Multinational companies (MNCs), many of whom are by now veterans of the global business environment, suffer from a common problem - retaining local talent.
So what’s the problem?
There is a constant struggle to retain local management talent in emerging markets. The high demand for the limited number of internationally capable local talent leads to a high turnover rate as they are lured away by offers from other companies. The short-term consequence of this is that the turnover rate continues to increase rapidly, creating negative impacts on the business. Furthermore, due to the need to constantly train new workers, tasks and projects take longer to complete and budgets are stretched.
Why does local talent want to work for us in the first place?
For local talent, the advantage of working for a MNC is that they often offer better working conditions than local organizations. Also, MNCs can offer the local talent an international work environment, the opportunity to practice foreign language skills as well as the possibility to work abroad. ...
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