Globalization and the fluctuating economy are changing the way businesses acquire permanent and temporary workers. Companies are encouraging their human resources administration to shift from a competition for talent to internal development strategies.

The move away from the "war for talent" to a focus on strengths within was one of the main topics at the Future of HR Summit in Brussels earlier this summer. According to Executive Networks, which co-produced the summit, companies that turn their gaze to developing current employees' skills and abilities are creating "sustainable bench strength."

Furthermore, the summit elicited conversations about the importance of engaging locally – whether that means respecting cultural norms or understanding the political and economic situation of a given community.

"Competencies and skills are still important, but all our experts agree that there's a global shift in developing talent through deep personal and organizational experiences that build a truly global mindset and a strong internal leadership IQ for handling challenges in a volatile and uncertain business world," said Walt Cleaver, co-producer of the Future of HR Summit.

In many ways, internal hiring and promotions can be more beneficial to any given business, as the individual already has a deep knowledge and loyalty to his or her employer.

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