International demand for corporate executives rises
As business becomes more globalized and emerging markets offer greater opportunities to multinational corporations, the need for culturally-sensitive and highly-skilled executives has grown. This has resulted in greater competition among international corporations for capable executives to serve in several capacities and actively participate in global relocation programs.
According to a recent Economic Times analysis, multinational companies are seeking out a new type of executive: younger, globally-minded and mobile. In addition, many are seeking out individuals who were educated at international institutions, as companies feel they typically have a stronger grasp of how the global marketplace functions and may be more sensitive to cultural idiosyncrasies.
Changes in executive recruiting tools
As a result of new market challenges, many companies are shifting their paradigms when it comes to how they recruit and deploy new executives. The Economic Times identified three changes to attracting new talent. First, it noted that more companies are now seeking out top management from a broader geographical area and putting their most skilled individuals in positions of power, regardless of nationality, to maximize potential talent. This is primarily because attracting people from different countries allows corporations to benefit from several different ways of thinking and ideas.
Second, the analysis revealed that multinationals are utilizing local talent and deploying them to local markets to manage and grow business. This is namely because it gives companies a competitive advantage, as local talent may be better equipped to overcome cultural and language barriers that can hinder expansion.
Finally, executives are expected to bring either a unique set of talents to a position or demonstrate a high level of cultural competence to be successful in a global position.
"You must have a solid track record of performance in your established role, because once you become an expatriate the expectations of you are so much higher," Unilever human resources vice president Assaf AlQuraishi told the Economic Times.
Finding the right recruit
Companies seeking out global executives should take their particular needs into account before choosing. While experience is important, companies may benefit on a broader level from hiring a worker who is culturally competent and flexible, as this person may meet a corporation's needs regardless of where he or she is relocated. Further, the analysis cites intellectual curiosity as another crucial skill which may help carry transferees through several assignments.