Global Workforce Strategy: Key Insights for Business Growth

The onset of the pandemic has left an indelible impact that is felt in recent economic times: organisations have navigated external challenges such as sustained inflation, rising interest rates, a historically tight labour market and fundamental changes to workplace arrangements.

Persistent macroeconomic headwinds that are consistent with an ongoing war for talent, has created a dynamic tension for many companies. Leaders are split between two focal points: on one hand, cost-control measures are important to preserve operating margins and endure through the period of dynamic economic changes, and on the other, there are the vital capabilities required to deliver their business strategy that need to be protected.

Costs, talent and growth are perched on a delicate balance for many global organisations today - placing an overbearing emphasis on either one may tip the balance unfavourably; thereby creating a need for a strategic workforce strategy plan to cater to all three equally as much as possible.

Cost Management Is One-Half of the Priorities for Growth

A new buzzword seems to appear in today’s business handbook: Cost Management.

It comes as no surprise as lingering uncertainties, the need to reshape operations for the future and disruptive technologies such as generative AI became contributors that motivates leaders across the globe to prioritise cost management.

Many C-suite leaders strategically prioritise growth and expansion after costs, and different organisations accomplish that in different ways regionally. Organisations in Asia, for instance, aimed for business growth by increasing product lines - and most companies that are attracted to Southeast Asia’s status as a vibrant market and manufacturing hub have helped spurred geographic expansion in some ways.
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While controlling costs to achieve growth is significant to remain relevant in the competitive global market, it should not be thought of as the only remedy for businesses in the event of market slowdown or other economic changes. Optimising costs can, however, be utilised as a lever to boost efficiency and effectiveness within an organisation - and this can have a vital impact on the organisation’s growth strategy.

Talent Makes Up the Other Half for Successful Growth Strategy

In a taut tightrope of labour market today, many organisations face shorter supply of talent for longer than expected, mainly due to these reasons:⁴

• Employers are not able to find the workers that they seek.
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  As an example, the U.S. alone has approximately 3 million more new job openings in 2023, whereby digital talent, healthcare, and skilled blue-collar workers are scarce in which demand continues to outstrip supply.
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• Employees are willing to quit their jobs.
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  Regardless of the economic landscape, many people are still willing to leave their jobs for greener pastures.
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• Industry churn and post-pandemic corrections have continued to cause ripple effects.
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  Not only are employees more willing to leave their positions, but 48% of them are also moving to different industries.

With such alarming news on the scarce talent supply today in addition to cost-cutting pressures, it becomes much more imperative to have a strategic workforce strategy blueprint so as to achieve business growth amidst navigating the economic complex nowadays.
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How Global Workforce Strategy Can Help Businesses for Growth: Key Insights

Here are a few snippets of a strategic workforce planning framework:

1: Assess and Analyse Current Workforce

• Define your organisation’s challenge by identifying areas for improvement.
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• Collect data for thorough analysis.
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• Identify an actionable course to address gaps.

2: Define Your Goals and Objectives

• Define clear and specific goals that align with your organisation’s mission and vision.
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• Create SMART objectives.
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• Prioritise each goal based on importance.

3: Tailor a Strategy to Optimise Costs, Acquire Talent and Achieve Business Goals

• Consider hiring global talent.
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• Leverage on outsourcing companies.
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• Embrace modern technology to automate repetitive tasks or processes.
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‍Contact us to discover how the Employer of Record solution can streamline your employee benefits management and support your growth in Asia Pacific.