7.[Talent Management and HRM]: Global Talent Management Key Elements, Strategies and principles
Image credit:The Lindenberger Group(https://lindenbergergroup.com/global-talent-recruitment-option/)
If your company has embraced remote work (or is considering it), you’re probably realizing that you’re no longer limited to a local talent pool. This is exciting, because it opens up a whole world of possibilities—but finding the right talent over such a vast area can feel daunting. If this sounds familiar, then you may need to develop a global talent management strategy.
Meaning of Talent Pool.
In simplest terms, a talent pool is a database of potential job candidates. The workers included in the database are typically both highly qualified and have previously expressed interest, in some form, of joining your organization. Talent pools allow organizations to cultivate relationships with workers whose skills and expertise align with company competencies and values. A proper talent pool database contains information about each candidate, including their skills, potential roles they could fill, how well they fit within the corporate culture, and so forth.
What is Global Talent Management?
YouTube video:Tracy H (https://youtu.be/czlFDt0S1Fk )
Global talent management is your organization’s strategy for finding, utilizing the skills of, and retaining talent around the world. It’s an important step for any business, multinational corporation or otherwise looking to improve how it sources international talent.
A good global talent management strategy can also deliver a sustained competitive advantage for businesses in industries that are experiencing localized talent shortages—or that are not yet fully embracing global talent.
Why is Global Talent Management Important?
If you try to force it, you may find that you aren’t getting the right talent in different locations, or you’re having a hard time retaining workers.
This can be due to a variety of factors, including:
- Lack of coordination between global recruiting teams
- Confusion about skills and attributes talent should have
- Different wants and needs of distributed remote workers vs. in-house, full-time teams
- Varied cultural norms and expectations around the world
- Difficulties in applying older, in-person training strategies to a newly remote workforce
- Loss of clarity around professional development and promotional paths
When you think about hiring and retaining talent from a global perspective, you can better address issues and craft policies that support the needs of varying teams and regions. As a result, you can find the right talent and retain them longer, no matter where they live.
How the Global Talent Management Process Works?
The global talent management process starts at the top, but should be adopted as a strategy by all key players in your organization. Ultimately, your global talent management strategy will look something like this:
- Identify the type or volume of talent needed to support your overall business strategy or project goals.
- Work with HR leaders in your organization to evaluate current processes and develop a new strategy for global recruiting and worker benefits.
- Determine whether the process of sourcing and paying global talent is something your internal team is equipped to handle, or if you’d prefer to work with an outside partner. Be sure to also consider how you’ll support global team members’ growth.
- If outside partners are preferred, vet possible options to find the best fit for your business needs.
- Work with employment lawyers or employers of record to support compliance with local labor laws. Establish if there are any regions you cannot hire talent in, due to an inability to comply with specific regulations.
- Begin recruiting high-potential human capital from the regions you’ve identified as viable hiring markets.
- Train internal management teams on how they can best support the growth and development of global team members.
- Place global talent in your existing teams, and remain in close contact with both managers and workers.
- Use meetings and feedback surveys to establish if there are any weak points in your strategy that can be reinforced.
- Continue to evolve and adapt your strategy using the six principles of global talent management, as explained below.
And don’t forget, if your company has subsidiaries, you may need to tweak your global talent management strategy to fit the unique needs of each individual corporation.
The 6 principles of a global talent management strategy
In 2012, researchers from the MIT Sloan Management Review detailed six key principles that make up an effective global talent management strategy.
While the world of work has changed considerably, with more people than ever working remotely, these Six principles of global talent management are:
- Alignment with strategy.
- Internal consistency.
- Cultural embeddedness.
- Management involvement.
- Balance of global and local needs.
- Employer branding through differentiation.
1. Alignment with strategy.
Your global talent management practices should align with the broader company strategy. This way, planning business goals directly aligns with planning talent needs.
If your multinational enterprise’s business strategy involves expanding into new markets, you’ll want to assess your current and future talent needs in those regions. If your business plans to add a new service or increase its global profits by 10% over the next five years, you’ll need to develop a talent strategy that supports these goals.
2. Internal consistency.
For a global talent management strategy to work, it needs to reach all areas of recruiting, hiring, and management. If you devote time to bringing on top-tier talent from around the world, but don’t also devote time to training, nurturing, and promoting this talent, they may not stick around.
Your strategy also needs to be consistent between departments. This way, you can maintain balanced hiring (and retention) across teams. Your team members can then move between teams if needed without experiencing an internal culture shock.
3. Cultural embeddedness.
Cultural embeddedness is about making sure your global talent management strategy helps find, cultivate, retain, and mentor talent that is a great corporate culture fit. At the same time, it’s also about being willing to adjust corporate culture to meet the needs of your workforce.
Some companies look for cultural fit by including different assessments (that may address work styles and technical skills) in the hiring process. Others choose to select new hires strictly on skill and train their team members on soft skills and elements of company culture.
You’ll want to decide what management practices your company will employ when creating a global talent management strategy. This will in turn influence the way you hire and train new team members.
Regardless of the path you choose, it’s important to focus on things that are important to the job at hand, remain aware of potential unconscious bases, and get feedback from your team members regarding their feelings on company culture.
