How to Untie the Knot of the Global Talent Gap?

December 7, 2022

The modern workplace is changing. With the advent of technology, we have more opportunities to work from anywhere in the world. According to a study by PWC, 43% of American workers said they would leave their current job for one with better work-life balance. And a Gallup report showed that 43% of employees worked remotely at least some of the time in 2016.

The global talent gap is a real and pressing problem, but it doesn't have to be. With the right tools and strategies in place, your business can access the best global talent available, no matter where they are.

In this article, we'll discuss the global talent gap and how you can overcome it with remote working. We'll also provide tips for recruiting and retaining global talent, as well as some example companies who are doing it well.

Introducing: The New Global Creative Class

The global workforce is rapidly evolving. One internet connection is all it takes for a single person to take advantage of education and opportunity. The internet has made education and opportunity accessible to all people, through the affordability and accessibility of internet connections.

The future is here and it's a great one for work that celebrates our talent, celebrates diversity, and gives talent a much more significant role to play in a significantly more inclusive economy, and that it makes it possible for more companies to work with talent that may span continents and time zones, a task that has been difficult in the past. New technology is enabling the biggest and the smallest companies to collaborate, productively with a global workforce.

The future of work belongs to more than the United States, it belongs to the world. 

Why Is This Happening?

Varying factors can affect talent availability and employment in different countries, such as demographic shifts, public policies, wages, and supply and demand. There are several trends happening now ahead of this demographic shift:

- the lack of a workforce due to increasing aging population and the diminishing primary job market.

- the lack of a talented workforce as companies look to increase the supply of skilled professionals.

- the mismatch of current workforce capabilities against available jobs.

Older Generations Are Leaving the Workforce

According to Pew Research, Baby Boomers — people born between 1946 and 1964 — make up about one-third of the workforce, and most of them are retiring or plan to retire in the next decade. This issue has only been exacerbated by the COVID-19 pandemic. In the third quarter of 2020, nearly 30 million Baby Boomers were forced into retirement, leaving a large and unexpected gap in the skilled labor pool.

Younger Generations Aren't Prepared to Take Over

While Millennials make up the largest population group, many still lack the managerial experience or skills necessary to fill the vacant spots left by their older counterparts. Furthermore, in a 2012 McKinsey & Co. study of employers, students and educators, employers and students both believed that today’s young people are inadequately prepared for the workforce. As more millennials transition into leadership and in-demand roles, many are thriving and many are facing a steep learning curve. Employers have to compete for the ones who are ready to lead.

Changing Needs and Expectations

The technologies of the Fourth Industrial Revolution are rapidly and dramatically changing many aspects of work as we knew it. It's also requiring workers to have new, highly-specialized talents and skills. Additionally, worker expectations are changing and they expect better pay, more flexibility, better work-life balance, remote-work options and changes in the way companies measure productivity. And these expectations have only increased over the course of the pandemic.

As such, companies are looking beyond their borders for talent that can help them fill the gap. Recruiting and retaining people from the rest of the world was a major challenge but with the advancement of technology, that is no longer the case.

What Are Organizations Doing Today?

The combination of competition and consumerization of technology has led to a shift in the way organizations expect their workforce to be productive.

Today, organizations are searching for:

• The best talent, no matter where they are located.

•Forward-thinking technical workers with global outlooks.

• Young minds and fresh perspectives that can help push the boundaries of what’s possible technology.

That’s why most organizations are now developing robust strategies aimed at broadening their talent pool, and investing in a range of strategies that show they are people-centric, in every dimension.

The Demand Is High

One of the biggest detriments to innovation and productivity in corporate America in recent years has been the lack of jobs with creative thinking — jobs where people get to think about things in ways that may not emerge from the hamster hole of rut.

While there is no shortage of highly skilled workers to fill roles such as computer programmer and factory or warehouse workers, there are not enough high-end problem-solvers tasked with de-harmonizing the status quo.

These jobs are increasingly important in a networked world, driving breakthrough products that can challenge existing power structures.

Government & parliamentary summits (i.e. elections) increasingly require the effectiveness of political advertising to boost aspirations.

With more and more companies cutting down their print portfolios in favor of interactive platforms, some argue that everyone essentially hangs out at a coffee shop these days.

The rise of big data is affecting millions of people in ways they never expected, as they increasingly share their personalities, interests, emotions, and lifestyles in the digital realm under the pretense of safety and anonymity.

Dual-Career Parents: How to Balance Work and Families

In the future, most jobs won't have a "localized" work force at all, and professionals will no longer need to choose between earning a living and raising a family. They'll both be done in the time together through a smart mix of outsourcing and remote working.

4 forward-thinking companies show just that.

LinkedIn, Compac, Allianz, and TripAdvisor have all started to double down on their remote working program. They're not alone.

According to the World Economic Forum's Global Shaping of work Index, companies with programs that support dual-career families rose to the top of the pack.

In fact, out of 951 companies surveyed across 60 countries, 45% of them offer some form of flexible work, 52% plan to increase this flexibility, 74% see remote working as a way of retaining talent, and 29% plan to allocate funding to engage employees at work and outside of work.

What This Means For You

By 2030,35% of the workforce will be global freelancers.

As the world’s population continues to age, the need for a more flexible workforce will only increase. Innovative companies are already recognizing the talent pool we’re losing by not recruiting globally.

Flexible work options, such as remote work, help companies attract, maintain, and retain talent for the long term. Organizations are expecting, and will need, a more versatile workforce to address their needs.

Globalization and automation are reshaping the workforce and business practices. In the coming years, companies will need to hire and train the right people.

Why not get ready now? The future of work is here.

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