In last decades companies provides attractive salary to talented people, so it’s become more arduous for employers to retain employees. They are trying to retain employees by providing training on various skill sets as well giving high rise on salary.
Most MNEs are now concentrating in new markets like BRIC (Brazil, Russia, India and China) that growing tremendously since last few years. These market and other developing nations have huge potentials in future for most MNEs.
The four key factors attributes to the recruitment and retention of people in the emerging markets includes brand, purpose, opportunity and culture.
I personally believe that talent management and leadership development are more important for companies in competitive world. This article also focuses on demand and supply of the talent in country.
Four key factors like,
- Brand associated with inspiration leadership,
- Opportunity for personal growth for the employees with training and development,
- Purpose of the company and
- Culture in the different markets.
All of the four factors are most important for many companies to succeed.
The two guiding principles like promises made with the help of brand, purpose and opportunity of company for the employees and promises kept by providing them culture is more relevant for company’s success. Only higher salary and brand won’t work all the time but cultures are relatively more important in emerging markets to get success. Lenovo is a good example that enough to understand the strong bond of brand, opportunity and purpose. Excellent brand with inspirational leadership of Lenovo, the purpose of company by acquiring IBM and the career path for the employees define the importance of three factors for company. Also the culture is relatively important for the company in emerging markets. The HCL technology provides the importance of meritocracy and transparency between employees and management in the company. Also TCS Ibero America, a group of Tata consultancy service that provides services in Latin America, Spain and Portugal is a good combination of brand and opportunity provides by the company to their worker. Now Tata stand for excellence in technology same like Wal-Mart stand for always low price.
The attrition rates in almost every company are very high and one of the reasons besides that might be the culture of the company. So now we take a look on culture importance for the success of company to retain the employees and perform better in emerging markets. SCB’s culture of meritocracy to nurture the career of employees retains the employees in the company. Example of HCL is also enough to understand the importance of culture by providing transparency between management and employees. Leadership development is another aspect of culture that is importance for the retention of employees in the company. So the company winning the race in talent markets is not only using brand, purpose and opportunity to attract people but investing hugely in the career planning and professional development of employees.
Company should use both the guiding principles: promises made and promises kept to success in the emerging markets. Also company should use the leadership development or career map for the new younger employees to reduce attrition rates and retain the employees. Company should not use domestic talent strategy in the emerging markets but they should develop the talent of people who can lead diverse teams in various settings.