The future of work is global. As remote work continues to rise, the number of remote digital jobs worldwide is projected to surge by 25% by 2030 according to the World Economic Forum. This represents over 92 million jobs.
Despite the explosion of remote opportunities, companies around the globe face a stark reality: a critical shortage of skilled talent. According to Korn Ferry, this talent gap may cost the global economy a staggering $8.5 trillion by 2030. This suggests that over 85 million jobs may go unfilled due to a lack of qualified candidates.
In today’s highly competitive job market, finding the right talent has never been more challenging—or more critical. For organizations looking to thrive, expanding their hiring strategies beyond local borders isn’t just an option. It’s a necessity. By tapping into the global talent pool, companies can gain access to diverse skill sets, foster innovation and enhance their competitive edge.
GoGlobal is teaming up with MP-HR to present a webinar ‘US vs. Global Talent Acquisition: Key Differences and Best Practices’ on Wednesday, Sept. 18, 2024. This informative discussion will provide valuable insights into the challenges and opportunities of global talent acquisition.
In this blog post, we offer a sneak peek into the key topics Harry Dhillon, Director of Recruit & Hire at GoGlobal, will cover.
The global shift towards remote work is unstoppable
Remote work is more than a temporary solution. It’s a global trend that is here to stay.
This shift has opened new opportunities for hiring, allowing companies to access global talent pools like never before. Remote work enhances innovation and competitiveness while significantly boosting diversity, equity and inclusion (DEI) in organizations.
Companies that embrace remote work are better positioned to attract top talent globally, especially for specialized, high-demand roles.
Key takeaway: Embracing remote work increases employee satisfaction and retention and provides access to a more diverse, skilled workforce.
Navigating Pay Transparency Across Borders
A current ‘hot topic’ in global hiring is understanding the different levels of pay transparency across countries.
Pay transparency is already a regulatory requirement in many places, such as the UK, Germany and some U.S. states (e.g., California and New York). The European Union’s Pay Transparency Directive was approved in 2023 and is set to take effect in June 2026. It aims to advance equal pay for equal work across the EU, regardless of gender, disability or gender identity.
Pay transparency reduces pay gaps and improves employee trust and satisfaction. As more countries adopt these practices, companies must adapt their compensation strategies to meet global standards.
“Compensation benchmarking can help set companies up for success in this area, especially when tapping into new talent pools,” says Harry.
Key takeaway: Organizations must stay updated on global pay transparency trends to maintain compliance and build trust with potential hires.
The role of AI in transforming hiring practices
Artificial Intelligence (AI) is increasingly important in hiring, offering benefits like greater efficiency and data-driven decision-making.
AI tools streamline recruitment by automating tasks like resume screening and initial interviews, reducing time-to-hire significantly. However, while AI can reduce human error, it also carries risks. These include perpetuating biases or triggering job displacement. New legislation is also setting out regulations for utilizing AI.
Harry will outline a framework for using AI responsibly by seeking expert guidance and following ethical standards.
Key takeaway: AI can transform hiring, but it must be used carefully to avoid ethical issues and promote fairness.
Navigating international regulatory compliance
One of the most daunting aspects of global hiring is navigating the complex landscape of international labor laws and regulations.
Every country has its own rules for labor laws, tax policies, statutory benefits and data protection, like the General Data Protection Regulation (GDPR) in the EU. Compliance is crucial to avoid legal risks and maintain a strong employer brand.
Harry will share best practices for managing international compliance, including working with local experts and keeping up with new regulations.
Key takeaway: Staying compliant with local and international labor laws is vital for successful global hiring.
Benefits and perks: tailoring total compensation packages to attract global talent
Attracting and retaining top talent globally requires more than just competitive salaries. Companies must offer benefits tailored to local workforce needs.
Well-being programs, cultural sensitivity and inclusion initiatives are essential to creating an inclusive workplace where everyone feels valued. Balancing the cost of these benefits while maximizing their value to employees is also important.
“Strategically customizing benefits and perks can help you meet diverse needs and boost employee satisfaction and engagement,” says Harry. “This approach, which can be done with the guidance of local experts, helps attract top talent and fosters long-term retention.”
Key takeaway: Customizing benefits to local needs enhances employee satisfaction and supports global talent acquisition strategies.
Global hiring: tools, resources and a strategic approach
Expanding into international hiring requires a well-thought-out strategy and understanding of the steps involved in managing a cross-border workforce. This includes everything from understanding local labor laws to developing effective onboarding programs. Companies must also invest in the right technology and infrastructure to support remote work.
Harry will provide actionable insights on how companies can get started with international hiring, including leveraging GoGlobal’s Recruit & Hire. This unique platform delivers time and cost efficiency by combining recruitment with an Employer of Record (EOR) solution. This combination helps companies quickly onboard new hires with support from local experts in over 100 countries.
Key takeaway: A strategic approach to international hiring can streamline the process, ensuring compliance and efficiency.
Don’t miss the discussion
Stay tuned for our next blog post in this series, where we will hear from Sharon Hui, Senior HR Partner at MP-HR. She will uncover more challenges and opportunities in cross-border hiring.
Register for the upcoming webinar now and take the first step towards building a successful global talent strategy!