Identifying and retaining talent in emerging markets is of critical importance as organizations look to build and sustain business in these markets.
A shortage of skilled local workers and high-potential talent, along with increased competition from both domestic and international companies, pose serious risks to the ability of organizations to capitalize on growth opportunities.
We surveyed professionals in high-demand roles in the BRICs — Brazil, Russia, India and China — to identify targeted strategies for the attraction and retention of key talent.
According to the survey, five strategies have the greatest impact on talent attraction and retention:
- Accommodate different career goals across countries and professions.
- Build a differentiated employer brand by country and profession, internally and externally.
- Develop the behavioral styles of co-workers and leaders to enhance engagement.
- Craft work environments to match country preferences.
- Tailor compensation and benefits to individual and cultural differences.
The challenges facing businesses as they try to retain talent varies from industry to industry, and company to company. Organizations have become more sophisticated in their definition of what “talent” really means in their growth strategies, recognizing that, due to a number of factors, talent scarcity is a problem in a range of roles, including business management, engineering and IT.
If companies are to be more sophisticated in their approach to talent attraction and retention – beyond simply spending more money – they need to understand what professionals value from their employers, by country and by profession.