Many companies find the strong economies and rising incomes of emerging markets attractive. But they soon learn that it can be difficult to find and retain the right people. As multinational companies pursue their localization strategies and local challengers continue their ambitious expansion, talent often becomes a critical issue.
Companies competing in emerging markets, whether they are multinational or locally based, will need to raise their investment in talent management. They must treat human capital with the same rigor as a capital asset investment to overcome some common challenges. It’s especially important to have top executives on the ground to oversee operations.
Even when companies have stronger global mobility, regardless of market, they still face several obstacles in the area of talent acquisition.
To compete and succeed in emerging markets, businesses have to out-recruit the competition for the required workforce resources. Leaders in emerging markets are very good at:
Sanofi’s David Ford on Talent Challenges in Emerging Markets