Global talent management has its challenges, but it is a needed skill set as more companies diversify into every part of the world. Companies need talent that will meet their global needs, and they need effective ways to get that talent at the foundational level.
There are different philosophies of talent management that can work for global talent needs. One philosophy says to focus more on top talent and less on others with less potential. Another philosophy is more inclusive and addresses talent needs more generally within the company.
The best option for global talent management may be a hybrid approach that combines the best of both philosophies. Different strategies can be used depending on what is needed for each situation. Regardless of the philosophy used, there are some essential components needed for excellent global talent management.
A global talent management strategy that does not align with the overall strategy of the company is not likely to be successful. Company leadership should spend time each year evaluating talent management processes and structures to ensure that they match up with the company’s other goals.
When management is involved in global talent management, leaders are developed and the organization has a stronger sense of ownership over talent management, which goes beyond hiring and involves employee satisfaction and retention throughout an employee’s tenure with the company.
Particularly in regard to global talent management, company management involvement is needed because of how corporate cultures and business structures often differ around the world. Without the assistance of managers in different global locations, it will be much more difficult to find the right talent and retain it.
White Paper: Jump Start Your Portfolio Companies’ Talent Acquisition – Learn how to add real value to your portfolio companies by helping them attract the best talent in their sector, industry, and geographic location.
Assessments can be used to generate data that illuminates talent management options and best practices. Data can help narrow down the best candidates and can show trends in hiring and help evaluate current practices so they can be improved where possible. If your global talent management strategy does not include assessments and data, you are missing a major help for your organization.
Your organization headquarters and U.S. locations have needs that are different from your global locations’ needs. While it can be challenging to meet local needs and global needs at the same time, doing the work to balance those needs and even integrate global standards into the organization will increase its versatility and help manage global talent.
Remote Contact and Tracking
Managing global talent can be difficult when leadership is thousands of miles away, but software like ThriveTRM can track talent relationships and communications from anywhere on the globe and keep others apprised of contact no matter where they are located.
ThriveTRM can also track goals and strategies to keep everyone on the same page and increase follow-through. Discover solutions for VC / PE firms and solve your global talent management challenges with greater ease.