Against the backdrop of globalisation, businesses are under increasing pressure to upgrade their talent management strategy to appeal to the international pool of mobile talent. At the same time, as globalisation continues to make the world smaller, careers are becoming more varied, and skilled professionals are increasingly more willing and better equipped to take up international opportunities. To encourage these highly skilled mobile professionals to relocate, companies need to understand what motivates them.
Recently, Randstad Sourceright found that half (50 per cent) of the accounting professionals in Asia Pacific are willing to consider a move to Hong Kong. The research also revealed that those willing to move to Hong Kong expect a 43 per cent increase in salary on average, noting the relative impact of their base salary in their country of origin on the salary increase they expect to gain. This expected increase in salary reinforces the notion that many people see an international move not only as an opportunity to advance their career.
Different drivers for moving to Hong Kong for work. Accountants and auditors in Australia and New Zealand would primarily move for career development and work experience; indicating the growing appeal of Asian experience for professionals in Western markets. Whereas professionals in Singapore and Malaysia would move for a wider range of reasons, including better remuneration, change of work environment and a new cultural experience.
We also found that the majority of those willing to relocate to Hong Kong or elsewhere speak two to three languages. This demonstrates that the ability to utilise a second language in an international market makes relocation more appealing.
Sourcing mobile talent. With many Asian nations experiencing high employment, sourcing toptalent is increasingly about tapping into the passive mobile talent pool – those not looking for work but willing to move companies, cities or even countries for the right opportunity.
With up to 70 per cent of the professional talent pool not actively seeking new roles, employers need advanced sourcing strategies that engage sought-after candidates at the deep end of the highly skilled talent pool. For this purpose, Randstad Sourceright’s proprietary Total Talent Sourcing Methodology helps employers access and engage potential candidates whether they are actively looking for a job or not.
In short, to remain competitive, organisations need to have a comprehensive talent management strategy in place to deliver timely skills where they are needed most. Organisations that master this balance will be talent-ready in any economic environment.
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