talent and rapid changes in technology and the marketplace that require new skills and experience. Companies operating in Europe, the Middle East and Africa, Asia-Pacific and South America are struggling with monumental talent shortages. But the U.S. saw the sharpest increase in difficulty, proving that no economy is immune.
Companies are looking inside their own organizations, but finding enough internal candidates with the necessary skills and training who are also willing to relocate can be an issue. The onus is still on talent acquisition to solve talent shortages by recruiting and relocating more candidates, more quickly.