CFOs confirm plans to expand by tapping into global talent pool

Chief Financial Officers (CFOs) worldwide are optimistic about growth in 2021 and believe that their company’s success is tied to adopting global hiring models to meet their expansion plans, confirmed a new study. 

In fact, the majority of companies have indicated plans to hire from the ‘work from anywhere’ global talent pool to meet their expansion plans, according to a recent global survey by CFO Research and Globalization Partners. The research revealed that 81% of CFOs indicate that their company’s long-term growth strategy includes international expansion, either currently ongoing or in their future plans, by adopting a new global hiring approach. The report also uncovered changing perceptions about hiring and remote work because of their pandemic experiences.

GLOBAL HIRING APPROACH

In fact, 85% of CFOs are now prepared to tap into a more cost-effective global talent pool equipped with the appropriate skills, confirmed the report. When asked to describe their hiring strategy over the next 12 to 18 months, 42% say they want to attract new talent that is unbounded by the geographic restrictions of their company’s operating model. 

CFOs have also altered workforce management strategies this year, according to the research. Three-quarters of finance executives said that the pandemic fundamentally altered the way they think about hiring and workforce management; and 81% say it altered how they consider remote employees or the work-from-anywhere model. More specifically, three-quarters of the survey respondents anticipate operating remote or hybrid workforce models in the next 12 to 18 months. 

RECALIBRATING DIVERSE TALENT PLANS

In summary, CFOs are highly optimistic about global expansion plans in 2021. Around 93% of the surveyed executives predict that their companies will meet or exceed their 2021 goals; and a resounding 81% are planning expansions into new countries as part of their long-term growth strategies. 

“The data from the survey points to the fact that CFOs are now re-calibrating their talent plans in order to maximise the opportunity that global remote teams provide from a long-term business perspective, including cost efficiency and access to hard-to-find talent,” commented Nicole Sahin, CEO and Founder of Globalization Partners. “In addition, the hubs for highly skilled talent are shifting and currently half of the world’s college graduates come from top emerging countries, which means that companies that adopt this strategy now will be able to gain a competitive advantage in the future.” 

A global workforce also “provides better bottom-line results”, added Sahin. “Study after study points to the fact that employees who are part of a diverse culture are much happier and engaged.” 

This study confirms recent research findings carried out by The Conference Board, which revealed that more employers are now willing to consider hiring remote workers from across the global because qualified talent continues to be in short supply, as reported. Click here for more information about the CFOs See a Clear Pathway to Growth Through Global Expansion report.