We now live our lives circling a modernized and globalized economy. As a result, the competition for acquiring talent has become a global occurrence. Thanks to the rise of modern technology, smaller companies are also able to reach out to farther places and recruit and hire talent from around the world. However, not all people are the same – who we are, what we like, and how we run our business. Since recruitment and hiring have become a global situation, employers have to be smart and wise in regard to recruiting strategies. For now, we turn our attention to emerging markets where these countries will soon become great sources of talent for both large and small companies.
- Know the Culture of the Emerging Market
Emerging markets are found globally. And if you are to recruit for one specific market, it is important to know the local culture. It may be possible that your best used hiring strategy for one market may not be that effective for the other. Thus, necessary adjustments have to be made. It will be really important that the executive search firms and recruiters are able to understand the talent in a given market and how they would really respond to opportunities. Since each market is unique, things to look out for when hiring are interests in mobility, career aspirations, and effective ways of communicating.
- Geography and Location
Location plays a key role in hiring for emerging markets. Most job seekers consider the location of the role in regard to their career mobility. From this point, recruiters should be equipped with information and selling skills as to why it would be great to consider the role, regardless of location. Executive search recruiters should be skilled in creating negotiations and adjustments that allows the candidates to consider the opportunity and not letting potential candidates go to waste.
- Invest in Local Talent
Though hiring for expats have become a common occurrence for big companies, local talent should also be considered for several roles especially for the top management. Some multinational organizations are no longer following this trend, rather, starting to invest in local talent and developing them in several aspects to become great contributions to the company. Although it is important to also set and define career paths and growth opportunities that are available for local talent, so this would be clear to the employees that they can own their mobility.
- Competitive Compensation
Given that recruiters are hiring for emerging markets, this means that potential growth of the company will be experienced also. This growth would entail profit and development thus matching the talents’ expectations in regard to compensation and salary. This is something that the recruiters can offer when recruiting and hiring the right candidates.
- Technology Becomes a Part of the Process
Technology has created a significant impact in the hiring process given that it has created convenience between the recruiter and the job seeker. Several preliminary and early interviews are now being setup via call or Skype and then attendance for final interviews are the only time it requires the job seeker personally.
Every company is different, so these trends do not necessarily impact the same companies. However, if the recruitment firm desires to dominate the market and the industry, taking these trends into consideration can be a start or pioneering with new trends can be done as well.
Countries in Asia have the potential to grow and develop exponentially, although some countries have specific industries that provide these growth and development. It would be great to know more about growing markets and understand the emerging industries for specific countries.
The Manufacturing Industry plays a big part in Vietnam’s economy as an emerging market. Focused more on textile and clothing and garment manufacturing, this has given the country growth in revenue and sales and the demand grew rapidly as well. This growth also contributes to another sector which is the Import & Export Industry. This industry has been catering to the demands of clothing merchandise not only locally but internationally as well. The Electronics Industry in Vietnam is also seen to catch up with that of the other countries. Vietnam is a prospect for electronics producers since cost is relatively low but skilled workers are high enough to support the businesses. Although this industry is seen to grow over the years, changes need to be made so Vietnam can be at par with other emerging countries and sustain development in this specific industry.
Similar to Vietnam, the Manufacturing Industry has also been seen as a growing industry in Malaysia. Although, there was a minor fallback for this industry in the recent years, it has proved to grow and will be able to sustain development for the coming years. Commercial Aviation Industry sales are also forecasted to grow over the future, given that it has been boosted by growing middle class and open skies policy. The tourism sector also contributes to this growth in an effort to attain higher sales and profit. The Agriculture Sector in Malaysia also continues to grow with the economy. Though this sector is largely dependent on the country’s natural resources, this is something that the country is able to sustain. The Biotechnology Sector also makes its mark in Malaysia. It has been noticed that a lot of major biotechnology research centers have set up in the country. This, of course, will benefit local businessmen by creating several partnerships with international companies. Similar to Vietnam, the Electronics Industry is seen to help Malaysia grow as an emerging country. This is due to the increasing demand for electronic devices that are used in everyday living.
The food and beverage sector in Indonesia is expected to grow bigger due to its demographic profile, growing population, and rising income levels has presented opportunities in the consumer sector. This is also the result of embracing new cultures and trying out cuisines especially from the Western area. This occurrence stipulates investment and profit to and from local companies and also from foreign companies.
Thailand is no different from Vietnam and Malaysia in regard to growing sectors. Thailand has also been seen to evolve in the manufacturing industry mainly with its production of light pick-up trucks, hard disk drives, and is also known to have the top spot of manufacturing natural and synthetic rubber.
Although similarities between several industries are noticed within these countries, the points of expertise are different. Thus, providing each market to properly emerge and excel in their respective industries. This also gives them the growth and development they need to be able to sustain a profitable market and industry. Also, these countries are not limited to focus on these sectors mentioned but can focus on other sectors which can provide them growth, development, and sustainability.
Automotive and Construction Industries are showcasing growth and development in the Philippines. Stability is expected in both sectors also given that the demand for vehicles and infrastructures are rising and increasing. The Real Estate Industry is also expected to grow and flourish in the country along with the demand for shelter and acquisition of properties. It is seen to showcase long-term developments that will be experienced slowly through the coming years. The Banking Sector is also expected to grow and develop although expected to flourish at a steady pace. The IT and Business Process Management Industry, despite a big and flourished sector already, is still expected to grow and create several economic opportunities in the Philippines.
From a recruitment perspective, soon enough, these emerging markets will be able to provide several business opportunities to executive search companies. Harper & Hill Executive Firm will be ready to take on the challenge simply because it does not only support one country but supports several locations across Asia Pacific. The reach that Harper & Hill Executive Search have created signifies its capacity to provide and deliver what is expected from a recruitment firm. As these emerging markets continue to develop, Harper & Hill Executive Search will continue to create recruitment platforms and activations that will assist and sustain the growth of the clients’ recruitment demands and needs.
Harper & Hill Marketing and Communications Team
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