Have you been seeking out ways to drive organizational growth? This could be the piece of the puzzle missing from your approach!
Global recruitment is often niche and specialized. It includes 'targeting' top rung talent from across the globe and leveraging their experience in order to drive growth from within, usually because of the lack of local talent and skill shortages in several regions.
With advancements in technology, the process of sourcing and interviewing from anywhere has also become surprisingly simple – providing a further boost to global recruitment. In addition, with some regions hit more severely than others by the pandemic, leading to loss of jobs or severe pay cuts, people are now more open and ready to work across borders.
Work from home, which became the 'thing' during the pandemic, is slowly ebbing, and people are seeking out the rush and challenge of the workplace once again.
The Global Recruitment Trend
As per predictive reports for 2022, global hiring was expected to increase by 31% (as compared to 27% growth in 2021) across some major sectors – IT, internet business, pharmaceuticals, automotive, Banking, financial services, and insurance (BFSI), heavy engineering, and global centers. This has further led to studies being conducted around the new trends in recruitment and the methods being adopted, what are the top reasons for the rise in global recruitment, how many people are returning to work from the office, and many more such trends.
Post the pandemic and the rise in new and advanced technologies, the world has definitely 'shrunk', with interviews being conducted through virtual means. Several reasons have contributed to global recruitment, in addition to the willingness of people to move back to working from a physical office. Virtual recruitment, hiring diversity, speedier interview process, and elimination of bias across several aspects – are all contributing to the rise in global recruitment. This, in turn, elevates company culture, provides healthy internal competition, which leads to better individual performance, and brings a broader market under the gamut of their customer base.
While 2021 was the 'Great Resignation' year, 2022 is the year of global recruitment. As cross-country recruitment increases, companies benefit from the thought leadership and broader perspectives of top-rung employees. These hires are changing the world order and shaking up the recruitment dynamics for the better. Here are some other trends contributing to the global recruitment drive, even for some medium-sized businesses.
1. With several senior positions vacated by employees leaving their jobs, it became increasingly difficult for companies to replace them by focusing only on domestic candidates. Senior professionals are more inclined to take up employment with a fat salary, better perks, hybrid work flexibility, and companies that believe in diversity and inclusion. Therefore, candidates are better equipped to negotiate terms and even land short- and long-term overseas assignments. Companies are being coerced into accepting these terms while seeking new markets to source talent.
2. As mentioned, technology has proved to be the catalyst for recruitment. Remote recruitment enables recruiters (both in-house and outsourced) to source, interview, and hire candidates from any part of the world. Further, global remote recruitment is also proving to be a significant time, money, and effort-saving technique. With AI-enabled technology, several mundane tasks as part of the recruitment process are automated, speeding up the process. With global recruitment becoming the next big thing, speed is of the essence to reach out and attract top talent before the competition can reach them.
3. Post the pandemic, companies have had time to put in place analytics to study hiring metrics, making the process of domestic and global recruitment a lot more sensible and structured. They rely on data and its assessment rather than guesswork. With statistics and figures in this realm becoming easily accessible, candidates are better equipped to gain deeper insights into which company, role, and location would be the best fit for them. For companies, data analytics translates to robust skill gap analyses, planning their workforce, and assessing jobs that can be done from home and how best to retain their top employees.
4. With access to the world, companies can showcase their culture and values, the value proposition for employees, and the key benefits of joining their company. With such information accessible to anyone anywhere in the world, global candidates are more inclined to take up offers that either involve relocation or moving back to the office in their country of residence.
5. It is proven that diverse organizations that employ individuals from varying cultural and socio-economic backgrounds are more likely to succeed. This is because diverse organizations are stronger given the shared experiences and varied skill sets – hence, employing people from across the globe is making business sense more than ever.
6. With the pandemic hammering down on every segment and realm, several top candidates left their jobs, either becoming passive candidates or starting some entrepreneurial project. Some passive candidates are also those who are not actively seeking a change of companies but may consider other options for various reasons. These passive candidates are the untapped talent pool and would be willing to come back or look at other jobs if they were offered something startlingly exciting or unique. They would also be willing to look at offshore assignments if the opportunity is exhilarating enough. This is good news for global recruitment and those managing this realm.
7. We’re also witnessing an increase in reverse migration, a process wherein international or national migrants return to their place of origin after living for a while in some other country/place. More and more people are seeking opportunities that allow them to move back home. According to a survey by Heidrick and Struggles, approximately 82% of NRIs and PIOs are willing to move back to India if they find a suitable position. This isn’t because of a lack of opportunities in the West, but more so because of the blossoming Indian economy and potential for growth in the upcoming industries. It gives people the opportunity to reconnect with family and friends, use accumulated resources to build a business and invest in their homeland and leverage their experience to secure high-paying, leadership positions.
Job seekers are preferring to go back to working from the office with companies that produce value towards what they believe in and where they can contribute toward making a difference, and are readily moving between countries to do so.
Global recruitment has and will continue to get a boost based on all these factors, with even the crème de la crème of candidates willing to move out of their home office and return to working from the company office.
Most organizations either do not have the knowledge or experience with global recruitment or lack the bandwidth to source senior candidates overseas. This is when they need experts in international recruiting, and since such requirements have increased exponentially, especially post the pandemic Covid19, recruiting companies have ramped up their services to include global recruitment.
Global Talent Exchange is a global tech recruitment platform that strives to bring together the “game changers”- businesses and talent. We use our network to map and source people from skill-rich regions around the globe and provide our clients access to this talent pool to find the perfect fit for their organization.