Scarce local talent in emerging markets tops mobility challenges according to the recent Mercer HR & Mobility Challenges of Emerging Markets Survey. Echoing these findings, the latest article in McKinsey Quarterly, the business journal of McKinsey & Company, posits that ‘competition for talent in emerging markets is heating up’ which the authors attribute to two main reasons: scarcity of local talent, and reluctance of parent country managers to go abroad.
Asia is going local: Foreigners need not apply
‘Forget expats’ and ‘Foreigners need not apply’ – these statements sound rather uncommon in today’s environment of multinational business. However, a recent WSJ article uses these statements to describe the shift in recruitment practices in Asia. Specifically, the article notes that western companies doing business in Asia now tend to prefer local employees, as opposed to expatriates, to fill important executive positions.