With globalisation in talent hiring, the world has truly become a global village. Success in this new ecosystem will be for those who will embrace the productivity of the distributed and diverse global workforce.
A recent study conducted within OptimHire – a firm on the front lines of global talent hiring, concluded that having a global team has improved their productivity by 30%.
A Regus report states that 65% of businesses say that a flexible work approach (in the global context) has helped them effectively mitigate risks, reduce capex/opex, and strengthen their portfolio.
Post pandemic era has underlined that our existence is more of a co-existence in the globalized world that we are part of. From economies to businesses, opportunities, and even challenges; almost every important element of the globalization phenomena makes its impact registered.
These unprecedented COVID-19 times put the world back to the drawing board and why not as even two years down the line, employers were finding it extremely difficult to find, hire and retain the right workforce.
Globalization was not new to India as it started almost three decades ago in 1991 in the country; however, the recent pandemic period fast-tracked the trend of global team hiring by at least two decades.
Although the notion that the best performance happens when employees report to a physical location existed. Nonetheless, those working with global remote teams can now clearly see the benefits.
Today, established as well as budding start-ups hire remote talent from developing countries such as India as it results in significant cost savings. Tapping into the global talent allowed companies to realize that remotely onboarding talent, of course with the same skill proficiency, seemed more economically viable than local hiring.
OptimHire, for instance, generates more than 50 percent of its revenue from US-based companies; however, Indian remote talent accounts for 80 percent of the candidates that get placed from the OptimHire talent pool. A significant hike in the salaries of IT employess in India has been noted and it is a win-win situation for both companies looking for remote hiring as well as the talent. It is clear that global hiring has arrived to stay here.
Myriad of Benefits Heralded the Widespread Adaption of Global Remote Talent-Hiring
As the skill gap kept widening in the wake of numerous developments, no matter how hard companies tried, they couldn’t fill the necessary positions, especially in the tech industry; hence global remote hiring made sense and became inevitable – the benefits were countless.
Even before the pandemic outbreak, more than 85 percent of enterprises admitted that greater work flexibility has increased their productivity.
We have realized that this emerging culture of global teams has fueled growth even outside of the traditional tech hubs. Growth in rural areas is happening at lightning speed as potential talents from less developed areas has started leveraging opportunities in far-flung developed areas, resulting in blockbuster success.
On one hand, globalisation in talent-hiring nurtures an all-inclusive culture that embraces diversification of the workforce and on the other, it benefits both the employer and employees with newer and more diverse perspectives.
“Globalising talent-hiring enabled us to hire better candidates as we are able to consider every qualified candidate on this planet and choose the right-fit candidate with great discernment which led to improved productivity.”, said Lakshmi M. Kodali, CEO of OptimHire – a firm on the front lines of global talent hiring.
Vital Takeaways of Talent Globalisation and New Opportunities
Global talent hiring offers a wealth of promises and opens a slew of new avenues for businesses across the globe.
So, what are the vital takeaways of the talent globalization process? Let’s take a quick look at the transitions it enforced and the new avenues it opened for businesses worldwide.
1. Defining different types of working environments
As businesses geared to hire global talent and embraced remote working, they were needed to define various working environments such as work-from-office, work-from-home, and a blend of both – hybrid. Deciding who would work in which environment also called for thorough auditing of processes, needs, and objectives. As globalization became more common organizations optimized their processes to minute levels, making themselves more robust than ever.
2. Reliance on remote working has increased
Filling the talent gap by taking people across borders on board became the new normal. Thus, reliance on remote work increased and businesses didn’t hesitate to operate with more than 50% or in some cases even 100% of their workforce going remote. This helped build diverse and more inclusive global teams with the potential for breakthrough innovations and seamless crisis management.
3. Resiliency is as important as efficiency
The post-pandemic times also forced the organizations to understand that striving to achieve efficiency alone isn’t a good idea at all. Achieving resiliency and sustainable solutions that would remain impervious to probable future disruptions, became an integral part of the strategic planning.
Teams spread across geographies drove organizations to include digitisation, diversification, knowledge management, and investments in learning and expertise development into their strategic plans.
4. Nurturing an all-inclusive culture
Having a 100% distributed workforce at our San Francisco-based HRTech firm OptimHire, we believe that remote global teams have helped us in improving the inclusions of certain groups that have struggled to maintain a work-life balance such as mothers, care-givers, older employees, and people struggling with mental health.
Organizations are essentially taking into consideration key factors such as employee wellness, people-centric EVPs, open communication, and an equitable work environment. This is resulting in happier, all-inclusive, more innovative workplaces driving better business outcomes.
The development of a mindfully-chosen global workforce helps companies clarify their goals and consolidate their portfolio; an investment that will pay off in the long run. The post-pandemic era has ushered in a paradigm shift in our understanding of business operations and underlined how the globalization of talent hiring can open new and untapped opportunities for businesses worldwide.