The market for international science and tech talent has become much more interesting due to recent political shifts in North America. Of 1,600 scientists who responded to a Nature poll earlier this year, 75% said they were looking for jobs in Canada or Europe.
That’s a challenge for US-based labs and startups, of course, but a tremendous opportunity for their counterparts on this side of the pond. Industry experts advise enterprises to get up to speed quickly on the “new normal” and do their best to compete for talent.
“The global talent environment is incredibly dynamic at the moment,” said Yaron Valler, cofounder of European venture capital firm Target Global. “Companies seeking an edge must move quickly to take advantage.”
Here’s what Valler and other tech pros say UK and European startups need to do now.
Build Bridges to North American Research Institutions
This is your opportunity to entice some of the 75% of US scientists considering employment abroad.
Uprooting one’s life is difficult, of course, and the North American institutions these talented people are currently associated with will do their best to retain them. You may have more success attracting recent graduates who have fewer ties to particular institutions or locations and may be more willing to try something new in another part of the world.
Adopt an “Always Hiring” Policy
Regardless of the industry, adopting an “always hiring” policy is smart business. This is especially important if you wish to attract workers under 30, who have proven themselves much more willing to move quickly from role to role. These people are, quite literally, your company’s future.
“83% of Generation Z identify as job hoppers, yet the long-term success of your team lies in managing, training and retaining them,” says BMS Performance.
Likewise, don’t make the perfect the enemy of the good. Hire high-quality candidates even as you keep the door open for someone even better.
Offer Internationally Competitive Pay and Benefits
One of the challenges UK and European tech companies (in particular) face in attracting talent is the fact that market compensation is much higher in North America and the Middle East. For example, a software engineer in the US makes about 100% more than a comparable engineer in Sweden, all else being equal.
That’s a big difference, even for a candidate motivated to leave. If you wish to remain globally competitive, you may need to dig deeper into your company’s coffers.
Interface With Local Civic Leaders
This is a critical strategy for enterprises based in secondary and tertiary UK and European cities. These places lack the “pull” of a London, Paris or Milan despite being lovely places to live and work (and having lower living costs overall). Public-private partnerships can help raise their profile and appeal to people who might not have considered relocating.
Raise Capital Abroad (And Include Talent in Your Raises)
We recently saw how this could be done with the blockbuster investment by Meta in Scale, the AI company. That deal included critical corporate talent; Meta more or less “bought” Scale’s leader. Look for opportunities to make similar moves during your next fundraising round.
Competition Is the Name of the Game
The international competition for top tech talent is not exactly zero-sum. Seasoned entrepreneurs know that an “abundance mindset,” which sees innovation as an engine that creates new opportunities and begets new ideas, is crucial to the success of the industry as a whole.
It’s also true that the supply of tech talent is finite. If your enterprise is to meet its growth targets for next year, let alone three years hence, it has no time to waste in staffing up.
