Amid technological advancements, changing consumer needs, and environmental risks, businesses grapple with the challenge of securing highly skilled professionals. Nevertheless, a rich talent pool exists globally, and organisations must employ intentional strategies to effectively tap into these valuable resources.

Technological advancements, shifting consumer needs and environmental risks are creating new challenges for businesses - and the need for highly skilled professionals to navigate these changes has never been greater. It’s even more acute for multinational corporations as they steer through an increasingly volatile global environment. CxOs understand this, and talent scarcity remains one of their major concerns. In some economies, the concern is more pronounced due to factors such as an ageing population, or inadequacies of the education infrastructure. 

The good news for CxOs is that despite the odds, the lack of talent need not lead to desperation or despair. There is ample and abundant talent available, they need to look in the right places and build an intentional strategy to tap into these sources.

Unearthing and accessing hidden talent 

Our research shows that a concentrated group of just 30 countries houses 91% of the world's highly skilled talent. Over 60% of these 440 million talented professionals are based in Asia Pacific, Africa and Latin America, regions that also include some of the world's fastest-growing economies.   

While China and India are projected to be home to the largest number of highly skilled workers by 2030, less populous countries such as South Korea and Australia are also emerging as new talent hotspots.

Despite their relatively smaller populations, these nations have maintained their economic significance in APAC due to their high and growing concentration of highly skilled workers. Southeast Asian nations such as Malaysia and the Philippines will also gain greater importance as they continue to boost their highly skilled workforce over the next decade. 

Using the infrastructure and tools currently available, tapping into these talent pools is easier today than it ever was.

In addition to setting up local offices or partnerships and customising recruitment strategies to align with regional preferences and needs, organisations can now use data-driven tools and AI-powered platforms to zero in on and attract qualified candidates from various backgrounds. They can also use technologies like advanced analytics, machine learning algorithms, and digital collaboration tools to streamline recruitment processes, improve candidate matching, and provide insights into evolving skill trends. 

Embracing unconventional talent sources 

Non-traditional talent sources such as remote workers, freelancers, or individuals with transferable skills from different industries have emerged as an important part of the talent mix. To tap into these alternate talent pools, organisations need to invest in flexible work arrangements and adopt inclusive hiring practices. Advocating for skills over qualifications in job advertisements can create a more inclusive hiring approach and potentially open a larger pool of talent. Approximately 61% of highly skilled candidates remain invisible to multinational corporations, as they don’t believe they have the right qualifications to apply. 

Encouraging remote work for those with niche skills, engaging young talent early on in job design, and creating opportunities for experienced professionals seeking to re-enter the workforce can drive innovation and problem-solving.

As flexibility becomes an employee expectation - 78% of employees across both local and multinational companies seek flexibility and project versatility  - providing remote and hybrid work options can boost engagement and loyalty. In addition to a better employee experience, it can also optimise operational costs and improve competitiveness.  

Becoming net creators of talent

Companies also need to invest in building the talent pipeline – while offering internships, apprenticeships, or mentorship programs that provide practical experience and professional growth opportunities are helpful, establishing partnerships with educational institutions and investing in training programs in strategic locations that help build relevant skills and opportunities in local communities is paramount. 

For example, Singapore's SkillsFuture initiative has made significant strides in promoting lifelong learning with over 660,000 individuals benefiting from its supported programs just last year.   Another upcoming initiative, Workplace Skills Recognition, aims to equip businesses with the necessary tools to implement workplace learning and acknowledge the skills acquired by employees. 

What the future holds for global recruiters

The future of global recruitment is a dynamic landscape filled with both challenges and opportunities. As the demand for highly skilled professionals accelerates, companies not only need to reassess their talent supply-demand gaps but also create a new employee value proposition that delivers on their business ambitions, while managing employee expectations.  

Companies must ask themselves some tough questions, such as how they will change operating models to harness the benefits of a tech-augmented and geographically diverse workforce that includes remote workers. Next, they need to factor in what leadership changes will help them expand faster. Lastly, and on a more granular level, they need to identify the jobs and role requirements that could be redesigned to help them be more responsive to the rapidly changing business environment. 

While each company will come up with their answers, this exercise will put them on the path to transform its talent strategies to become future fit, with a diverse, agile, and resilient workforce, fueling innovation and growth.