It is estimated that over the next 10 years, 70% of the world’s GDP growth will come from emerging markets. Regions such as North Africa or South America, are going to be the engine that drives the world economy in the twenty-first century. Building a presence in those markets means building a workforce in those countries. And there’s no better place to start than intercepting the workforce before they’ve even hit the market.
Learn How to Attract Talent in the Emerging Markets. Free eBook Available for Download.
Attracting the best talent requires that your employer branding appeals to what candidates want out of their professional lives. The challenge is that the goals of millennials entering the workforce vary greatly based on the region in which they live. Universum has conducted a study regarding the goals of recent millennial graduates from countries considered as emerging markets. I’d like to share with you a few of the key findings from the study to consider as you plan your growth strategy for the next decade.
In most of our research, work-life balance is generally recognized to be the most important career goal for millennials. However, this is not always the case in emerging markets. Work-life balance remains important in many countries, such as Malaysia, Chile and Argentina. But millennials who live in countries in and around Africa, such as Ghana, Nigeria and Turkey place less of a priority on this goal. 33 percent of workers in Turkey and Africa found work-life balance to be an important trait compared to the global average of around 50%. Instead they prioritize being entrepreneurial and creative/innovative, drawing a clear distinction between these regions.
Like their developed-country counterparts, millennials in emerging countries value being recognized for their efforts. Approximately 85 percent of those who were surveyed stated that they want their jobs to be a part of who they are, not merely something they do to survive. As a result, they place high value on training and mentoring, as well as on a dynamic workplace. This is a critical area of focus when expanding throughout this region.
Despite a history of high unemployment and the fact that job security is the second most important career goal for recent graduates in these markets, young talent has a positive outlook: approximately 97 percent of those surveyed were highly optimistic about their upcoming job prospects according to EY’s 2015 global job creation and youth entrepreneurship survey.
Moreover, this same group of individuals strive to be entrepreneurial, as their opportunistic spirit propels them to embrace the various government initiatives designed to encourage new business ventures and a start-up culture. Therefore, in order to be successful, employers must consider ways to empower candidates to explore and innovate within the company to scratch that entrepreneurial itch.
You can find many more interesting insights into these regions in our complete study. If you are thinking about expansion in the coming years, our emerging market team at Universum would love to chat with you about aligning your HR marketing strategy with your business goals.