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With the prospect of talent shortages in many emerging markets worsening in the coming years, locally-based companies are rapidly introducing talent-management techniques such as mentoring and coaching, as well as performance management techniques that are widely used in mature markets.

With young workforces, companies not only face the challenge of meeting expectations in a market where talent is in the driving seat. They are also finding that many recruits lack the experience and knowledge needed to move them into more senior positions. The biggest problem, when it comes to talent shortages, is the increasing gap between what universities provide and what industries need, so companies also need to build close relationships with these institutions to help build the pipeline of skilled employees that can fill their talent gaps.

At the same time, as companies expand their businesses, through mergers and joint ventures or through acquisitions both at home and overseas, recruiting and developing executives capable of managing change and thinking strategically is becoming critical. Internal training and development therefore needs to be rolled out faster and more extensively than might be the case in mature economies. But companies who are struggling to move young and ambitious executives into positions that are sufficiently challenging must think ahead to identify these roles, or else they may risk losing their highest achievers to their competitors.

This becomes easier for locally-based companies in developing countries as they expand their operations overseas, giving them the ability to offer the kind of global career paths that allow them to compete with western multinationals. Many companies are also recognising the need to establish the kind of flexible working policies seen in mature markets as their employees start to focus on work-life balance issues.

These kinds of talent-management techniques are likely to be adopted by more and more emerging market companies in the coming years. Those that fail to address the talent challenges adequately will find it hard to sustain the rapid growth they have become accustomed to.

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