The pandemic accelerated the shift to remote work and forever changed expectations of the workplace. At the same time, an unprecedented number of people migrated away from traditional talent hubs. Amid this transition, organisations began to look beyond their borders to fill critical roles, with 36% of hiring managers actively looking internationally for candidates.
It’s no surprise then that Global Mobility is being seen as a critical business capability that can help companies hire and retain top talent. Supporting mobility can help Australian companies outperform in the increasingly competitive global talent market, mitigate a skills deficit, build diversity, and ensure employee flexibility. Remote’s Global Benefits Report 2022 highlights one in three workers value flexibility as a top consideration when evaluating job offers.
A global talent strategy
Gone are the days when hiring talent was limited to a firm’s immediate vicinity. Firms now can adopt a global talent acquisition strategy, giving them the ability to find the best talent anywhere in the world, including overlooked regions that typically have high talent availability.
According to Remote’s Global Workforce Revolution, 42% of firms believe that global remote working would unlock a greater talent supply than what is available in domestic markets, with 57% that believed next-gen entrepreneurs will not care where their employees are located.
Proactively address diversity, innovation and growth goals
Diversity, equity and inclusion initiatives have reached board level visibility and for good reason. In 2016, the Australian Institute of Company Directors (cited in the same report as above) found that organisations with inclusive cultures are twice as likely to meet or exceed financial targets, three times as likely to be high performing, six times as likely to be innovative and agile, and eight times as likely to achieve better business outcomes.
A domestic workforce can benefit from the varied experiences of international employees by bringing new perspectives to the team. By having a truly global organisation, you’re building diversity within your teams, which has been shown to increase productivity and problem solving. There are other benefits – in Remote’s Tech Talent Report 2022, fifty two percent of companies were using cross-border hiring as a way to test new strategic markets.
The future of work depends on global talent
An increasing number of Aussie businesses continue to adopt global workforce policies so they can not only survive in a globalised market, but to thrive in a fast-moving competitive environment. There is no doubt that remote work is here to stay, and the hiring market presents a new frontier for firms to recruit new talent in a dynamic economic environment.
Chris McNamara is the Chief Revenue Officer at Remote.