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Combatting A Global Talent Crunch
Though many industries are facing a global talent crunch, the impact has been more drastic on companies that depend on international operations. Industries such as Mining and Metals, Manufacturing, Financial Services, Telecommunications, Oil & Gas, and Construction are being hit hard when trying to find the right individuals to lead their multinational operations. The low supply of qualified candidates with the right international and/or geographical experience required for the job is a challenge that multinational organizations face daily.
The issues organizations face today when hiring for their multinational operations include an older generation leaving the workforce and the new generations are underprepared or “too” comfortable to take a role in a challenging location. The pandemic exponentially increased this problem as many companies faced early retirements and a general shedding of personnel. Also, the younger generations’ workforce is more content staying put and not dealing with the hassles and uncomfortableness that moving to a new country and immersing into a foreign culture creates. In essence, many Baby Boomers were forced into retirement, and this dynamic caused a large gap in certain industries and leadership roles where younger workers and executives don’t have the experience or wherewithal to take over what the older generation left behind.
5 Ways Organizations Can Overcome the Global Talent Shortage:
1. Invest
Invest more time and money on developing the younger generation with workers that have strong initiative and the willingness to work hard as well as give their current employers a little more flexibility to do their job.
2. Motivate
Many studies show that employees are more productive and engaged when they are happy, so attract and retain the best by finding ways to give employees some things that are important to them. What is important to them? This question should be addressed in the recruiting and interview process so you can understand what drives and motivates each individual.
3. Build Trust
Companies can reassess how you measure productivity, giving your team the trust and room to conquer their jobs and execute what they need to. In other words, let them figure it out with the right support behind them. This tactic will help organizations identify rising stars and help build for the future with a strong succession plan.
4. Establish Best Practices
Establishing best practices and a hiring criterion to better define the onboarding process and focus on what’s important and needed in a new hire. Although not having the right person for the role can be a scary and challenging problem, it’s still important to take the time to hire the proper fit for the role as the cost of a miss-hire is just too expensive. Here are 5 ways to sell your company through the interviewing process.
5. Reevaluate Recruiting Strategy
Change your recruiting strategy. This approach can be done by reestablishing the reputation of the company and/or hiring for transferable or overlapping skills. Multi-national companies are reassessing their compensation structure or model to attract and retain the talent that will secure their future operations.
Partnering with the right firm that will help organizations bridge both the latent and cultural gap for their international operations is key to navigating these stormy waters. It’s likely the talent crunch issue will not get solved quickly, but by making the right changes, understanding hiring trends, and evolving candidate expectations can help your organization get ahead of the curve and secure premiere talent that fit your operational needs today and in the future.
About the Author: Juan Moreno, Vice President – International – Executive Search at StevenDouglas with over 15 years of experience in the Americas. He’s an expert in international employment needs, specializing in expatriate placements as well as successfully recruiting Heads of Latin America that are based in the USA and Canada.
If you would like to discuss these challenges or this article, please contact Juan directly at 954-385-8595 or visit StevenDouglas.com. StevenDouglas is one of the nation’s leading boutique Search and Interim Resources firms in the U.S. with a presence in Canada and Latin America.
