Finding and retaining the right employees has never been easy, but it’s getting even more complicated as business goes global. You’re not just competing against companies in your own country for the top talent – companies all around the world are scrambling to hire the best and brightest.
But, what’s the best approach? How are other companies tackling this problem? Lexicon recently conducted a short Focus survey on this very topic. With more than 60 responses from HR and global mobility managers from some of the most influential businesses around the world, we have new insight into how companies are approaching the war for talent.
Here, we’re highlighting a few of the most interesting findings. You can click on any of the images below to immediately see the full infographic and all of the numbers at a glance.
Change is Ahead
One of the areas we were most interested in was how global mobility and talent management teams are working together. It appears that the majority of companies still have these functions managed separately.
Whether this anticipated shift is due to the realization that these functions may be more effective when working together or if it’s just because the entire landscape is changing remains to be seen.
Global Mobility Tactics to Win the War for Talent
While the first part of our survey asked about how global mobility and talent management are structured, the second part focused on how global mobility was being used as a tool for recruitment. We found that a variety of relocation services are provided to help find those most suited to the job and win over those potential employees. Most companies use assignment cost projections to plan for relocation costs, and candidate counseling and pre-acceptance location visits are also popular.
The three main tactics used to recruit global talent are:
- Relocation assistance
- Development opportunities
- Financial rewards
Relocation assistance is by far the most popular, which demonstrates how important a solid relocation or global mobility program is when building your team.
It’s not enough to recruit top talent – you must ensure you’re doing what’s necessary to keep those employees happy. An almost equal number of companies say they’ve created marketing tools, provided frequent home visits and built attractive and competitive relocation packages to do just that. Once again, an attractive relocation program is shown to be an important factor in winning the war for talent.
Knowing what other companies are doing to attract the skilled talent they need can give you some guidance for your own global mobility and talent management future. If your company has a talent management department, but you haven’t spent much time working together, it may be beneficial to start that conversation. Perhaps there are some tactics shown in these survey results that you haven’t been doing.
If you’d like to see more of the results, click below to be taken directly to the full infographic. Also, we’ll be releasing an in-depth whitepaper diving deeper into these results, and you can sign up for early access now!