Global expansion remains a key aspiration for small to medium size enterprises as well as further expansion for already established international corporations. Expanding into new markets projects an image of success and strength to customers and competitors alike but also opens new opportunities to increase revenue and profit. However, cross-border growth has many challenges, one of which is talent acquisition.
Recruiting the right talent is crucial, but the complexity of international growth can make it difficult. The global talent market has changed in the last few years as has the landscape for global growth.
Today, unemployment figures suggest that vacancies for experienced individuals outnumber the availability of candidates. It is important therefore that a strong attraction and retention strategy is outlined prior to global expansion plans. Competitors operating in that marketplace already have an established network of contacts and have an understanding of the recruitment timelines, eligibility for work arrangements and the competitive packages offered.
Organising a talent acquisition strategy
The first thing to think about when organising a talent acquisition strategy is to understand the laws and professional customs in the target country.
Varied customs can impact on the recruitment timeline and delay the placing of candidates into key positions. As a result, this can affect overall operational performance.
As well as understanding the professional customs it is important to understand the right remuneration package. Working with an experienced recruitment partner in the region you will be able to utilise their network whilst gaining a comprehension on what to offer. A search and selection company such as Chad Harrison International is able to gain an understanding of your needs and create a roadmap for a successful talent acquisition strategy.
Location considerations in international recruitment
Governments will often offer tax incentives to locate your business in their country. This is particularly evident in European countries but above this, other considerations should be made taking into consideration the talent acquisition issue. Developed infrastructure and easy transportation connections to neighbouring countries and further afield are essential.
Attracting talent to remote areas becomes a difficult task if the business is located in a difficult city to reach. The expectations of executive level managers and board members will need to be understood. They usually require a safe location for their family, top-rated schools, including international schools and a range of amenities and activities such as leisure, shopping and sports or financial compensation for the lack of these facilities.
Setting up in a remote location will increase the remuneration package required to attract top talent. Chad Harrison International can help in providing an insight into some of the best areas to open a new office in your given industry sector from our understanding of areas with the best available talent.
Setting up the first office
Unless growth has been achieved in other countries previously, it is wise to create an organisation that is flexible in its hiring process. Managers with transferable skills that are able to operate in various sectors of the business could prove crucial in saving costs.
Furthermore, by ensuring there is a broad-based skill set, the organisation will not be rigidly focused on one particular market. It could benefit from affiliate markets and respond quickly to change, gaining momentum before some larger more established businesses in the region.
Only then, once a trading platform has been established is it best practice to bolt on experts in departments. At this point, the business will be trading effectively, it will have a growing reputation and have a need for more specialist knowledge. This will reduce the amount of effort required to attract the best talent and you will have a greater network of potential candidates already working in the region.
In the enthusiasm of setting up in a new region, talent acquisition can often be overlooked. Start out with realistic expectations for growth and create a roadmap for how you will source the best candidates. Ensure you have built key relationships with search and selection providers who understand the region and have developed networks. Have a flexibility in your approach and hiring strategy to begin with, a more focused approach can be developed when the new base is established.
To discuss your talent acquisition strategy further, contact Chad Harrison International today.