Global talent crunch

The global talent shortage is expected to reach 85.2 million by 2030. This talent crunch means that companies will have to work ever harder to ensure that they are the employer of choice among the top people in their industry and global region. 

With figures suggesting that up to 800 million professionals around the world may be actively looking for work abroad, the race is on for employers to attract and retain the best talent on a worldwide basis, and offering the right benefits will be crucial.

Sarah Dennis, Head of International at Towergate Employee Benefits, says: “Finding and securing the top levels of expertise and experience from around the world is becoming harder than ever. Our advice is that specialist global talent requires specialist global support. Employee benefits are the key, and companies that offer the most appropriate health and wellbeing support are the ones that are most likely to succeed in the recruitment and, vitally, retention of the best people.”

Salary alone is not enough

Luxembourg offers the highest average monthly salaries of employees worldwide. With many other European countries at the top of the list, along with the United States, the Bahamas and Canada, and the UK not even featuring in the top 20, employers here have a great deal to consider. However, Towergate Employee Benefits’ experience shows that what attracts and retains talent globally is far more than salary alone.

Indeed, figures from the US show that 42% of employees are considering leaving their current jobs because their employee benefits packages are inadequate, and 55% have previously left jobs because they were offered better benefits or perks elsewhere. Furthermore, 66% of employees said that strong benefits packages and perks are the largest determining factors when accepting a job offer, and 61% said they would be willing to accept a lower salary if it meant working for a company that had a great benefits package.

Towergate Employee Benefits’ own research among employers with overseas employees backs this up, with 41% saying that the way they support their staff is a key reason people choose to work for them.

Statutory and supplementary

Whilst employers may be aware that the benefits they offer are fundamental in securing the top talent, they must make sure that they offer the right benefits, and this includes not over- or under-compensating.

For example, in some countries, such as Canada, the statutory benefits include basic medical care and standard hospital care, but employees may expect supplementary benefits such as life cover and long-term disability benefits.

In other countries the regulatory provision may be considerably higher, with employers not expected to offer much more; and employers need to keep on top of this.

It’s also vital that employers keep on top of global trends regarding what is popular, and this will differ by location. In addition, different sectors and generations will have different demands: some will also expect all their benefits to be accessible via tech, and this will need to be accommodated to achieve engagement.

Sarah says: “Employers looking at their global benefits spend for 2025 need to make sure that they not only provide the right basics, but also that they offer the most appropriate additional benefits, and that those benefits also support the business, in terms of recruitment, retention, employee loyalty as well as wellbeing.”

Barriers to benefits

The majority of employers will not be resourced to deliver market-specific health and wellbeing programmes, which require in-country expertise. With global talent prioritising health and wellbeing support, employers need to do the same, and most companies will need specialist advice to get the best from their benefits. In 2025, this is the commitment companies should be making in order to beat the talent crunch and to ensure that the very best people choose their company for the long term.

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