Insights
KEY CHALLENGES IN MULTIJURISDICTIONAL RECRUITMENT IN 2024
Victus Search, Multi-jurisdictional Recruitment Partner for Financial Services
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Insights
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As businesses expand their operations across borders, the ability to source, attract, and onboard talent from multiple jurisdictions becomes crucial. But without deep local knowledge and a well-developed network, this presents significant challenges to employers and hiring managers.
At many of the institutional and private client firms we work with, their in-house expertise is highly focused on the markets or jurisdictions in which they operate. When looking to onboard talent in new locations, either as part of a planned expansion, to service a specific client need, or to add key expertise or skills to their roster, navigating a new recruitment landscape can be daunting.
From the practicalities of recruitment and employment to broader legal and regulatory questions, retaining the services of specialised professionals like Victus Search can help ensure success in the search for exceptional global talent.
Identifying and attracting top talent in target jurisdictions requires a nuanced approach. It involves understanding the unique professional landscapes of each region, as well as crafting compelling offers that resonate with candidates.
This process is not simply about filling a vacancy but about building bridges between talent and opportunity — ensuring alignment with the employer’s vision and values. Working with a specialist recruitment partner who takes the time to understand your desired candidate profile in detail and can draw on a global network of talent to make a precise match is key to success.
The legal and regulatory frameworks governing employment vary significantly between jurisdictions — from employment law to visa requirements and restrictions. Equally, for many professional services roles, employers need to ensure that candidates themselves are qualified to operate in the jurisdictions in question — and may not have detailed knowledge of the specific requirements in-house. Informed guidance is vital in ensuring that candidates have the right mix of knowledge, qualifications and soft skills and that contracts and benefits packages are correctly designed for the intended location.
The impact of cultural differences on recruitment, team integration, and management cannot be overstated. To build a cohesive and effective workforce, recognising and bridging cultural gaps is paramount — optimising team dynamics and increasing the organisation’s ability to innovate and adapt.
Working with a recruitment partner who can help navigate cultural differences and varying expectations in order to streamline the onboarding process can help employers realise the inherent value that a multicultural and diverse team brings.
Compensation expectations and structures vary widely across jurisdictions, posing a challenge in designing benefits packages that are both competitive and equitable. In our experience, finding the right balance requires a deep understanding of local market standards and the flexibility to tailor packages that appeal to candidates while maintaining internal fairness — ensuring that you can attract and retain the best talent while remaining profitable.
Recently, Victus Search embarked on a challenging recruitment project for a client launching a new business in the Cayman Islands, who expressed a strong preference towards building a team of professionals from Jersey.
The client’s focus on Jersey was based on two factors — a requirement for their team to have a deep knowledge of both Jersey and multijurisdictional structures and their appreciation of the rigorous training that professionals working in Jersey undergo — due to its highly respected regulatory processes. In response to these specific needs, our initial strategy involved searching within the Cayman Islands for suitable candidates with previous experience in Jersey.
However, facing limited local options, we then expanded our search by leveraging our professional network to identify candidates in Jersey who might be willing to relocate to the Cayman Islands. At the same time, we targeted global professionals with extensive experience in Jersey — and the necessary expertise for our client’s business. Our comprehensive approach also included a meticulous process to confirm that candidates were interested in long-term commitments rather than temporary positions.
With such stringent criteria, the recruitment process spanned 6-8 months, a testament to our dedication and persistence — in contrast to a non-specialist recruitment firm’s approach, which might abandon such a challenging search after a few weeks.
Our specialised knowledge and extensive network allowed us to work proactively on the client’s behalf, so while the process was necessarily longer than a more straightforward search, the input required from our client was minimal. This allowed them to focus on other aspects of establishing the new business while Victus Search worked in the background to successfully secure the required talent.
The complexity of multijurisdictional recruitment underscores the importance of partnering with a recruitment firm that is not only proactive but also deeply informed and globally well-connected. Victus Search stands out as an ideal partner on all three counts, offering a blend of trust, experience, and an extensive network to help our clients navigate the intricacies of global talent acquisition. If you’re looking to recruit within a new jurisdiction and would benefit from market-specific knowledge and support, feel free to get in touch to discuss your options.
Whether you’re looking to fill a specialist role, or seeking the right position to deploy your unique skills and experience, the first step is to get in touch with one of our expert consultants.
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