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Making People
Decisions in the New Global Environment - Claudio Fernández-Aráoz
Emerging markets are now part of the intense competition for the best global
talent. Global companies must understand the current realities, cut the
hiring red tape, and use best-practice recruiting to hire and retain top
global talent. |
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In the past, emerging countries like India and China relied on cheap labor
to compete at the bottom of the pyramid. Not any longer. Their
competitiveness is already reaching the high end, including
knowledge-intensive sectors like biotechnology and information sciences. As
a result, U.S. and Western European companies are finding it increasingly
difficult to attract the best global talent, especially at the
senior-executive level.
Nevertheless, the author contends that organizations can improve their
ability to hire and retain top global talent by doing three fundamental
things. First, they need to adopt a new mindset. Specifically, they need to
be aware of the realities of the hottest emerging markets and the aggressive
talent practices that are already taking place there. For example, Tata
Consultancy Services Ltd. in India has begun to make blanket offers to every
individual in the graduating class of certain colleges. Second, companies
need to cut the red tape. In the old world of low hiring needs and abundant
candidates, businesses used to focus almost exclusively on making sure that
they would not hire the wrong person. Now, because the best candidates are
in very low supply and the demand for them is extremely high, they need to
expedite their hiring processes. Third, companies need to implement best
practices, particularly in the area of recruiting. Unfortunately, making
people decisions is still one of the weakest of all key
organizational
processes.
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