As skill shortages and fierce competition for top talent follows us into the new decade, companies continue to be challenged with attracting high-performing, qualified candidates.
With unemployment still at an all-time low, employee engagement is critical in retaining top talent. In addition, as the world of work evolves, companies need to have a strong pulse on key factors driving employee engagement today and into the future, and build this into their global talent strategies.
Here are four key trends that I believe will continue to have an impact on talent strategies in 2020 and beyond:
The number of expatriates is set to increase from 66.2M in 2017 to 87.5M in 2021. Unlike previous generations, people today feel more connected to their social communities than to physical locations, especially younger employees who’ve grown up with digital communities and social networks. Rather than being tied to any specific geography, they want to live and work where the culture and opportunities align with their goals and values.
2. Automation and Digital Labor
As many as 400 million workers will be displaced globally due to technology and process automation by 2030 as AI becomes increasingly accessible and necessary for businesses to stay ahead of competition. Organizations will need to engage a more hybrid workforce than ever before, one that blends both digital systems and humans as a cohesive workforce. As automation increases, so does the need to better equip employees with skills that help them adapt.
3. Global Talent Mobility
Companies challenged with recruiting locally for specialized roles are increasingly seeking key talent globally. In addition, as employees prioritize career growth and progression over salary and benefits, global talent mobility is becoming a bigger priority for workers. In fact, 89% of millennials say they’re prepared to move to a different country for the right job opportunity. That global mindset is also strong among Gen Z who will continue to infiltrate the workforce in this new decade. In addition, international experience remains a prerequisite for promotions to senior leadership roles at many companies. Organizations need to focus on creating a more inclusive and diverse career experience to match the needs of the workforce in 2020.
4. Fluid Teams Are the Future of Work
Workplace agility will become the norm as fluid teams form rapidly around specific business objectives. As a result, creating an environment in which companies can match internal and external candidates with roles worldwide regardless of boundaries will become a competitive advantage. Job flexibility combined with talent fluidity will motivate and engage employees with opportunities for growth and advancement.
To satisfy the needs of the current and future workforce, leaders must look beyond competitive compensation, benefits and lifestyle perks. Modern workers demand growth opportunities, both personal and professional. They want unique experiences to expand their skillsets, explore new cultures and gain a broader perspective on both their career and the world around them.
Companies must think and act like global citizens themselves and move from a micro to a macro approach to talent acquisition and management. Part of that transformation includes adopting policies and processes that allow for the breaking down of regional, siloed data and systems so that global cross-organizational insights can be derived and acted on. Technologies that help integrate systems and data sets will also give companies the ability to stay compliant in all geographies that they operate.
An added bonus is that automated tools can also help tackle routine administrative tasks and allow HR leaders to focus more heavily on strategic elements of workforce management. This includes identifying and filling training gaps within teams to help them fully tap into the hybrid workforce and developing inclusivity strategies.
Offering a robust global talent mobility program can be an effective way to address many of these workplace talent trends. In fact, 96% of HR professionals agree that global talent mobility programs increase employee performance and 99% say they spur business growth and agility. Implementing global talent mobility solutions can help companies optimize the flow of resources and talent to critical areas, and place the best person for the job in the role, regardless of location.
In the new decade, eliminating barriers and opening the door for agile cross-functional teams will be imperative for employees who increasingly operate as global citizens. As fluid teams become a cornerstone of the new world of work, companies need to deliver optimal employee experiences and find creative ways to open up the talent pool to build a diverse, high-performance workforce. The evidence is quite clear: in order to survive the next decade, business and HR leaders must be able to attract and retain talent today.