How can you attract and retain international talent through compensation and benefits?

The strategy to hire and retain any talent varies from region to region however, there are certain points to keep in mind throughout the time. Develop cross-cultural skills to interact with colleagues effectively around the world. Focus on EVP that any employee receives in exchange of their talent. EVP is all about establishing your company’s identity. Make sure the identity it creates in market is attractive enough to implement pull marketing strategy. The foremost point is to understand your global talent acquisition. It is important to create a well-rounded recruitment plan since it will help organizations to be identify skills and qualifications that are needed for various roles within the organization.

Just be fair. Demonstrate fairness with internal markets and external at all levels and across all geographies. Then communicate communicate communicate.

I would always start with thorough market research to understand what competitive compensation packages are being offered by other organizations globally, especially those in my specific industry. This includes not just salary, but also benefits, bonuses, and other forms of compensation. I also consider the cultural, economic, and legal differences in the countries from where my international talent comes from. This is important because benefits that are highly valued in one country may not be as important in another. So tailoring the Comp&Ben packages to fit these cultural nuances is key.

The most strategic way to attract and retain international talent is to offer competitive localized compensation and benefits tailored to cultural needs. This illustrates a genuine commitment to inclusion and care beyond market parity. When relocation support and rewards reflect respect for the whole person, companies signal an ethos that diminishes any location's disadvantages. Lead with culture, not just compensation.

I know for a fact that international employees often value a comprehensive benefits package that goes beyond salary. This can include health insurance, retirement plans, relocation assistance, housing allowances, and education benefits for their children. Offering flexible working arrangements is also a valuable addition to the package these days. This might include options for remote work, flexible hours, or sabbaticals.

Depending on the life goals of the employee, an incentive to offer relocation and sponsorship in the US after some given period of time could be of interest.

Tailoring your offer is crucial for meeting individual needs and preferences. Customized compensation packages, benefits, and work arrangements to align with candidates' priorities. Consider flexible schedules, professional development opportunities, or unique perks. Understanding candidates' motivations allows you to create personalized offers that not only attract top talent but also demonstrate a commitment to meeting their specific expectations and enhancing overall job satisfaction.

Clear and transparent communication is fundamental for fostering understanding and trust. Clearly convey expectations, provide regular updates, and address concerns promptly. Whether in team interactions, project updates, or organizational changes, transparency builds a culture of openness. By sharing information openly and honestly, you create an environment where individuals feel informed, valued, and confident in their roles and contributions.

Maximize your capabilities by leveraging both technology and expertise. Invest in advanced tools and platforms that enhance efficiency and productivity. Pair technological solutions with the knowledge and skills of your team to optimize outcomes. This synergy not only streamlines processes but also ensures a dynamic and competitive edge in a rapidly evolving landscape, fostering innovation and sustainable success.

Consider if there are incentives that others offer locally that may not be part of a traditional offering in your home country. Also, if you're creating a custom offer for a hire that is an outlier - ask them what they value and would like instead of guessing.