How can you identify the most relevant talent markets for your organization?
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Finding the right talent for your organization can be challenging, especially if you operate in multiple countries or regions. You need to consider various factors, such as the availability, cost, quality, and diversity of talent, as well as the legal, cultural, and economic environment of each market. How can you identify the most relevant talent markets for your organization? Here are some steps you can follow to conduct a global talent market analysis and make informed decisions about your talent acquisition strategy.
The first step is to define your talent needs, based on your business goals, current and future skills gaps, and talent pipeline. You should identify the critical roles and competencies that you need to fill, as well as the quantity, location, and time frame of your hiring demand. You should also consider the level of flexibility and mobility that you require from your talent, and the type of employment contract that you offer (e.g., full-time, part-time, contract, freelance, etc.).
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Koshel S.
Leading Resourcing & Global Talent Insights
In someways its good to do a SWOT of your business & its needs. Then venture to research your industry and competitors to understand talent trends and concentrations. What's helped in the past in my experience is to Decide on geographic preferences for hiring, considering factors like remote work capabilities & evaluate talent pools in industries and institutions that align with your needs. Also by using HR metrics and data analytics to assess the effectiveness of that past smilar recruitment efforts.
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Prakash Sharrma 🔺▽🔺
Career Match-Maker,Possibly your future colleague,Build the teams that shape Jekson’s future
Identifying the most relevant talent markets for your organization involves a strategic approach to sourcing and attracting the right candidates. 1.Research: Conduct research to understand industry-specific talent trends and emerging markets. 2.Data Analysis: Analyze data to identify regions with a concentration of the skills your organization needs. 3.Networking: Build a professional network to gain insights into talent markets from industry peers. 4.Market Assessment: Continuously assess markets for changing skill sets and demographics to stay agile in talent acquisition.
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The next step is to research the talent supply in different markets, using various sources of data and information. For example, you can use online tools such as LinkedIn Talent Insights to access real-time data on the size, distribution, and characteristics of the talent pool in different locations. Additionally, you can refer to reports, surveys, and studies from reputable organizations such as the World Economic Forum, the International Labour Organization, or the World Bank to gain insights into the trends, challenges, and opportunities in the global talent market. When comparing and contrasting the talent supply across markets, consider factors such as availability of talent, cost of talent, quality of talent, and diversity of talent. Specifically, assess how many qualified candidates are available for your target roles and skills, what it costs to hire and employ talent in that market, how well does the talent match your requirements and expectations compared to global standards and benchmarks for your industry and function, and how diverse is the talent in terms of demographics, backgrounds, perspectives, and values.
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Asiya Shaheen
CHRP & CHRM, CPD HR Academy, UAE Labor Law at Capital Education Dubai,CPR, MBA-HR
Identifying the most relevant talent markets for your organization involves a strategic approach to sourcing and attracting the right candidates. 1.Research: Conduct research to understand industry-specific talent trends and emerging markets. 2.Data Analysis: Analyze data to identify regions with a concentration of the skills your organization needs. 3.Networking: Build a professional network to gain insights into talent markets from industry peers. 4.Market Assessment: Continuously assess markets for changing skill sets and demographics to stay agile in talent acquisition.
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Ahmet Elmas
Strategic HR Transformation Expert 🎯 Process Optimization 🔄 Analytics-Focused 📈
In my opinion, it's crucial to consider legal frameworks. Each country has distinct employment laws affecting hiring and operations. Understanding these can prevent legal issues and ensure compliance. Additionally, observing where competitors hire can offer insights (also via TalentInsights or TalentNeuron). A high concentration of competitors in a market might indicate a rich talent pool and a competitive hiring environment. Knowing this helps tailor your recruitment approach to stand out. Both factors are essential for a strategic talent acquisition plan.
