A company’s greatest asset is its workforce. Even with a solid business strategy or financial plan in place, you still need the proper talent to execute. However, attracting and keeping the best workers can be a challenge, especially as your home country’s economy continues to grow.
There are some relatively unknown markets with strong talent pools from which employers can draw. Here are seven global markets that businesses can tap into to find top talent.
Top Markets to Find Global Talent
What makes a market desirable when considering top talent? North America and Western European nations are consistently noted as top markets for finding talented workers with top skills. According to the World Economic Forum, eight of the top ten talent-producing countries are in Western Europe or North America. The report, Global Human Capital Report 2017, ranks countries with four indices explained on this page:
- Capacity: Existing stock of workers
- Know-how: Breadth and depth of specialized skills used at work
- Development: Educational efforts in schools and at work
- Deployment: Skills accumulation through work
The western nations that rate high on this index also tend to have low unemployment rates and a high cost of living. This can make it difficult and expensive to hire great workers. The markets below are some of the lesser known places in the world where you can find great talent.
Slovenia is one of two countries ranked in the top ten in their Global Human Capital Report 2017 that are not in Western Europe and North America. Ranked ninth in the world out of 130 countries, Slovenia is developing strong talent for the global economy.
The country is aggressively developing its economy with two programs that are creating highly-skilled workers: The Research and Innovation Strategy of Slovenia 2011-20 (RISS) and the National Higher Education Program 2011-20 (NHEP).
Since the collapse of the Soviet Union, Poland has grown into a strong economy with a cultural focus on strong businesses in shared services, business process outsourcing, finance, and accounting. Poland has a strong education system, and its workforce of 17.8 million people has a 99.8% literacy rate.
Despite this great talent development system, Poland’s unemployment rate is at 6.6% as of December 2017. This disparity between developed talent and employment means that workers are looking for better opportunities, making Poland a opportunistic market for talent.
Third on this list of former Soviet bloc states, Estonia has rapidly developed in the decades following its independence. Ranked number twelve in the Global Human Capital Report 2017, this country has strong potential for producing great talent. Like Slovenia, Estonia ranks especially high in its capacity score, number 10 in the world.
The OECD notes that several of Estonia’s strengths including strong educational achievement, robust financial sector, and an innovative ICT sector making its workers highly desirable for employers around the world.
Singapore’s economy is a great success story, as it has grown into a country with the fifth-largest per capita of GDP at $87,000. The unemployment rate remains low at 2.1% at the end of 2017. Singapore focuses specifically on high-tech sectors, and the city-state tries to cultivate entrepreneurs to emulate Silicon Valley.
Along with Slovenia, New Zealand is one of the two nations in the top ten of Global Human Capital Report 2017 not in Western Europe or North America. The OECD notes that New Zealand’s economy has been rapidly shifting toward high-skilled work. While workers are highly-skilled, the skills they have do not always match up with opportunities at home. This is allows for employers to find good workers in-country.
Israel ranks high in the world in the development, 21st, and know-how, 8th, indices, meaning that their workers are highly skilled and the educational system continues to produce a well-educated labor force.
Israel is an island of highly-skilled labor in the Middle East. It is the only Middle Eastern nation to make it into the top 20 of the World Economic Forum’s index, making it a hot spot to find skilled workers who are familiar with this region.
Seamlessly Expand into a New Market
Partnering with a global expansion partner can help mitigate the risks and challenges associated with entering new markets. An Employer of Record (also known as International PEO) is an agile solution that helps your organization navigate the complexities associated with payroll, benefits, withholdings, and taxes through an established infrastructure, allowing you to avoid a costly foreign entity when you’re first entering the marketplace. To learn more about using an Employer of Record, get in touch with us today.