Apr 17 2011
This article in the Wall Street Journal discusses the rise of multinational corporations entering emerging markets raises some interesting points regarding the evolving situation of hiring in emerging markets. Take a look below to see the key points raised in the article by AESC executive search consultants in India, China and Brazil:
- No more Expats. Multinational organizations are no longer looking for expats to fill positions in local markets. Instead, executives with deep local roots matched with top international experience are the most desired.
- Small Talent Pool. Peter Felix, president of the Association of Executive Search Consultants, stated that “the talent pool is very small”, resulting in difficulty to locate and hire qualified executives in the emerging markets. In the AESC’s 2010 Mid-Year Outlook Report, over 200 AESC member search consultants stated that they expected China, India and Brazil to see the greatest scarcity of talent in the second half of 2010.
- High Salaries in Emerging Markets. The article reported that a Brazilian executive joining a multinational there earns at least 15% more than his or her counterpart managing greater revenue in a developed market, according to recruiters. This matches a recent survey by BlueSteps that put Brazilian salaries above London and New York, and confirms opinions of executive search consultants in a 2008 AESC survey, who outlined that salaries in emerging markets are competitive worldwide.
- Innovative Approach Needed. Emerging markets talent must be prepared to look beyond traditional strategic approaches and find market specific opportunities, according to Fatima Zorzato, a managing director at Russell Reynolds Associates Inc. in São Paolo.
- Still Opportunities for Foreign Born Executives. Using an example of an American hired to head Indian operations, Anjali Bansal, a managing partner for Spencer Stuart in India, highlights that expats with demonstrated ability to work in other cultures are still desired on the international job market. Thus, while local talent may be the ideal, those already with international experience are still in demand. This demand will be multiplied by the shortage of qualified local talent.
Overall, while there is clearly a move towards local talent, there will always be ways to enter foreign job markets. From learning the language and studying abroad, to building your network in the target country, a well thought out plan is essential to succeed. Readers from India, China or Brazil, can click their country flags in the top right corner for specific market information.
This article was written by Christian Pielow from the Association of Executive Search Consultants (AESC).
BlueSteps is the exclusive service of the AESC that puts senior executives on the radar screen of over 6,000 executive search professionals in over 70 countries. Be visible, and be considered for up to 50,000 opportunities handled by AESC search firms every year. Find out more at www.BlueSteps.com.
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