The modern-age HR takes diversity into account, be it gender, religion, skill sets, and so on, while planning for talent acquisition. In a survey, it has been recorded that diversity is a top goal for more than 76% of managers when hiring new employees. Research shows that diversity fosters 1.4 times more profitable growth and generates 19% more revenue. Strategies for acquiring talent globally take into account the EGRP model. According to this model, while preparing for diversity in their global talent acquisition strategy, firms attempt to use two methodologies known as geocentric and regeo-centric approaches. Global conglomerates use these models to impart their corporate culture to their regional subsidiaries while also taking into account regional customs and practices.
The global market for technology and services related to talent acquisition and staffing is anticipated to reach USD 140.7 billion in 2022 and is further projected to grow at a CAGR of 5.7% to reach USD 196 billion by 2028. Currently, talent acquisition and staffing-related technologies and services hold a 13 percent market share for worldwide human capital management. Over the assessment period of 2022 to 2028, the demand for marketing and advertising is anticipated to grow at a CAGR of 12 percent. North America is considered a prominent regional market for talent acquisition and staffing technology and service providers. Its service market accounts for a 38% share of the global talent acquisition & staffing technology and services market. After North America, there are other countries witnessing a positive growth in the global talent acquisition & staffing technology and services market, such as China, MEA and so on.
In Search of Greener Pastures
A trend that is now growing at an even faster rate thanks to globalization and the pandemic is mass talent migration. Talented and qualified individuals are increasingly shifting their base to newer countries to procure a good career potential, better quality of life, and hassle-free education, medical and security facilities.
One such popular destination is turning out to be Spain this year. Spain, Eurozone’s fourth largest economy, is enroute to a 3 percent growth this year. Spain has one of the highest percentage of people with tertiary education in the world, especially in technology degrees and many of the talent management firms across its regions are tapping on to this talent to revive the economy.
Spain has 17 autonomous regions but one region that is currently under the radar of many talented individuals is a 7,234 sq.km. region in the northern part of the country, called the Basque Country. It sits on the north Atlantic coast close to the border with France and encompasses the provinces of Alava, Biscay and Gipuzkoa. As of 2021, the population stood at 2,212, 561 people according to the Institute of National Statistics (INE).
The key industries in the Basque country are – Energy, Mobility, Aeronautics, Maritime, Railroad, Advanced Machinery, Electronics, ICTs and Biohealth. Some of the biggest employers of the region are Mercedes-Benz, Michelin, Siemens, Progenika Biofarma, Noray Biosciences Group and a few others. These companies have been undergoing several important internationalization process to meet the demands of the Asian and the US markets. One talent management firm that is keenly dedicating its resources towards this is Bizkaia Talent.
Connecting Talent with Purpose
Winner of the ‘Best Territorial Talent Management Company, Europe 2022’ award title from International Business Magazine, Bizkaia talent is actively involved in various programmes and services to develop an adequate talent development ecosystem in the territory. Some of the initiatives are – Talentia and Skills programme, the Relocation service with the pioneering and innovative Be Basque Dual Career Centre at the European level, the intermediation Service used by Basque companies and organizations to find the specific professional profiles they need in Bizkaia talent’s database and the financial aid programme to hire research staff in Bizkaia.
Companies like Bizkaia Talent understand the urgent need of delivering skilled talent in advanced economies. Hence, they incorporate a global strategy to attract, and retain talent from across the globe. They constantly build up their database to meet all kinds of untoward incidences, like the pandemic. This way, talent management firms play a very important role in keeping the economy chugging along. Talent management companies from regions like Basque are incorporating different innovative tools to analyze the right profile for the right vacancies. They bridge the gap between the companies in their region and talents from across the world. The success formula behind companies like Bizkaia Talent is the evaluation of diversity and inclusion in the entire process.
Today, when terms like Quiet Quitting and Great Resignation are being discussed in society, it is important to understand that procuring talent is one part of the challenge and prolonging that employee is another big task. Work from Home and Hybrid Work cultures, the by-products of the pandemic, are proving to be a boon for some while a bane for many others. Many companies are revamping their work policies, which is majorly shaking the talent pool in most of the developed nations. The journey from discovering a spark of talent to the star of a company is a perennial process for a Talent Manager.
Blog By Ujal Nair and Tasleem Majumder
