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Is it more difficult than usual to retain talent when they're in an emerging market?
Why or why not?
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3 Answers
Generally speaking it's difficult to retain talent whenever people can get more money or accelerated career growth elsewhere. Loyalty, engagement and cultural fit help companies retain good people but it's all relative. If you love your job you probably won't leave for a modest raise but for a huge raise or a fabulous promotion you might consider your options, especially if there's little prospect of more money or growth where you are.
Because merging markets are characterized by scarce talent and non-scarce opportunity it does tend to be more difficult to retain people.
Laura -- Interesting question but definitely not a yes/no answer. While emerging markets may offer more opportunities in terms of numbers of jobs, they usually have greater risk than than jobs in maturing markets. I agree with all that you say regarding employee engagement and loyalty but we also need to take into consideration the needs/wants of the Millenials.
These younger workers will change jobs many more times in their careers than Baby Boomers or GenXers. Their mobility is still frowned upon by some but I believe we need to accept it as part of the employment landscape and find ways to embrace and understand their motivators.
Frequently, these people will change jobs in spite of what others view as "risky" circumstances.
Lauar, I agree fully with John, however the other factor that we need to keep in mind is that in ermeging markets the dominant recruitment system is usually that of head-hunting and in such instances labour is procured at a premium which then tends to distort the labour market. But you John rightfully pointed out, such instances tend to attract the younger folk, young ermeging executives, but the seasoned oness tend to be skeptical.
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