Differentiating for Success: Securing top talent in the BRICs
If companies are to be more successful in their approach to recruiting and retaining talented employees in emerging markets they need to understand what professionals value from them as employers, by country and by profession.
A new IEMSjoint project with Ernst & Young “Differentiating for success: securing top talent in the BRICs,” launched today surveys 1,109 professionals in the BRICs – Brazil, Russia, India and China – and reveals the drivers of satisfaction, engagement and retention for each market.
Across the BRICs, the following drivers are outlined:
Brazil: Promote a high energy and socially oriented culture
Russia: Offer individuals career growth and positive work environment
India: Emphasize speedy promotions and corresponding salary increases
China: Demonstrate that you are a rapidly growing organization that caters to key talent
The authors say multinational companies have the best chance of recruiting top talent when they adapt their strategy to fit with cultural preferences. According to Bill Leisy, Global Talent and Reward Leader in EY’s Human Capital division,“Multinational companies need to avoid a one-size-fits-all approach. Each market presents different challenges. Understanding cultural differences and professional preferences will position an organization to develop an employer brand that not only attracts the best people in the first place but also implement a strategy to engage and retain them.”
The authors conclude: “Potential employees are attracted to one organization over another for different reasons, but they stay in an organization for one key reason: the ability of the employer to develop and enhance their careers through effective leadership development, performance management, learning and development, mobility and succession planning. How well organizations execute their talent strategy will determine how quickly they establish competitive advantage and experience fast growth in emerging markets.”
The most significant difference across professional groups surveyed (engineers, IT and business) is around the preference for benefits packages, with business and IT professionals having a higher preference than engineers for flexible work arrangements. Business professionals are also significantly more interested in quick promotions than those in IT and engineering and are more attracted to firms that believe they are industry leaders.