By Dilek Ayhan, the managing director of Alarga.

The Global Talent Risks Report 2011 published by the World Economic Forum addresses how industries and countries worldwide will require major increases of highly educated people in their workforces to sustain economic growth. Despite today’s high unemployment rates, the global talent risk is growing. The number of vacant positions will be increasing rapidly. Soon staggering talent gaps will appear in large parts of the world, threatening economic growth. Economies will struggle to remain competitive while organisations will compete for talent on an unprecedented scale. Now, human capital is replacing financial capital as the engine of economic prosperity.

More and more companies expand across borders and people consider international postings as a natural part of professional development. Beyond the positive effects that talent circulation brings to both developed and developing countries, the larger point is that mobility will persist in inclusive societies, enabling equal opportunities. Organisations and corporations that actively pursue multicultural work environments seldom have integration problems. They praise the multicultural workplace because that praise is very profitable.

Businesses will, to a much greater extent, compete for the right human capital assets to give them advantages in their market. Companies have an increasing need to develop more creative employer brands, talent acquisition strategies and retention plans. They will need to look into a broader spectrum of factors, other than just salary and security, to attract people into their business and to keep them there. Those who are entering the employment market are no longer looking for a “job for life”, nor are they necessarily motivated by pay alone. This places factors like corporate and social responsibility, flexible working hours, personal development and total reward much higher up on the agenda. Lifestyle attractions and factors relating to quality-of-place are also very important.

The public sector is less adaptable than the private sector in handling the demand for labour immigration, and if businesses are not able to recruit enough highly skilled international professionals, economic growth could stagnate.

Diversity as a business strategy

DnB is recognised as Norway’s most international bank, but many may still not be aware of its truly global perspective. With offices in Singapore, Shanghai and Mumbai, it has the East covered. New York, Houston, Rio de Janeiro and Santiago serve the Americas. It is currently in the process of assimilating DnB NORD, its former Baltic and Polish subsidiary—and these are only some of the highlights of its international representation. Though most of its activities are in Norway, with 2.3 million customers and over 200,000 corporate clients, DnB is currently ranked as the largest arranger of shipping loans in the world, and they have ridden the Norwegian energy boom to become a player in the international energy sector. DnB’s energy portfolio not only places them as leading Nordic energy bank, but also reflects a diversified and international strategy, with over 40 per cent exposure to global clients, and a fairly even distribution between oil and gas, offshore services, and power and renewables.

Through such efforts, management has recognised that DnB’s international footprint is more than just good business strategy. It also provides opportunities to draw on the total experience gained from activities abroad and the diversity that this brings to the company, and to embody this new learning in the corporate mentality.

To succeed in cultivating diversity, as with any policy, requires dedication and commitment. But DnB has seen its efforts pay off in the form of advantages and new opportunities that escape more homogenous organisations. Learning how to make the most of differences, and using diversity to create synergies that strengthen the business platform, are stated goals at DnB.

DnB recognises that embracing diversity is a responsibility as well as an opportunity.

Boosting business

Their commitment to Alarga can be seen as a clear strategic step towards increasing corporate appreciation of the complexity, demands, and the rewards of an intercultural workforce.

Alarga supports corporations in attracting, cultivating and retaining intercultural talent. Alarga’s mission is to boost the competitiveness of businesses by enhancing their intercultural capabilities. Every year Alarga presents a number of scholarships to outstanding young talent and match this talent with partner corporations. The scholars are the best and brightest in master degree programmes studying at top Norwegian universities. They hold multicultural competencies, including comprehensive knowledge of at least two cultures and a handful of languages.

Alarga taps into talent in new neighbourhoods. Statistics Norway tells us that 33 per cent of first generation Norwegians (children of immigrants) pursue a university education. This contrasts with 31 per cent for the whole population. The academic results for these groups are in most cases better than for the whole population.