Talent Practices for High Growth Markets
New research into HR policies in high-growth markets such as China and India suggests 70% of current HR processes in high-growth markets are reactive. Companies could be more effective if they implemented more proactive and strategic practices.
Online, March 26, 2014 (Newswire.com) - New research by Organisation Solutions and led by Dr. James Eyring suggests that most companies in high-growth markets can significantly increase the impact of their HR practices by focusing on proactive and strategic practices, which revolve around attracting and retaining talent to exploit business opportunities.
The research, drawn from 30 companies in China, India, and Indonesia with an average year-on-year growth of 23 percent, shows that currently 70 percent of HR practices in these markets are reactive, and focus on day-to-day operations.
The most successful companies in high-growth markets have strategic HR practices that focus on addressing future business needs. These companies have higher promote from within rates, lower turnover, and better capability. These companies aggressively woo potential talent and create locally meaningful Employee Value Propositions, which are based on local market research and are adapted to candidates' needs. Talent attraction and retention practices were most critical in building leadership pipeline in these high growth markets. At the same time, companies with the best leadership bench were much more strategic in how they developed their leaders.
"Almost all companies in our study had core leadership training and key talent programmes. The best performing companies were more strategic in how they implemented these practices. They were better at gearing core leadership training to local market needs and developed their key talent through programmes with real world experience," explains Dr. James Eyring, COO of Organisation Solutions.
Companies that successfully employ strategic HR processes focus on hiring ahead of the curve and creating a talent pool that their business will need within the next one to two years. This ensures the business has the right people in place as job roles grow and demand increases.
The research also found that retention and low turnover is best predicted by having a stable leadership team in the country. "Keeping a leadership team stable helps companies retain talent and ultimately meet growth goals. When these leaders focus on people related issues: coaching, development, and talent reviews, for example, retention is also better," says Dr. Alison Eyring, CEO of Organisation Solutions.
For HR practices to succeed, companies must adapt them to fit their own situation. By focusing their efforts on key practices that drive their leadership pipeline, these companies move from being reactive to proactive and strategic, and thus, create a better atmosphere for success and growth.
This research is based on 2-year study of over 30 large global MNCs operating in China, India and Indonesia. The white paper summary of the research is a must read for executives and HR practitioners who work in or with high-growth markets. For a copy of "Talent Practices for High-Growth Markets," by Drs. James and Alison Eyring of Organisation Solutions, which explains how to create successful proactive and strategic HR practices for your company, please contact Andrea McIntyre (andrea.mcintyre@organisationsolutions.com). This white paper is available free of charge.
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About Organisation Solutions
Since 2000, Organisation Solutions has worked to help clients grow sustainably through improved strategy execution and accelerated team and leadership development. The company is headquartered in Singapore and operates globally with emphasis on high-growth and emerging markets. Its team includes more than 40 consultants located across 5 continents.
For media enquiries
Please contact Andrea McIntyre at +65 6557 0914.
andrea.mcintyre@organisationsolutions.com