Winning the Race for Talent in Emerging Markets
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.
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