Winning the Race for Talent in Emerging Markets
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New markets are growing so fast, even established global players aren’t recruiting and retaining enough employees.
How to win this contest? This research will explore two strategies:
1) How to attract talent by making compelling promises. Center these promises on your company’s brand (does it have a reputation for excellence that may lead to personal advancement?), opportunity (will you provide challenging work, training, and competitive pay?), and purpose (does your company have a mission and values meaningful to potential new hires?).
2) Retaining talent by keeping your promises. Craft a culture characterized by authenticity, a merit-centered reward system, and accelerated professional development for even the lowest-level employees.
This brief will also share the example of Standard Chartered Bank and how the company reduced attrition rates in its China operations by 3% over 2007–2008—while rivals suffered a dramatic increase in attrition.
