With much of the developed world mired in slow growth and fiscal austerity, many companies find the strong economies and rising incomes of certain emerging markets quite attractive. But there’s a catch: talent is increasingly difficult to find and hold onto in such countries as Brazil, Russia, India, and China (BRIC). And the talent shortage will only worsen over the next decades as multinationals pursue their localization strategies and locally based challengers continue their ambitious expansion.
The shortage applies up and down the ranks of employees, though the challenge for employers takes a slightly different shape in each group:
The numbers of senior leaders may be sufficient, but some may not be fully prepared to cope with the rapid pace of change or the globalizing nature of certain industries.
Severe supply shortages of middle managers abound, and there is considerable turnover at this level, in part because few companies have focused on developing the skills of their middle managers or offering them opportunities.
The best talent (consisting of high performers with high potential) is relatively scarce, as there has been little systematic effort to identify and nurture people in this group.
The graduate pool is expanding more slowly than economic growth in most cases, and only 15 to 30 percent of university graduates are considered immediately employable. Skilled professionals, meanwhile, are constantly solicited to switch employers.
Competition for skilled workers has intensified in tier 1 cities. And in many remote locations, employers are hard-pressed to find any available skilled operators or technicians. via bcgperspectives.com
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Jim Woods is president and founder of InnoThink Group. A global management consulting firms specialized solely in helping organizations of all sizes in all industries catalyzing top line growth through strategic innovation and hypercompetition. Jim has over 25 years consulting experience in working with small, mid size and Fortune 1000 companies. He is a former U.S. Navy Seabee and grandfather of five. To arrange for Jim to speak at your next event or devise an effective growth strategy email or call us at 719-649-4118 for availability. Subscribe to our innovation and hypercompetition newsletter.
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