Daily NewsView All News
According to findings by EY (formerly Ernst & Young), if companies in the BRIC (Brazil, Russia, India and China) countries are to be more successful in recruiting and retaining talent, they need to understand what professionals value from them as employers.
The study ‘Differentiating for Success’ – which surveyed more than 1,100 professionals in the BRICs, – urged businesses to focus recruitment and retention tactics on indigenous talent, and not rely on a one-size fits all solution. Across each of the BRICs, the following drivers are outlined as particularly relevant:
- Brazil: Promote a high energy and socially-oriented culture
- Russia: Offer individuals career growth and positive work environment
- India: Emphasise speedy promotions and corresponding salary increases
- China: Demonstrate that you are a rapidly growing organisation that caters to key talent.
EY's human capital division global talent and reward leader Bill Leisy said multinational companies have the best chance of recruiting top talent when they adapt their strategy to fit with cultural preferences: “Understanding cultural differences and professional preferences will position an organisation 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”.
“It’s clear from our research that each market presents different challenges, and it is crucial to understand people’s cultural and professional differences. If companies are to be more sophisticated in their approach to talent attraction and retention — beyond simply spending more money — they need to understand what professionals value from their employers, by country and by profession.”
The report also found significant differences in attitudes to career goals. While Brazilians favour job stability (ranking it 2 out of 9 – with 1 being most important); for the Chinese, it is only 4.5. Russians rank entrepreneurialism at a low 8 compared to Brazil and India, where workers there rank it 4.
Leisy said this dramatically reveals how companies need to understand local markets more, and position themselves accordingly. He went on to say: “People are attracted to one organisation over another for different reasons, but they stay 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 organisations execute their talent strategy will determine how quickly they establish competitive advantage and experience fast growth in emerging markets.”
To download a copy of the report please click on the link below: