62% of business leaders expect their teams to become more geographically distributed over the next five years, as companies look to take advantage of widening talent networks, changing market demands, and increased competition in a new era of work.
This year’s Global Benefits Report really underlines a sharp shift in business attitudes towards 'going global’. Google searches for ‘global talent’ and ‘international hiring’ have increased by 203% and 208% respectively – there is no doubt that workforces are going increasingly global in 2023 – but why?
Responding to Challenges
“Businesses are facing two major talent challenges right now: increasing the diversity of their teams and finding enough qualified candidates to fill open roles.”1
Remote working has now enabled wider talent pools around the world to open up which means that, in an environment of rapidly changing customer and market demands, key skills can now be unlocked and accessed at a much faster rate to deliver on business-critical initiatives.
With online talent marketplaces like Talmix and an influx of remote technologies, more and more businesses are now able to look overseas for more diverse and better qualified talent – as such, there’s simply no reason to limit hiring locally, when you can be building wider and stronger talent pools, in less time, and with better results.
It's not simply about hiring "cheaper" either - today, external talent is being tapped as a source of niche expertise by businesses struggling to source on the traditional labour market - the faster businesses are able to recognise this new reality, the faster they can unlock the potential of such a resource.
Widening the Talent Pool for High-end Roles
A restrictive labour market naturally makes it more difficult for businesses to find the right talent for more specialized, or higher-end roles. Going global no longer limits the scope of the talent search but increases the available pool of quality talent available to hire.
As companies lock into these extended global networks, they are able to connect to previously unreachable talent and drive greater innovation through access to fresh ways of thinking, connecting to the skills that can deliver immediate expertise to address the freshest operational challenges.
Expanding into New Markets
For companies pursuing growth through global expansion, a lack of local expertise can impact the rate and speed of progress, and so there is this is a growing awareness and enthusiasm for improving talent engagement across maturing markets – going global can enable businesses to cash in on local knowledge, navigate language and regulatory barriers, have a handle on international customs, and tap into critical regional talent networks.
Diversity, equity, and inclusion initiatives remain one of the major business drives in 2023 - with a global workforce, you are exposed to so many different perspectives and unique skill sets - leading to improved productivity, more resourcefulness and innovation, and reduced employee turnover.
Embracing the Extended Workforce
‘Going global’ has moved from being merely a considered ‘trend’ to becoming an integral part of any future workforce strategy.
The extended workforce now makes up a significant portion of the global workforce, and it would be naive to ignore the speed, flexibility and scalability offered by this global talent pool.
Maximizing the potential of the extended workforce is now considered critical for achieving competitive capabilities - agility in the face of market volatility and shifting demands, as well as access to highly skilled talent.
This involves rethinking approaches to finding and using talent, and embracing more flexible extended workforce models - where businesses can expand or contract their access to specialized, highly-skilled workers, whenever the need arises.
Why wouldn't you go global in 2023?