The next global economic crisis might not result from a pandemic or conflict but from a lack of qualified employees across various sectors. In many regions, more people are leaving the workforce than entering it, creating a significant gap in the talent pool. This trend presents a challenge for companies trying to fill these roles.
The company is only as strong as its talent. You must hire selectively, and if you don’t find qualified individuals in your area, staffing quickly becomes a significant concern. The employment landscape has permanently shifted, making remote work feasible in most scenarios. With technology shrinking the world, you don’t necessarily need your staff onsite or even in the same city or country.
The changing workforce
The global workforce is changing due to the rapidly aging population and insufficient labor pool to fill open jobs. According to the United Nations, about 16% of the world’s population could be over 65 by 2050, resulting in twice as many people over 65 as children under five. This demographic shift means there will be less available talent in the workforce.
Currently, there’s already a significant gap in the talent pool. The U.S. Chamber of Commerce reports there are 9.5 million job openings in the United States but only 6.5 million unemployed people to fill them, indicating a labor shortage that shows no signs of resolution.
Last year’s official census revealed increasing population levels but with a mix of migration and other factors. Your business location might not match areas with population growth and concentration. Additionally, while immigration contributes to the workforce, immigrants might not have the necessary certification or qualifications to work in your industry, limiting their immediate contribution to the talent pool.
Leveraging offshore talent
A solution businesses now use to alleviate staffing issues is tapping into the offshore talent pool. Hiring remote workers globally supports your organization by ensuring you don’t have to compete with multinationals in your area, helping control labor costs. You can pay offshore workers above-average wages for their markets while reducing staffing expenses, benefiting everyone involved.
The offshore workforce will be highly skilled, ready to contribute, and fully committed to delivering results. This strategy opens your company to a new talent pool without requiring relocation or expansion. Roles such as accounting, project management, software engineering, sales development, virtual assistants, IT staff, and marketing professionals can all be filled by a global workforce.
The benefits of a borderless workforce
Hiring borderless talent might seem novel if you’re not experienced with engaging an international workforce. However, it could quickly become the norm for companies with significant talent gaps or those looking to scale while controlling operational expenses. A remote team can remove many roadblocks you’ll face as you grow, providing a competitive advantage if you struggle to find the right people.
Adapting to a borderless world
In today’s world, it’s accepted that employees can work from anywhere. You don’t need your workers in the next room to stay in constant contact. Companies that are early adopters of the impact demography could have on operations are well-positioned to adjust and succeed amid tomorrow’s workforce challenges. Finding new ways to access the resources you need will be essential, and leveraging offshore talent is a key strategy to create a competitive advantage in any industry.
