Despite the rise in employment, the global talent shortage continues to worsen. According to a survey, over half of US employers have difficulty finding qualified candidates, and one in three companies report problems hiring for positions. One solution is to recruit candidates from other countries.
The rapid emergence and growth of countries such as China, India, Russia, and Brazil has created increasing opportunities for companies to recruit talent. Due to the rising number of global options, HR professionals and recruiters must develop new skills to effectively tap into the talent markets in other countries.
Consider the N11
The main challenge that companies face is the lack of qualified candidates in the BRIC regions due to these countries’ rapid emergence and growth. Most of the time, the most successful organizations in these markets have established a strong foothold in these regions and have built effective retention and attraction processes.
One of the most effective strategies employers can use to attract and retain talent is going beyond the BRIC economies. According to a study conducted by Goldman Sachs, the next wave of emerging markets that are expected to have significant growth are Indonesia, Iran, Pakistan, Egypt, and Bangladesh.
Recruit Women in Newer Markets
According to a study by Sylvia Ann Hewlett, the increasing competition for talent in emerging markets has prompted companies to rethink their strategies to attract and retain talent. She noted a significant talent pool of highly skilled women in these regions, but multinational companies are not tapping them.
Some of the most innovative companies in the BRIC war for talent include Google, Siemens, Pfizer, and Wipro. These organizations have developed effective talent management strategies to attract and develop women. If you are a latecomer to the competition for talent, you can quickly jump-start the battle by developing a plan targeting the under-utilized female employee segment.
Customize Your Social Media Recruitment Strategy
Most companies in developed economies use social networking sites such as Facebook, LinkedIn, and Twitter to attract and retain talent. However, this is not the case in emerging markets. To effectively tap into the talent markets in these regions, you need to engage with suitable social networking sites.
Make Sure Your Recruiters are Ready to Lead
Recruiters at international companies should have the necessary skills and knowledge to effectively tap into other countries’ talent markets. They should also be able to develop a global resourcing policy that will help them manage their organization’s talent base. This individual should additionally be able to lead the way in shaping and implementing the company’s strategy.
Market to Gen Y
According to a study conducted by Deloitte, a global talent crisis is currently affecting the manufacturing industry. In Europe, the skills gap in the fields of science, technology, engineering, and manufacturing is also growing. The study revealed that an increasing number of Gen Y workers are disinterested in STEM. The number of Gen Y workers in the workforce is expected to increase significantly in the BRIC countries. Consider appealing to this generation specifically and developing opportunities for them.