Harvard Business Review recently published the result and analysis of an eight-month research project that involved interviewing dozens of executives and collecting data from more than 20 global companies to study the war for talent recruitment and retention. Leading business thinkers Douglas Ready, Linda Hill and Jay Conger spill it off on an article titled "Winning the Race for Talent in Emerging Markets."
This new research shows that attracting and retaining the best talents/employees in the emerging markets involves four elements: brand, opportunity, purpose and culture.
A strong lure of brand attracts talents because a desirable affiliation and a reputation for excellence may lead to personal advancement. On the same hand, they view opportunity as either an accelerated career track to senior position or a lateral move which matches their skills and experience with the growth in the markets. Challenging work, continual training and development, and competitive pay are also part of the pot of opportunity that they seek. They are likewise attracted to companies "where they can be part of redefining their nation and the world economy," the study further reveals. They wanted to be part of a company which has a strong guiding purpose. And lastly, a company's culture --meritocracy and transparency, plus a follow-through on promises made upon hiring --completes the package that attracts and retains these high-potential employees.
A thorough analysis of the study done suggests that these four elements can be united under two guiding principles: promises made and promises kept. "Promises made" are the combination of brand, opportunity and purpose while "promises kept" are the employees' day to day experiences within an organization's culture. Though employees don't necessarily value the same thing, both principles definitely affect any quest for talent.
Most companies continue to believe that a big salary and a name brand will suffice to meet the talent's needs, but a local company that creates genuine opportunities and exhibits desirable cultural conditions will often win out over a Western multinational that offers bigger paycheck, the study divulges.
Many of the companies included in the study have experienced extraordinary attrition rate. It can be attributed to the fact that in a competitive market the tendency is for companies to "over-promise" just to get people in the door. However, failure to deliver the promises sparks the quest for other companies that offer greater rewards.
Andrea Mendoza is a virtual assistant of http://www.peppervirtualassistant.com helping select business decision makers in cutting-edge technologies and software development companies.
