With just less than two weeks to go before the 2024 Election Day, the impact of the election and its potential results is stirring anxiety amongst eagle-eyed business leaders and is a hot topic in many workplaces.
Dubbed the “election effect” in a recent GP (Globalization Partners) report, their study found that the election results will dramatically impact the business strategy for 57% of international executives in the upcoming year. Of the 1,600 business leaders surveyed by GP, approximately nine in 10 “anticipate the 2024 elections will have an unprecedented influence on global business,” the report states.
This is not limited to global business leaders based in the U.S. The survey covered senior leadership in the UK, Australia, and Germany and found that the U.S. elections are uppermost in their minds and may sway their decision to operate in certain markets.
Beyond this, the U.S. elections are also influencing employers’ decisions to hire remotely from multiple countries outside the United States.
Per Jae Gardner, director of operations at recruitment platform Redrob, global and remote hiring can be expected for business expansion regardless of which candidate wins.
“We’ll soon see even more companies turn to the global hiring pool as an ideal solution to meet their needs,” he explains. “There is always unease during election season, with businesses aiming to keep costs low and possible candidates less inclined to leave their job for the unknown of something new. A win-win for those who need to hire will be to turn toward the talent that exists outside of the US. They’re cheaper, less affected by the current US election anxiety, and even perhaps a better fit for the role,” Gardner said, before predicting: “A virtual and globalized talent arms race is coming.”
Raw research data from Redrob found that more than one-third (36 percent) of companies say they are willing to hire fully remote workers anywhere in the U.S. (26 percent) or abroad (the remaining 10 percent). Hiring intentions for remote jobs appear to be higher in the United States, followed by the APAC, LATAM, and EMEA regions.
This “election effect” is most likely the result of concerns related to how each election candidate (Vice President Kamala Harris and former President Donald Trump) will handle business-critical matters such as regulations and taxes, as well as employers’ keenness to hire the best talent to enable them to succeed in their markets.
How Is The 2024 Election Impacting Job-Seekers?
Due to the economic and political uncertainty, instability, and crises facing Americans, it is understandable that many are turning to working options such as traveling and working abroad as a digital nomad, working remotely in a work-from-anywhere arrangement with a U.S. based employer, or seeking work outside of the United States altogether. This was confirmed by a highly insightful New York Times poll of 2,000 Americans, a large percentage of whom confirmed they would move abroad if their candidate loses the election.
Additionally, Ladders research highlights that this past quarter (Q3 2024), remote job opportunities have made a comeback, reaching more than 10% of high-paying job postings in the same quarter that VP Kamala Harris was announced as the Democratic nominee and the race to the presidency restarted. During the same period, high-paying hybrid job opportunities increased by more than 50%. (Ladders defines high-paying jobs as roles that make $100,000 or more a year.)
This is positive news for most professionals who prefer remote working arrangements and flexibility, as it signals an upward curve in employers’ willingness to offer remote job options despite the widely disputed RTO mandates that have been attracting attention over the past few months.
High-paying remote and hybrid job availability has made a comeback, in the same quarter that VP … [+]
Whether this remote work trend will continue to climb and be supported by employers remains to be seen in the aftermath of the 2024 election results.
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