Business leaders face substantial challenges and opportunities in the current global economic environment. Customer expectations for faster, better, cheaper goods and services are increasing at an accelerating pace, in no small part due to the creation of global markets and distribution systems.

And, more and better data and information have enabled precise segmentation and targeting of customers, suppliers and even the workforce.

The rapid development of these trends has created what might be called a global “arbitrage” of talent, where employees are much more likely than ever to (1) work for multiple employers and (2) live in different cities or countries than their employers (including this author!). The upside of these trends is that leaders now have unfettered access to a global market for talent. The downside is that their competitors have these same opportunities. In a highly competitive market, one of the last sources of competitive advantages is talent — and, by extension, the way in which talent is managed.