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The third step is to evaluate the market conditions in different locations, using various sources of data and information. Online tools, such as the Global Talent Competitiveness Index, can be used to assess the attractiveness and readiness of different countries and cities for talent. Additionally, reports, surveys, and studies from reputable organizations, such as the World Bank, the World Trade Organization, or the United Nations, can provide insight into legal, economic, social, and environmental factors that affect the talent market. When comparing and contrasting the market conditions in different locations, factors such as the legal environment (laws and regulations that govern the talent market in that location; rights and obligations of employers and employees; stability and transparency of the legal system), economic environment (economic situation and outlook; growth, productivity, and competitiveness of the economy; currency, inflation, and interest rate; investment climate), social environment (social and cultural context; diversity, inclusion, and tolerance; quality of life; education; health; safety; social capital; trust; cooperation), and environmental environment (environmental impact and performance; air quality; water pollution; land pollution; carbon footprint; energy consumption; waste generation; vulnerability to natural disasters) should be taken into account.
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Alexis Rached
Manager, Talent Acquisition @ COMPASS Pathways
Be realistic about what is available and what is not, try to adapt and make sure you are ready to attract the prized talents depending on what the current conditions are. Although, I do think that evaluation of market conditions can be costly and/or time consuming and I think it best serves large organisations with considerable recruitment needs.
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Jeslyn Xie, CHRL, ECRE
🌟 Strategic Talent Partner | 🌈 DE&I Advocate | 📚 Lifelong Learner
I also find that seeking input from existing employees, industry networks, or professional communities that are familiar with the target market can offer valuable insights into the practical aspects of recruiting in a specific location. By combining data-driven assessments with practical insights, leaders can make more informed decisions about where to focus their global talent acquisition efforts.
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The final step is to prioritize your talent markets, based on your analysis of the talent supply, demand, and market conditions. You should rank the markets according to their relevance, attractiveness, and feasibility for your talent acquisition strategy. You should also consider the trade-offs, risks, and opportunities of each market, and how they align with your business objectives, resources, and capabilities. You should then select the most suitable markets for your talent sourcing, attraction, and engagement activities, and plan your action steps accordingly.
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Muhammad Abeer Aqdas
Assistant Manager Talent Acquisition | HR Generalist | Technical Recruiter
Best way is too have a bird’s eye view of the market and competitors. Sometimes we have to identify certain area for relative pool. For instance, MENA region has shown good potential lately and the talent is relatively affordable. So conducting frequent market survey is quite important.
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Sravan Kosana
Result-Oriented Human Resource Management | Human Resource Transformation | Talent Acquisition | Organizational Development | Human Resources Leadership - USA | Canada | India
Your talent markets is a way to allocate recruiting resources for the talent pool according to your business goals and target markets. By doing this, we can improve recruiting results, reduce costs, and enhance your brand globally. When we define our skill needs through talent management rather than just recruiting, we need to identify the key skills that are important to our business goals and aim to find candidates with these skills, regardless of their background, experience, or country. Explore the entire talent industry instead of single location pool. we must use analytics to identify supply and demand for required skills needed from the countries that you have presence and identify best talent and pipeline them accordingly.
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Achyut Shukla
Global Talent Acquisition Expert @ Ericsson | LinkedIn & SPHR Certified Professional
This open-ended invitation encourages a diverse range of perspectives, fostering a collaborative environment for sharing unique experiences and insights. It promotes inclusivity and creativity, allowing for a richer, more comprehensive discussion beyond the confines of specific topics.
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Marwa Kebesh
💡 LinkedIn’s Top Voice | Talent Acquisition Specialist MENA and Turkey | HR Certified AUC | Technical Recruiter | Digital Transformation | Employer Branding
To find the right talent markets, look for places with lots of people who have the skills you need and where they're available at a reasonable cost. For example, if you run a restaurant, you might want to open in a neighborhood where many chefs and servers live, like a trendy area in a big city, because that's where you'll find the talent you need. Also, think about other important things like the rules and how much it costs to hire and keep people in that place. Make sure it fits with your long-term plans too.
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