4. Management involvement.
While a global talent management strategy may be originally directed from the top down, it can’t stop at HR or the executive suite. Everyone involved in the hiring process needs to be actively committed to the strategy, including managers at all levels of leadership.
Managers need to keep global talent management strategy in mind when considering their hiring needs, developing training plans, and succession planning for key roles. After all, what good is having access to an entire world of talent if you aren’t leveraging it in every way possible?
5. Balance of global and local needs.
When you work with teams of professionals around the world, you’ll need to have a solid understanding of what clusters of talent need based on their location.
For example, if your company is headquartered in Germany, your teams in Argentina may have different needs based on time zone, working hours, regional labor laws, local economies, and more. You’ll also still need to balance this with the requirements of your country and any others that you do business in.
6. Employer branding through differentiation.
As more companies begin to hire global talent, you may find yourself in the war for talent with competitors. You can make your opportunities stand out from the rest by building global brand awareness as a quality employer.
To do this, you may want to focus on initiatives that are important to your ideal candidates, contribute directly to the communities in emerging markets, and build messaging around how your organization supports its workers.
Conclusion:
Global Talent Management is very important and interesting topic. A good global talent management strategy can also deliver a sustained competitive advantage for businesses in industries that are experiencing localized talent shortages, or that are not yet fully embracing global talent. The global talent management process starts at the top, but should be adopted as a strategy by all key players in your organization. I wrote this blog article to explain what is Global Talent Management and detail about Strategies and six principles of Global Talent Management.
Hi Wishmila, your blog post provides an insightful introduction to global talent management. It explains the concept of the talent pool very well.
ReplyDeleteI think the pandemic has only exacerbated the need for orgnisations to focus more on a global talent management strategy, as alluded to by Boquen (2023), a key takeaway from the pandemic is the realization that geographic boundaries can be viewed as opportunities instead of limitations when it comes to the acquisition of talent, because organisations got used to employees working from home and the overall concept of remote working due to lockdowns. Therefore it makes sense for organisations to look beyond their "home bases" and border to find international talent.
You can read Antoine Boquen's article on "The Keys to a Successful Global Talent Acquisition Strategy" here https://nhglobalpartners.com/global-talent-acquisition-strategy/#:~:text=By%20identifying%20and%20attracting%20the,expertise%20to%20meet%20their%20business
Best Regards, Nithila
Thank you very much for your valuable comment Nithila. I'll add more details about Covid-19 pandemic and how talent management goes. and you added additional details to read about Talent Acquisition Strategy, thank you about all details. I can get more details well with your comment.
DeleteThe strategy an organisation uses to find, employ, and retain people around the world is referred to as global talent management. Finding the ideal individuals and adjusting recruiting and HR tactics to address their requirements, such as cultural norms and professional growth, are part of this process. Businesses that implement a sound global personnel management plan can gain a lasting competitive edge, but doing so necessitates teamwork, adherence to regional labor regulations, and organisational coherence. Alignment with strategy, internal consistency, cultural embedding, management engagement, balancing of global and local needs, and employer branding through distinction are the six guiding principles of global talent management.
ReplyDeleteThank you very much about your comment Udesh. Global Talent Management process works with:
Delete1. Identify the type or volume of talent needed to support your overall business strategy or project goals.
2. Work with HR leaders in your organization to evaluate current processes and develop a new strategy for global recruiting and worker benefits.
3. Determine whether the process of sourcing and paying global talent is something your internal team is equipped to handle, or if you’d prefer to work with an outside partner. Be sure to also consider how you’ll support global team members’ growth.
4. If outside partners are preferred, vet possible options to find the best fit for your business needs.
5. Work with employment lawyers or employers of record to support compliance with local labor laws. Establish if there are any regions you cannot hire talent in, due to an inability to comply with specific regulations. etc..
Hi Good effort and given good details. The need for multinational firms to be as competitive in the global marketplace as possible has increased dramatically over the past 20 years, and global talent management is one of the very essential key factors to running the business globally and consistently successful.
ReplyDeleteThank you very much about your comment Barathi. yes you are right. Global talent management is your organization’s strategy for finding, utilizing the skills of, and retaining talent around the world. It’s an important step for any business, multinational corporation or otherwise looking to improve how it sources international talent.
DeleteA good global talent management strategy can also deliver a sustained competitive advantage for businesses in industries that are experiencing localized talent shortages—or that are not yet fully embracing global talent.
Thank you for this insightful article. As the article highlights, talent management is an integral part of business strategy in today's global market. Organizations must adopt effective talent management strategies to identify, develop, and retain top talent to enhance their competitive advantage and achieve sustainable growth (Boudreau & Ramstad, 2018; Collings et al., 2015). This article provides valuable insights into the key principles and strategies of global talent management that can help organizations succeed in the dynamic business environment of today. Thank you for sharing this informative piece.
ReplyDeleteThank you very much about your valuable comment Praveen. Talent Management not only necessitates keeping the right person at the right place, but it also defines the dynamism and practicability of the work done. As business systems continually transform their processes, adopting a growth mindset begins with forming a business strategy. This seems more likely to alignment of job suitability with the right person as indicated by Business priorities (Boštjanči et al. 2018).
DeleteThis is a good article to get an idea on how global talent management works.
ReplyDeleteThank you very much about your appreciation about my this article Malindra.
Delete