2024 is set to be a wildcard year for global businesses. Organizational leaders are bracing themselves for shifts in geopolitics and potential economic changes. Not forgetting, there's the waiting game to see where the election chips will fall since the results could lead to momentous swings across the US, the UK, EU markets.
In response to this uncertainty, we see the first talent trend for 2024 taking shape: COOs are placing their bets on becoming more agile, not just with their tech but also with their talent management.
What does it mean to make your talent management, from recruitment to upskilling and retention, agile? And what other big steps are companies likely to take in 2024 with their talent? Here are some predictions based on insights from our Global Mobility data, customer stories, and Beyond Borders panels.
Focus on efficiency: Data-driven technologies and analytics are here to stay
“Efficiency” may just become the business keyword of 2024. For some it means investing in generative AI, for others it’s finding ways to extract more value out of the tech and people investments you’ve already made.
In the world of international talent and Global Mobility, we see more companies looking for ways to restructure the complicated tech stacks they’ve built to manage relocations, visa renewals, and workations.
To handle all of this work on a global scale, HR teams often rely on tens, sometimes hundreds of applications. The trouble starts when key applications don’t click together, costing HR teams time to transfer and manage information, and possibly delivering fractured and confusing experiences for talent.
In other words, HR teams will be looking to remedy these inefficiencies by looking for smooth and easy-to-start integrations that not only transfer data reliably but also turn it into actionable insights.
“It’s great to pull metrics and data off the Localyze platform to see where people are in the timeline. It helps us to track both at scale what we’ve achieved as a Global Mobility team, but also drill down into any specific case and see exactly where we are in the process and what’s going on in our workloads.” - Reece Procter, Global Mobility Lead at Personio
Workations: the cost-effective mobility option for flexible working
At our Beyond Borders events in October 2023, people managers at companies like Miro, Wise and Delivery Hero point out talent wellbeing and engagement as top considerations for 2024. A key component to achieving both: workplace flexibility. Today’s talent puts remote and hybrid work far above other corporate benefits, where they see the office “as a magnet, not a mandate,” according to Francine Katsoudas, Executive VP & Chief People, Policy and Purpose Officer at Cisco.
While the RTO vs. home-office debate continues, many companies are looking at a third option: offering workations, where employees can work remotely from a different country for a limited amount of time. Often more cost-effective than long-term relocations, we expect workations to have a bigger role in 2024 as the happy medium between talent’s desire for flexible working, and companies’ drive to retain talent and unlock their productivity.
Future-proofing talent strategies with Global Mobility
Despite global uncertainties, a US survey shows that 57% of hiring managers aim to add permanent positions to their workforce in the first half of 2024. These trends align with a generally optimistic perspective of recruiters, with 86% of talent acquisition experts hopeful about recruiting campaigns in the year.
In light of the 2023 layoffs, some company leaders may assume that acquiring talent would be a much easier process, with more skilled candidates looking for new positions. But it’s not quite simple, as Philip Joubert pointed out in a recent Beyond Borders panel.
“In theory, filling talent gaps would be easier if all other things had stayed the same,” shared Philip. “But now you’re likely to have a smaller TA team, lower budgets, fewer perks. Add to that a return-to-office hybrid-work mandate, and recruiting highly skilled talent doesn’t look so straightforward anymore.”
So, the war for international talent is likely to keep going in 2024, especially for specialized or leadership positions. This is even more likely for job markets like Germany, where industry figures point out that the country needs around 400,000 expats annually to plug critical talent gaps.
How do we tackle this problem? Relocating talent will be a tool many companies keep in their talent management arsenal, even if more selectively and with attention to costs.
To ensure that investment yields strong results, relocating critical talent will require more attention to the finer details – from organizing visa applications and appointments, to helping hires and their families settle in more comfortably.
A smooth and disruption-free relocation experience will be an important part of setting up new hires to succeed right away, and deliver critical value to the company.
Whichever topic is at the top of your agenda, whether it’s moving international talent, improving your tech and data, or boosting your retention, the Localyze team can help you make that next strategic step.
