In today's fast-paced and interconnected world, organisations need to prioritise global talent mobility to stay ahead of the curve. This comprehensive guide will delve into the intricacies of global talent mobility and why it plays a crucial role in modern talent management.
Global talent mobility refers to the strategic movement of employees within an organisation, particularly across international locations. This practice is essential for businesses operating in a global market as it enables them to manage their workforce more effectively, fill skills gaps, and promote diversity within the organisation.
Internal mobility is the practice of moving employees within an organisation to different positions or departments. It is a vital component of global talent mobility and is essential for fostering employee engagement, retention, productivity, and the development of a diverse and skilled workforce.
However, many companies struggle with internal talent mobility because of factors such as unclear career paths, underinvestment in employee development, and the costs associated with external hiring. By prioritising internal mobility, organisations can reduce external hiring expenses, retain top talent, and create a culture of continuous learning and development.
Human Resource Management is a vast field, and not all HR professionals are skilled recruiters. Large enterprises need internal recruiters to effectively manage talent moves across global organisations. However, even with an exceptional team of internal recruiters, preventing regrettable turnover can be challenging without the large-scale visibility that artificial intelligence can provide.
Turnover is an inevitable part of a company's lifecycle, but regrettable turnover can have a significant impact on a company's productivity, output, and morale. Regrettable turnover refers to the loss of employees whose absence hurts the organisation due to their leadership, expertise, or business relationships.
A report by the Center for American Progress found that the average economic cost of turning over a highly skilled job is 213% of the cost of one year's compensation for that role. Therefore, reducing regrettable turnover is essential for a company's success.
Increasing access to internal mobility across large organisations can help reduce regrettable turnover. An internal talent marketplace can assist employees in finding opportunities within the company, ultimately preventing them from seeking external options.
To achieve successful internal talent mobility, organizations must prioritize it and leverage the right technology to aid in the process. This includes artificial intelligence and other software solutions to provide large-scale visibility and streamline the talent mobility process.
Global talent mobility comes with its own set of unique challenges, which can make it difficult for organisations to implement a successful strategy. Some of these challenges include:
Addressing these challenges proactively is crucial for organisations to successfully implement a global mobility programme.
An Employer of Record (EOR) partner can play a significant role in improving an organisation's global talent mobility strategy. EOR partners accept legal liability as the on-paper employer for the employees they help hire, providing a ready-made, compliant employer infrastructure.
An EOR partner can also offer HR services like payroll and benefits management, allowing organisations to focus on their core business while streamlining the hiring process. This ultimately enables businesses to grow their global talent mobility initiatives without being weighed down by cost, complexity, and compliance risks.
In addition to on-the-ground legal support from in-country specialists, some EOR partners, like Playroll, offer a free, user-friendly SaaS dashboard for HR teams, hiring managers, payroll professionals, and internal recruiters to plan HR costs by country for relocating or hiring new talent.
By integrating technology into global talent mobility solutions, organisations can more effectively navigate the complexities of international business and ensure compliance with local laws and regulations. This, in turn, enables them to expand into new markets, access top global talent, and provide employees with opportunities for career growth and development.
A well-planned talent mobility strategy is essential for organisations looking to stay competitive in today's globalised world. It enables companies to attract, retain, and develop the best talent from around the world while also maximising operational efficiency and minimising risks.
By providing employees with opportunities to work and live in different parts of the world, companies can enhance their cultural intelligence and diversity, leading to better decision-making and problem-solving.
A robust talent mobility strategy should be aligned with the company's business goals and values, ensuring that it creates a win-win situation for both the organisation and its employees. In today's dynamic and ever-changing business environment, a comprehensive talent mobility strategy is not just a nice-to-have but a must-have for companies looking to succeed and thrive in the global marketplace.
Global talent mobility is a critical aspect of modern talent management that can help organisations navigate the complex and dynamic global business environment. By understanding the challenges and leveraging the right technology and partnerships, organisations can create a successful global talent mobility strategy that benefits both the company and its employees.
With the right approach and resources in place, a comprehensive and effective global talent mobility programme can provide organisations with the tools to expand their business globally, attract top talent, and offer valuable growth opportunities for their existing workforce.