19 Sep 4 Areas to Master in Global Mobility Economics
If you want to excel as a global mobility specialist, then you must master global mobility economics. While recruitment is vital to our role and our industry, we get so bogged down on it that we tend to neglect — or even — forget that there are other various aspects concerning our talent, his job, and his well-being that we should take a look at.
We must be able to look at the overall picture that influences the future of our hire and his status in the establishment and places we put him in. It’s not just the labor pool and immigration that we are expert at. But to fulfill our work properly and productively we must also learn to be savants when it comes to international politics, economics, and structural strength.
Let the world be your oyster. Understand the strength of each country you deal with. Know the hubs of recruitment like the back of your hand. Which city do you visit if you need IT talent? Which region in the world do you fly to, if you need linguists, communicators, and designers? Which ethnic community would be the best place to start, when it comes to recruiting for a firm that values foresight, resilience, and the ability to make do with less?
The national economy
Knowing the pay rates and the immigration laws of your assignee’s country of origin is just the first step in the right direction. Get a firm grip of the economic health of the cities your company is doing business with. Are the stocks rising or falling? Are investments coming in, or are enterprises and startups facing a dearth? What is the country’s GDP? Will the local companies you have partnered with survive the next economic crunch or fold up?
The political situation
Nobody wants to play politics but the stability of a country’s government and its ability to manage its people is something you always have to monitor. A steady state can lead to economic prosperity; a nation wracked by political infighting, coup d’ etats, and public corrupt officials can hurt its national development. Either case can affect your business and your assignees, for better or for worse.
National politics is one thing, and the art of wheeling and dealing with fellow countries is another. Your company’s fate could be affected by how your nation deals with that of your assignee’s. Nowhere is this more illustrated than in the Brexit crisis which had foreign companies like Japanese conglomerates questioning the wisdom of maintaining their offices and investment in the United Kingdom. What happens to your business if the next U.S. president clamp down on foreign recruitment? How will the international tensions rising over China’s claims over the West Philippine Sea influence the expansion growth of your employer?
Study these four areas. Update yourself on the news. Immerse yourself with books on the subject. Mastering global mobility economics will give you an advantage of glimpsing the future and preparing yourself and your team when recruiting talents out there.