Global elections 2024: What the outcomes mean for recruitment

This year, the world witnessed a series of elections with sweeping implications. From January’s general election in Taiwan to the US presidential race this week, countries home to nearly half of the global population went to the polls. The outcomes are shaping policies on trade, energy, and defense, sending ripples across the global economy and providing a clearer landscape for businesses that have waited on the sidelines, watching and preparing for what’s next.

Now, with Donald Trump announced as the new US president, companies worldwide have enough information to start laying down actionable business plans. While uncertainty lingered around how global policies might shift, the results of these elections help businesses recalibrate. With the stakes high on economic stability, many firms can now commit to longer-term strategies that take into account shifts in trade, regulation, and spending trends.

Heightened economic strain

These elections come at a time of heightened economic strain and geopolitical volatility. Conflicts in the Middle East, the ongoing war in Ukraine, and escalating trade tensions between the US and China highlight a world in flux. For businesses, this period calls for resilience and foresight. With each new leader and policy direction, firms must consider the impact on supply chains, regulatory landscapes, and workforce dynamics, particularly as worker shortages remain a challenge in many developed economies.

Moreover, many countries face cost-of-living crises that have become central issues in their elections. Leaders worldwide are balancing support for struggling households with maintaining fiscal health, creating new uncertainties for companies as policies on subsidies, taxes, and trade evolve. In South Africa and India, for example, concerns over inflation influenced voter preferences and led to shifts in political support. Meanwhile, US voters expressed frustration over stagnant wages and high costs, highlighting the challenge for policymakers in reconciling positive economic indicators with the everyday experiences of citizens.

Recruitment and talent strategy

These political shifts also bear significant implications for recruitment and talent strategy across industries. As new policies on immigration, worker rights, and training programmes emerge, businesses will need to adapt their recruitment strategies accordingly.

For example, tighter immigration policies in the US or Europe could limit the talent pool in these regions, increasing competition for skilled professionals in high-demand sectors like technology, healthcare, and engineering. This may encourage businesses to look beyond traditional hiring markets or to increase investment in upskilling current employees to fill skill gaps.

Additionally, worker shortages remain a pressing challenge, particularly in developed economies. With many countries experiencing an aging workforce, businesses may need to focus more on attracting young talent and ensuring flexible, supportive work environments that appeal to the younger generations. Policies introduced to address cost-of-living issues may affect wage expectations, pushing companies to review compensation packages to stay competitive. Companies in sectors like hospitality, healthcare, and logistics, where workforce demand is particularly high, will likely feel this impact keenly.

Several elections this year also highlighted concerns about the resilience of democracy. In some regions, political discourse has grown deeply polarised, and disinformation has affected public perception and trust. Elections in countries like Bangladesh and Russia were marred by accusations of voter manipulation, sparking questions about the integrity of democratic processes.

Risk assessments

These factors directly affect business climates, especially in markets where policy instability risks becoming entrenched. In these contexts, firms may need to increase their investment in local compliance and risk assessment while aligning strategies with the rapidly evolving political landscape.

Environmental concerns have been central to many of this year’s elections, yet economic pressures mean climate policies have sometimes taken a back seat. Europe’s elections saw intense debates over climate action, with parties divided on how to balance green policies with economic concerns. The U.S. election could alter climate policy significantly, with Trump’s proposed policies favouring fossil fuels over green energy investments. For companies invested in renewable energy or committed to net-zero targets, these political shifts warrant careful planning and potential strategy pivots.

The “race for oil” is likely to intensify under a Trump presidency, which could strain climate agreements and lead to further divides in international policy. Yet, as the business case for sustainability grows stronger, companies will need to weigh these political winds against the enduring pressure from consumers and investors to maintain green commitments.

Clear view of 2025

With the US election now concluded, companies finally have a clearer view of the global economic landscape for 2025 and beyond. Informed by a year of pivotal elections, business leaders can now align strategies to navigate these fresh realities. As markets respond to new fiscal policies, trade regulations, and regional partnerships, it’s an ideal time for companies to solidify their approaches and mitigate risks that might emerge from the shifting global order.

For recruitment leaders, this means crafting adaptable strategies that align with changing immigration laws, local workforce demands, and the evolving expectations of today’s job seekers. As policies stabilise and economic conditions settle, it’s the perfect time to review recruitment processes, refine talent acquisition efforts, and ensure that workforce planning is resilient and prepared for whatever comes next.