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An effective talent strategy is critical to organizations as they navigate a complex and changing global talent market.
As the globalization mandate continues to pick up speed, organizations must adopt new talent-sourcing strategies and innovative talent pipeline management practices.
The complexities of today’s global business environment are making it difficult for companies to find the right talent. We believe that to thrive in this challenging environment, companies must realign their talent strategies with their global footprint. They must learn how to operate in global virtual teams comprising people who have a deep understanding of cultural nuances, global awareness, and cross-cultural teaming and collaboration skills.
Currently, three main drivers are fueling globalization efforts which will impact the workforce of the future:
The global customer imperative: Emerging economies such as China, India and Brazil and their rising population present a new market opportunity and tremendous potential for growth.
The global talent imperative: In many industries, the supply of talent is no longer where it used to be, and companies must now look globally across all labor pools to fill their talent pipelines.
Digital advances: Cloud computing, new social and collaboration tools, and advances in remote access enable many jobs to be easily carried out remotely. The digitization of work has also lowered the cost of global communications and business computing.
Learn about the Future of HR Research Initiative
A comprehensive talent strategy will play a critical role in helping businesses achieve the transformation required to stay ahead in the globalized environment and fully optimize the workforce of the future. Organizations will need to focus on the following areas:
Use of analytics to fully understand the global talent map: Analyze data to understand key variables in different geographic regions to determine how best to fulfill talent requirements.
Global talent acquisition: Look at new models for matching talent with tasks across locations.
Global talent mobility: Support mobile workforces across geographies.
Global leadership development: Grow strong local leaders with a global mindset who can quickly adapt or lead a business in any context across the world.
Global virtual teams: Promote and emphasize global sensitivity and awareness on the part of employees as well as coach them on how to work in virtual teams that communicate across time zones and distances.
As companies strive to achieve their strategic objectives both by growing in geographic markets and by acquiring new skills, globalization issues will continue to top the strategic agendas of most C-suite executives.
An effective talent strategy, supported by a highly relevant HR function, will be critical in helping organizations achieve their globalization mandate.
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