Other parts of this series:
To recap, this series has looked at how globalization affects talent management in financial services organizations. In this post, I’ll look at some practical implications of globalization for HR organizations at banks and insurers.
Although operating as a global entity will touch every HR practice, HR will need to pay particular attention to developing new and innovative practices in five key areas:
- use of analytics to become expert advisors on the global talent map
- global talent acquisition
- global talent mobility
- global leadership development
- global virtual team
I’ll consider the first three in this post, and two in the next, final post in this series.
Use of analytics to become expert advisors on the global talent map.
Just as the finance function advises the business on important decisions like how to allocate financial resources to different parts of the business, so too will the HR function need to take on the critical role of advising the business regarding how to allocate human resources to different parts of the business.
HR will need to help the business decide who will perform which tasks and in which places. In addition to using advanced analytics and scenario simulations to anticipate internal skill needs, HR organizations will also need to analyze data to understand key variables in different geographic regions to determine how to best fill these needs.
Global talent acquisition
Acquiring talent in unfamiliar geographic locations—whether due to global expansion or the need to find the right skills wherever they might reside—can be challenging. But a variety of innovations on the horizon offer other options that promise to make global talent sourcing more effective and less expensive.
For example, people may represent themselves digitally in public global databases filled with a rich set of data. Data could include skills assessments, for example, that can help companies better evaluate educational backgrounds and determine a global standard of education. In addition, companies may begin to create their own global talent pools through training academies and the like.
Global talent mobility
Moving talent around the world can be challenging due to compensation structure, employment legislation, work visa rules and restrictions, and HR practices and policies that may all vary significantly by geography. Leading companies are developing a variety of global mobility programs to overcome these challenges.
- Offering a variety of mobility options for employees at all levels in an organization, including long term options, short term options, business travel, rotational programs, and permanent transfer.
- Designating one segment of their workforce to be globally mobile. At one global bank, 450 of the company’s top-performing employees joined an internally mobile, fully flexible workforce where they may be assigned to work anywhere in the world in any capacity on short term notice.
- Developing processes, information systems, and policies to make global movement for all employees easier. For example, many human capital management systems now offer a single global employment ID that can be used no matter what country the employee is currently working in.
- Creating international employment packages for a select group of employees with standard pay and benefits that apply no matter where that person currently works.
My final post will look at global leadership development and global virtual teams, and offer some ideas about the global HR operating models of the future.
Learn more here: Reconfiguring the global talent landscape