How to Attract and Retain Global Talent in 2024
Remote work isn’t going away, and company executives and leaders know it. All of us witnessed how the COVID-19 pandemic reshaped the world of work and accelerated the trend of remote work. In 2021, PwC reported that 89% of global CEOs wanted to adopt a hybrid model of work, where employees could work remotely for at least part of the week. This opened up new opportunities and challenges for global talent mobility, which refers to the movement of employees across different locations, countries, and regions for work purposes.
As of 2023, 12.7% of full-time employees work from home, while 28.2% work a hybrid model that combines both home and in-office working. Remote work offers many benefits for both employers and employees, such as cost savings, flexibility, productivity, and diversity. Employers can access a larger and more diverse pool of talent, while employees can enjoy more autonomy and work-life balance. Remote work can also reduce the environmental impact of commuting and travel.
However, remote work also poses significant challenges for global talent mobility, such as tax, immigration, compliance, and cultural issues. Employers need to navigate the complex and evolving regulations of different jurisdictions, ensure the security and privacy of data and systems, and manage the performance and well-being of remote workers. Employees need to adapt to different time zones, communication styles, and cultural norms, and cope with the isolation and stress of working remotely.
To attract and retain global talent in the post-pandemic world, employers need to adopt a strategic and holistic approach to global mobility management. This means aligning global mobility objectives with business goals and talent development needs, leveraging technology and data to streamline mobility operations and enhance employee experience, providing adequate support and guidance for employees and their families who relocate or work remotely, and fostering a culture of inclusion and collaboration across geographies and teams.
Some of the latest trends and strategies that big companies and global leaders are adopting for attracting and retaining global talent are:
- Developing clear and consistent policies and processes for remote work and international assignments. Employers need to define the eligibility, duration, frequency, and compensation of remote work and international assignments, and communicate them clearly to employees. Employers also need to ensure compliance with tax, immigration, and labor laws, and provide appropriate benefits and allowances for remote workers and expatriates.
- Leveraging technology and data to streamline mobility operations and enhance employee experience. Employers need to invest in digital tools and platforms that enable seamless communication, collaboration, and coordination among remote workers and teams. Employers also need to use data and analytics to monitor and measure the effectiveness and impact of global mobility programs and to identify and address the needs and preferences of employees.
- Providing adequate support and guidance for employees and their families who relocate or work remotely. Employers need to offer comprehensive and customized support for employees and their families who relocate or work remotely, such as relocation assistance, cultural training, language coaching, health and wellness programs, and social and professional networks. Employers also need to provide regular feedback and recognition to remote workers and expatriates and ensure they have access to learning and development opportunities.
- Fostering a culture of inclusion and collaboration across geographies and teams. Employers need to create a culture that values and respects diversity and inclusion, and promotes trust and belonging among remote workers and teams. Employers also need to encourage and facilitate cross-cultural and cross-functional collaboration and innovation and leverage the diverse perspectives and experiences of global talent.
The new world offers a unique opportunity for employers to attract and retain global talent by embracing remote work and global mobility. By adopting a strategic and holistic approach to global mobility management, employers can gain a competitive edge in the global market, and enhance the satisfaction and engagement of their employees.