Report Identifies and Addresses Opportunities for Multinational Companies to Leverage the Robust Indian Economy and its Growing Workforce
ATLANTA, Ga. and MELBOURNE, Australia – July 9, 2012 – PageUp People, a Multinational Talent Management solutions provider, today announced the release of its newest research titled, “Into India: Talent Management Essentials in a Land of Optimism,” authored by Sylvia Vorhauser-Smith, PageUp People’s senior vice president of Research and a regular contributor to Forbes.com. This research report is the latest in an ongoing series addressing talent management challenges in the emerging and high growth markets of the world and how PageUp People’s unique solutions help multinational companies to manage their human capital across borders.
The research report explores the opportunities unique to the Indian market, which has grown consistently as other economies around the world have stalled. With a relatively young population and a highly educated workforce, India has much to offer multinational companies that plan to build or expand their operations in the country. However, due to high competition for talent, the prevalence of corruption and bureaucracy, and several cultural nuances that may be difficult for western employers to understand, there are many challenges that organizations face when leveraging the Indian workforce. In light of such challenges, PageUp People’s research offers valuable insight into how employers can address these hurdles and explains how some of India’s largest multinational corporations have executed successful talent management strategies. With India at the center of many organizations’ plans for strategic growth, gaining an understanding of the Indian workforce and how the right talent management solutions facilitate these operations is crucial.
Key Findings of the Research Include:
- India has the largest youth market in the world, and this young workforce expects competitive compensation, professional development, fast-track career opportunities, mobility options and work-life balance.
- Employee attrition in India is high due to strong competition for talent and inexperienced leadership; meeting the needs of the young workforce and enhancing employer branding are keys to improving retention.
- Indian industries and employees display lower levels of productivity compared to other markets, which can be improved through enhanced capability development.
- There are a number of cultural factors influencing employee management, including religion, social status and hierarchy, strong group mentality and an inherent reluctance to say no.
- As the people who engender such cultural nuances contribute to the success or failure of business objectives, the company must “glocalize” its policies by adapting standard practices to account for local differences.
- Due to the highly competitive labor market, having the right compensation strategy and providing regular recognition of performance and contributions are integral.
“Just like the other high growth markets in Asia, India is undergoing significant transformation and strong internal and international growth,” said Vorhauser-Smith. “Although the Indian workplace has similarities to those of western nations, its unique cultural characteristics can make it challenging for multinational companies to fully leverage the country’s dynamic talent pool. Our new research highlights the ways in which organizations can adapt their strategies and unlock the potential of the emerging Indian market.”
Vorhauser-Smith is a leading expert in the field of human capital management for global organizations facing cross-border expansion and growth and a regular contributor to Forbes.com. Her previous research has addressed talent management in the high growth markets of China and Indonesia.