Lack of Global Talent Strategy Will Suffocate Business Growth
In a recent global survey by CFO Research and Globalization Partners, 81% of CFOs indicated their company’s long-term growth strategy includes international expansion–either currently ongoing or in their future plans. The survey “CFOs See a Clear Pathway to Growth Through Global Expansio“, also uncovered changing perceptions about hiring and remote work because of their pandemic experiences, with 85% of respondents indicating the ability to tap into a more cost-effective, global talent pool that is equipped with the appropriate skills would be desirable.
Overall, the survey uncovered three key themes:
- CFOs are taking a global view within their business strategies and hiring approaches
- CFOs have altered workforce management strategies
- CFOs are optimistic in 2021 and believe that their success is tied to global expansion
CFOs are taking a global view within their business strategies and hiring approaches
*CFOs have a high degree of interest in tapping into a more cost-effective, global talent pool—a concept favored by 85%—and capturing market share through global expansion—favored by 81%. By contrast, in the 2020 CFO Survey only 63% of respondents said they were moving forward with global expansion plans in the face of the Covid-19 pandemic.
*When asked to describe their hiring strategy over the next 12 to 18 months, 42% say they want to attract new talent that is unbounded by the geographic restrictions of their company’s operating model.
CFOs have altered workforce management strategies
*Three-quarters of the executives also say the Covid-19 pandemic fundamentally altered the way they think about hiring and workforce management and 81% say it altered how they consider remote employees or the work-from-anywhere model. More specifically, three-quarters of the survey respondents anticipate operating remote or hybrid workforce models in the next 12 to 18 months.
CFOs are optimistic in 2021 and believe that their success is tied to global expansion
*Ninety-three percent of the surveyed executives predict that their companies will meet or exceed their 2021 goals and a resounding 81% are planning expansions into new countries as part of their long-term growth strategies.
“The data from the survey points to the fact that CFOs are now re-calibrating their talent plans in order to maximise the opportunity that global remote teams provide from a long-term business perspective, including cost efficiency and access to hard-to-find talent,” said Nicole Sahin, CEO and Founder, Globalization Partners.
“In addition, the hubs for highly skilled talent are shifting and currently half of the world’s college graduates come from top emerging countries, which means that companies that adopt this strategy now will be able to gain a competitive advantage in the future.”
Also, an added benefit that should be noted is that a global workforce typically provides better bottom-line results. Study after study points to the fact that employees who are part of a diverse culture are much happier and engaged,” continued Sahin.
As an EOR (Employer of Record), Globalization Partners allows companies to hire anywhere in the world by serving as the legal employer, ensuring compliance with local employment laws and regulations, freeing up companies to manage and direct the daily work of their team members.
Survey Methodology: The survey, conducted by CFO Research of Industry Dive, polled 215 senior finance executives at companies in North America, the United Kingdom, the Asia-Pacific region and the Europe/Middle East/Africa region. Most of the companies represented had annual revenues of $1 billion or more.
Responses