Business has become more competitive than ever. Industry disruptors are making it harder for established businesses to compete. And a shortage of talent has limited growth for many Australian companies.
The companies focused on remaining competitive are the ones thinking outside the box.
If you’re hoping to grow your business, you need to think globally. The top 1% of talent work for companies like Google and Facebook. 95% have mid-range skills and work for smaller companies, and 2-5% have high-level skills and are looking for fulfilling work.
In a study by KPMG, 81% of the executive surveyed said that they plan to use talent management as a key competitive advantage in the future. Unfortunately, this goal is easier said than done. A report by McKinsey Global Institute found that a massive skills’ shortage is emerging around the world, thanks to changing demographics and global competition.
McKinsey suggests that by 2020, the world may have a shortage of 40 million college-educated workers. For businesses competing at the high-end of the labour market, this deficit of skills will mean an intensified global war for talent.
Why You Need to Think About Global Talent
Businesses around the world are feeling the effects of this skills shortage. In a survey by Genesis research, 70% of the business owners surveyed agreed that “traditional hiring methods are painful.”
To remain competitive, business owners need to be flexible, become virtual, and go global. No longer is hiring remote talent about finding the cheapest person for the job. Instead, hiring globally allows you to work with the best people for the job- regardless of where they’re located.
Thanks to the cloud, broadband, and a range of collaboration tools, jobs that once required teams to work together in person can now be performed anywhere.
Some of the greatest companies, including IBM, Basecamp, and Virgin are providing their people with the freedom to work whenever they want, whenever they want, and how they want. These companies know that hiring globally and allowing that talent to work remotely is one of the best ways to increase productivity and efficiency.
People who work in an office are interrupted roughly once every three minutes. And humans aren’t great at getting back on track- once we’re interrupted it can take more than 23 minutes to refocus on their original task.
As you can see, it’s worth re-thinking the traditional style of hiring local and making everyone come into an office.
Companies that have embraced telecommuting are enjoying a significant advantage compared to those who haven’t. For every candidate available to work locally, you’ll find hundreds who can do the job cheaper and better. You’ll also find a few who will truly shine and become real assets to your company.
These days, hiring top talent is a hard job, so it doesn’t make sense to limit your search based on location.
Want to learn how we can help with your talent acquisition? Get in touch today and let’s chat.