Unlocking Global Talent: HRM Strategies for International Success

 Global Talent Aquisition

Figure 1 : Global Talent Acquisition mechanism

Talent acquisition is not an unheard term in regard to HRM nowadays, however the correct understanding maybe quite ambiguous. As defined by Deloitte, Talent Aquisition is “a strategic approach to identifying, attracting and on boarding top talent to efficiently and effectively meet dynamic business needs". The hand it plays in current business world is crucial, as companies are constantly competing on the basis of the talent they have acquired. The success, future and reputation of every business may rely on how the business will recruit, develop, implement and retain their acquired talent in all levels.  The importance of securing talent acquisition has become a high priority on a global level, that companies are using various techniques and strategies to implement for global talent acquisition. It is of utmost importance that businesses align their HRM to understand and align with global talent acquisition strategies for the continuous performance and future successions of the company. 

What is the need for Talent Acquisition Strategies? 

Every business needs employees with certain sets of skills to perform up to their expectations. Organizations need the right people with the right attitude as well as the right skills & experience to carry their workload and achieve their business goals. Even if you have the perfect mission and vision, unlimited number of resources and perfect business plan, if you do not have the right candidates to execute the job, it is going to end up in total fiasco and the correct talent acquisition strategy can evade that challenge. Human resource management therefore has a crucial hand to play on recruiting the suitable & Top Talent to stay on the top of the game in their relevant industry. A strong company culture is only built through recruiting the 'cream of the crop' at the best price, ensuring that the secured recruits will be fostered well within the company and more importantly, retaining the talent that you have nurtured and grown for the maximum use in the company's benefit. In a brief; by effectively managing global talent acquisition in HRM, organizations can build a diverse and skilled workforce that drives innovation, creativity, and success in a global business environment.

Key Considerations on Global Talent Acquisition from HRM perspective:

Figure 2 : Key considerations in Global Talent Acquisition, created by author

Conceptual Structure for the use of Global Talent Acquisition Strategies:

Many organizations use various strategies when it comes to their talent acquisition methods. These can vary depending on the market trends & demands, business priorities, talent requirements and the organizations growth. Yet, it is pivotal that the strategies used should be effective and hence it could be broken down into a structure based on several views:

Figure 3 : Talent Acquisition Strategies based on Theoretical Applications, created by author

Several theoretical frameworks and models can be applied to understand and improve the process of acquiring talent on a global scale. 

Resource Based View:

In this theory the business believes its success lies in the higher value of its total resources and aims to increase the assets it possesses through talent acquisition. Individuals' skills, knowledge & abilities are recognized as high assets & organizations invest on them. The organization leverages its human capital as a valuable resource to get competitive benefit in the global market.

Social Exchange Theory:

Here the principle is that the relationship between an organization and an employee is based on mutual benefits and obligations. Individuals will be more attracted to companies that values & supports them more. 

Person-Environment Fit Theory:

This theory suggests individuals perform best in organizations that match their values, goals and beliefs. Organizations will strive to acquire individuals with same characteristics as company vision, mission and goals in the belief they would be the best fit for the organization environment.

Talent Management Theory: 

Talent management theory focuses on attracting, developing, and retaining top talent within an organization. In a global context, organizations can adopt talent management practices that are tailored to the needs and expectations of a diverse workforce across different countries and regions.

Global Mindset Theory:

This theory emphasizes the importance of having a broad perspective, adaptability, and cultural awareness when operating in a global context. Here the focus on approaching in a cosmopolitan manner to attract a workforce that is adaptable and diverse. It also focuses on branding the organization to attract high quality talent aiming for top-notch skilled human resources. 

Variation of theories and conceptual applications may be used by organizations on their talent management and acquisition strategies. By integrating one or many of these theories and concepts into their global talent acquisition strategies, organizations can enhance their ability to attract, recruit, and retain top talent from around the world, ultimately driving organizational success in a globalized business environment.

Talent Acquisition and Management Process:

Figure 4 : Talent Acquisition & Management Process, Created by author

1. Planning - Initial step of the process which includes;

• Identifying the human capital requirements
• Developing the job description & key roles.
• Proposing a workforce plan for recruitment.

2. Attracting - Deciding whether the recruitment should be internal or external and then seeking for the suitable candidates through;

• Job portals
• Social networks (LinkedIn, Twitter)
• Referrals

3. Selecting - Recruiting the best suited candidate using interviews, written tests, careful screening of the candidate profile.

4. Developing - The new recruit to be briefed and prepared for the role and organization environment through;

• Onboarding programs.
• Enhancing skills, aptitude & proficiency to match the profile.
• Counseling, guiding, mentoring/job shadowing, coaching and job rotation.

5. Retaining - Employee retention is critical for an organizations' existence and survival. Following techniques could be used for retention;

• Promotions & incentives
• Growth opportunities & specialist delegation
• Decision making participation opportunities
• Identifying employees' efforts and contributions
• Trainings in new job skills 

6. Transitioning - Overall transformation of the employee to achieve organizational vision, through;

• Retirement plans and benefits
• Exit interviews/surveys
• Succession planning or Internal promotions

Success & Failure stories of Talent Acquisition Management Practices: 

Success stories:

Figure 5 : Success stories of Correct Talent Acquisition Practices, created by author

Failure Stories:  

Figure 6 : Failures Stories of Wrong Talent Acquisition Practices, created by author

Conclusion:

Global Talent Acquisition refers to the process of attracting, sourcing, recruiting and hiring employees from a worldwide talent pool. The main focus would be on hiring the top talent from around the world to meet a diverse workforce need. This involves identifying and engaging with individuals from diverse cultural backgrounds, languages & locations to build a global team aiming for a global scale business success. Talent Acquisition strategies depends on market trends, organization growths and talent requirements and could include many conceptual frameworks which could be leveraging different business needs or aspects to achieve various business objectives. 

References:

1. R. Erickson, (2012) ―The evolution of Talent Acquisition‖, Newsletter, Bersin by Delloitte Research.

2. M. Parthasarathy, (2014) - Study of Talent Acquisition Practices – A Review on Global Perspective, International Journal of Emerging Research in Management &Technology. 

3. Forbes Advisor, (2022) - what is talent acquisition?https://www.forbes.com/advisor/business/what-is-talent-acquisition/

4. https://www.europeanceo.com/business-and-management/secrets-of-googles-talent-retention-success/

5. https://www.investopedia.com/terms/e/enron.asp

6. Science Direct, (2017) - Resource-Based View,  Business Networks in East Asian Capitalisms

7. Journal of World Today, (2014)- Talent management: Current theories and future research directions, Elsiever 

8. Dowling, P., Festing, M., & Engle, A. D. (2017). International human resource management: Managing people in a multinational context. Journal of International Business Studies, 48(2), 129-147. DOI: 10.1057/s41267-016-0039-0