Attracting the right talent
The shortage of skilled workers in the global economy, combined with competitive and volatile market conditions, continues to challenge organisations to think more creatively about ways to fill their short, medium and long-term resourcing needs. Do we adopt a ‘build’ or ‘buy’ strategy at the right times, in the right mix, and in the right markets? Are we identifying our high-potential employees, and ensuring they have the right experiences and opportunities to develop the skills we need for the future? Do we have a compelling employee value proposition that goes beyond a traditional reward strategy, to attract and retain the talent we need across all job levels and geographies?
In multi-national organisations, the cross-border mobilisation of key talent is also high on the strategic workforce planning agenda as it can be used to facilitate the transfer of skills and knowledge between geographies, help open up new markets, and respond to peaks in customer demand (a ‘borrow’ strategy). International mobility has been proven to be a highly effective enabler of leadership development, and can support the attraction and retention of employees with globally valuable skill sets.
Traditionally, international assignments were often expensive enterprises, offering benefit-rich terms to only the most senior or business critical people in the organisation. The business case for mobility and the diversity of the global talent pool has changed dramatically in recent years however, giving rise to the need for more flexible and sophisticated approaches to expatriate compensation and benefits.