Talent shortages are a huge headache for organizations, and specifically HR teams, globally.
To solve this problem, HR leaders are thinking outside of the box – and one approach they are considering is expanding into new geographies and markets.
According to a new survey of 500 HR leaders in the UK, the UAE, Singapore, Australia and the US by Atlas, 87% of HR leaders are considering expanding into new markets in the next 12 months, and 82% are doing so because it could help resolve their talent shortages.
This solution is particularly popular in Singapore (90%) and the UAE (83%).
However, “despite the high appetite to enter new markets, expanding is a financial and compliance risk”, Chelsey Griggs, chief strategy officer at Atlas, tells UNLEASH.
63% of HR leaders told Atlas that they struggle to keep track of changing regulations across multiple jurisdictions – this rises to 69% for the US and 72% for Singapore.
In addition, three in five found it challenged to ensure compliance with local regulations – the situation is particularly acute in Australia, Singapore and the UAE.
The compliance challenges are further complicated by HR teams not reviewing and updating their policies regularly (59%), and a quarter rarely or never seek legal advice on compliance.
Tech as a hiring solution
In light of these risks, many companies are turning to HR tech solutions. 89% of companies are planning to increase their HR tech investment over the next 12 months (this rises to 93% in the US).
54% of HR leaders are planning to specifically use HR tech for hiring and compliance – with 47% focused on automation and 41% looking to streamline in the next year.
In thinking about technology, the biggest challenge organizations are facing is around finding the right tech fit (58%).
Compliance and security needs to be top of mind when HR leaders are talking to vendors, but culture-fit is also a crucial consideration.
There’s no time to waste with international hiring and finding the right vendor partners.
Griggs concludes: “Organizations that are nimble enough to adapt to the changing landscape will be the ones that will benefit the most in the next decade.”
HR tech and UNLEASH World
HR tech is UNLEASH’s bread and butter. Tech, AI and automation will dominate the conversation at UNLEASH World 2023.
It’s not too late to grab your ticket, and hear how YOU can leverage AI to your organization’s advantage from industry stalwarts like Josh Bersin and Ubisoft’s Anika Grant!
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