According to a McKinsey study, the best talent is up to eight times more productive than the average employee. In certain occupations productivity improves by up to 800%. But while many companies know they’ll benefit from the top global talent, attracting and retaining highly skilled people isn’t always straightforward. The same McKinsey study shows that almost 30% of leaders say finding talent is their biggest managerial challenge.

Attracting global talent

Attracting the best global talent requires a team of HR specialists who have a thorough understanding far beyond their local market. Not all hiring environments are the same, and not all employees have the same recruitment expectations. For companies to make connections with talent beyond their local network, their HR team needs to be capable of reaching out to connections in other countries and understand how to position the opportunity correctly, to appeal to the local talent base. 

As Deloitte see it in ‘The global and local HR function’, companies operating internationally should have a global HR function that operates on a local level in order to be successful in a diverse range of markets. This allows them to adapt to local culture and tailor operations at those offices.

Being successful as a global recruitment function is about understanding what the best employees want from their next opportunity – is it a great salary, is it the best leaders to work alongside or is it about the country they’ll be moving to? Organisations should also ask; what are the key occupations the company is targeting and what makes a great company to work for in the eyes of that group?

If the company needs financially-savvy advisors more than anything, they should determine what appeals to that group. These people may value a company with clear processes and excellent risk-analysis procedures. Meanwhile, young innovators may find this environment stifles their creativity and will be looking for a company with a different type of leader and work environment. Similarly, potential talent in one country may be more attracted by prestige, while lifestyle might be more important to other cultural demographics.

This is where forming the Employee Value Proposition (EVP) is crucial in being able to attract the very best global talent. Boiled down, the EVP is what employees get in return for what they give. They may give their time, experience, knowledge or energy. In response, they get a salary. However, the best talent looks beyond remuneration. They expect highly competitive pay and other benefits, whether in the form of financial bonuses, company culture or new opportunities for upskilling.

Locating global talent

Recruiting externally may require the support of local expertise or rely on countrywide programs, such as Global Talent Initiative (GTI) – an Australian government scheme to attract highly skilled people into the country to create more key roles for Australians. It may also be beyond the scope of the local HR team and be best dealt with by an external recruitment firm that operates globally.

Global talent isn’t necessarily looking on local Australian job boards. They’re connecting with industry insiders in their own country or executive recruitment firms they know are experts at placing people abroad. Of course, on the flip side, the best of the global talent in your industry may not even be looking for an opportunity abroad. This is where it’s essential to have global recruitment connections, but also to have a team that know how to sell the benefits of a move to Australia.

A recent report by the Swiss Institute IMD Business School shows that Australia scores very highly on ‘Readiness’ for hiring global talent, but is considerably less skilled at marketing its appeal or at investing and developing in international talent. While we know Australia is a great place to work, to convince the best talent you need experts on board.

Retaining global talent

There are many reasons why retaining top talent is difficult. Not least, that the millennials now comprising a substantial bulk of the workforce are choosing to move on much more quickly than previous generations, unwilling to wait around for opportunities. Meanwhile, the process of hiring and onboarding the best new people is time-intensive and expensive. Losing high performers to competitors is also a risk as it provides those companies with insider insight.

Improving retention comes back to the EVP and maintaining the employee offer. Top talent stays with a company when there is nowhere that meets their needs better than their current organisation. So, knowing what your best employees value allows you retain them indefinitely.

Of course, attracting and retaining global talent isn’t just about what you offer in one location. It’s about what you offer in each and every operational region and how that benefits your global team. Developing a robust global mobility program allows your top talent to chase career progression within the company, even when it’s not available in their current location. They don’t have to leave the company in order to move countries or explore a new role. 

Attracting global talent takes skill. At Salt & Shein we’ve been operating in the global market for many years and understand what it takes to source the very best talent. Let us use our global network to acquire your next hire.