How do you develop and retain local talent in emerging markets?

1 Why local talent matters

Emerging markets are countries that have high growth potential but also face significant challenges such as political instability, infrastructure gaps, or social inequality. These markets offer attractive opportunities for multinational companies, but they also require a deep understanding of the local context and preferences. Hiring and developing local talent can help you gain a competitive edge, as they can provide valuable insights, connections, and skills that are relevant to the market. Local talent can also help you build trust and credibility with your customers, partners, and regulators.

2 How to attract local talent

To attract local talent, you need to offer a value proposition that meets their expectations and aspirations. This requires researching the market and understanding what motivates and drives the local workforce. Factors that could influence their decision to join your company include the reputation and social impact of your company, the career development and learning opportunities, the compensation and benefits package, the work environment and culture, and the diversity and inclusion policies. Additionally, you should use effective recruitment channels and methods to reach and engage your target audience, such as social media, referrals, or local partnerships to showcase your employer brand and attract qualified candidates.

3 How to develop local talent

To develop local talent, you need to provide them with the resources and support they need to grow and succeed in their roles. This means designing and delivering learning and development programs that are tailored to the local context and needs. Consider aspects such as the language and format of the training materials and delivery, the cultural and learning preferences of the participants, the skills and competencies that are relevant and in demand in the market, and the feedback and evaluation mechanisms that are appropriate and effective. Additionally, create and promote career paths and opportunities that allow local talent to advance and thrive in your organization. Offer mentoring, coaching, or sponsorship programs that connect them with senior leaders and role models, and provide them with international exposure and mobility options that enable them to learn from other markets and cultures.

4 How to retain local talent

To retain local talent, you need to foster a sense of belonging and engagement that makes them want to stay and contribute to your organization. This means recognizing and rewarding their performance and potential, and providing them with meaningful and challenging work. Celebrate and share their achievements and successes, solicit and act on their feedback and suggestions, involve them in decision-making and problem-solving processes, and empower them to take ownership and initiative. Additionally, respect and value their diversity and identity, and create a culture of inclusion and trust. Acknowledge and accommodate their cultural and personal differences, support their work-life balance and well-being, address any issues or conflicts that arise, communicate openly and transparently, and build a sense of community and collaboration.