09. Breaking Boundaries: The Future of Globalized Talent Pool

 

Did you know that,

 In the last ten years, the proportion of young adults in OECD and G20 countries with tertiary education (ages 25 to 34) has increased by almost 45%, and this trend is expected to continue until 2030.

By 2030, China and India anticipate that over 60% of the G20 workforce will be qualified in STEM fields (science, technology, engineering, and mathematics). (OECD iLibrary, 2023)

(Andy Kriebel, 2015)

The world is no longer in awe of the idea of globalization. We can now communicate and travel more easily thanks to modern technology. These are the reasons behind the growth of the remote working and globalized talent pool concepts.

A globalized talent pool is a group of applicants or workers who are not restricted to a particular nation or ethnicity but rather come from all over the world with a variety of cultures and backgrounds. (Anabel González, 2016)

 

What is talent pooling?

The process of gathering data on eligible applicants for future roles is known as talent pooling. This entails figuring out what people's qualifications and skills are and arranging them—often in a database—to see how they could fill openings in an organization. Talent pooling differs from talent pipeline creation in that the participants are pre-screened to ensure they meet the requirements for specific roles. Some companies manage their own talent pools in-house, while others enlist the services of recruiting agencies. Talent pools primarily fall into two categories (Indeed Editorial Team, 2023)

 

•  Internal pools: Groups of people with the potential to grow into more senior positions and take on more responsibility are known as internal talent pools.
  

• External pools: Groups of eligible organizations that are not part of an organization are known as external pools. These are frequently applicants from a database who may have demonstrated their suitability or made it past the preliminary screening.
   

(The Talent Pool in a Nutshell | AIHR Learning Bite, 2020)
 

Why should we care about this concept as HR managers? (North Central College.edu, 2019)

 

• Enter into a diversified talent team- Companies could be able to find employees with unique abilities since they can access a wide range of labor markets.

• Solution for skill shortage- Most companies have skill gaps that reduce efficiency and productivity. Due to the larger labor supply, organizations will be able to minimize that issue.
• Enhanced competition- Companies can attract top talent & create a high-performing team that can adapt to the changing market, finally leading to business success. 
• Market expansion- Accessing a broad range talent pool allows companies to identify & understand new cultures, markets, customer needs, and business practices, which leads to expanding the business into a global customer base.
• Knowledge exchange- This leads to sharing of knowledge among employees from different countries, regions, and backgrounds that promote a positive cross-cultural understanding.
• Reduced cost- Directly communicating with the candidates with the help of trusted sources can reduce the recruitment cost. Why spend so much money on man-power agencies & physical interviews?
  
  

  Do you know some companies already doing it right? (North Central College.edu, 2019)

• Spotify- They have implemented a talent pool for high school students even before they enter the job market if they are interested in coding.
• McKinsey- There is a platform to help the company's talent network of former staff to remain engaged with the company because they may come back one day.
• Trivago- This is a rare company that recruits people who would do what they love rather than their previous work experiences.
• Mercedes- One of the companies which have added a feature for the people in their network who can share new job vacancies with family and friends through email or social media.

I hope now you have gained some idea about the topic.

Then here are some tips that can follow to attract human capital from anywhere.

• Define company vision, mission, and goals- Make it clear what qualities, values, experiences, and skills you are seeking in candidates.
• Performance evaluations- Describe the process you will use to gauge employee performance and feedback.
• Use the maximum benefit of technology- Enhance the brand name and welcoming culture to draw in potential talent by using websites, social media, blogs, podcasts, and webinars. Utilize online tests, assessments, and interviews to choose the best candidates.
• Create a positive culture- In addition to web-based learning tools and courses that offer opportunities for training and development, online communication tools like chat rooms, video calls, and forums can be used to foster close relationships among staff members.
• Recognize & reward-Online gift cards can be used to express gratitude and inspire team members, and online recognition tools like badges, certificates, and points can be used to award team members for their accomplishments and contributions. 
  

In conclusion, a globalized talent pool can be viewed as a strategic tool that connects the quickly evolving global landscape. To guarantee success, though, meticulous planning and management are also necessary.

Let us know your experiences in working with a globalized talent pool....!

References : 

• OECD iLibrary (2023) How is the global talent pool changing (2013, 2030)? [online] Available at https://www.oecd-ilibrary.org/education/how-is-the-global-talent-pool-changing-2013-2030_5js33lf9jk41-en (Accessed: 02 December 2023)

• Kriebel A., 2023,Makeover Monday: Where Is the Global Talent Pool Expected to Come from in2030? [Online] Available at https://www.vizwiz.com/2015/04/global-talent-pool.html (Accessed: 02 December 2023)

•  González A.,2016, Globalization Is the Only Answer [Online] Available at https://www.worldbank.org/en/news/opinion/2016/08/08/globalization-is-the-only-answer (Accessed: 02 December 2023)
  
  
•  Indeed Editorial Team,2023 , Talent Pipeline: Definition, Benefits and How To Build One [Online] Available at https://www.indeed.com/career-advice/career-development/talent-pipelining (Accessed: 02 December 2023)
  
  
• Clip1:AIHR - Academy to Innovate HR, (2020).The Talent Pool in a Nutshell | AIHR Learning Bite [online]. Available at https://youtu.be/vx2WaecrbNM?si=iKsQiJohE7h2kwdL (Accessed: 02 December 2023)
  
  
• northcentralcollege.edu, 2023, Why Human Resource Management Is Important[Online] Available at https://www.northcentralcollege.edu/news/2021/06/04/importance-hr-management (Accessed: 02 December 2023)