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Recruitment Trends in Emerging Markets: Navigating the New Normal
- Varun Sharma
- Oct 22, 2024
- 3 min read
Emerging markets are experiencing rapid economic growth, technological advancements, and changing demographics. These factors are reshaping the workplace, leading to new Recruitment Trends that organizations must adapt to. Let's explore some of the key Recruitment Trends shaping emerging markets:
Gig Economy and Remote Work effecting recruitment
The rise of the gig economy has created a new paradigm for work, with freelancers and independent contractors becoming increasingly prevalent. In emerging markets, the gig economy offers flexible work arrangements for individuals seeking supplementary income or full-time employment. This trend is driven by factors such as urbanization, technological advancements, and changing workforce demographics.
A recent report by McKinsey Global Institute forecasts that the gig economy could account for up to 30% of the global workforce by 2030.
A study by the World Bank found that the gig economy is rapidly growing in emerging markets, with a significant number of people participating in platform-based work.
Diversity, Equity, and Inclusion (DEI)
DEI is no longer just a buzzword; it's a business imperative. Organizations in emerging markets are recognizing the importance of creating inclusive workplaces that value diversity and promote equity. This is driven by factors such as globalization, changing demographics, and the growing awareness of social justice issues.
A report by McKinsey & Company found that companies with diverse leadership teams are 25% more likely to outperform their peers.
A study by the International Labour Organization (ILO) highlighted the need for inclusive labor market policies in emerging markets to promote gender equality and social justice. https://www.ilo.org/gender-equality
Upskilling and Reskilling
The rapid pace of technological change is disrupting the job market, making it essential for employees to continuously upskill and reskill. Organizations in emerging markets are investing in training and development programs to equip their workforce with the skills needed to thrive in the future.
A study by the World Economic Forum identified the top skills that will be in demand by 2025, including analytical thinking, creativity, complex problem-solving, and people management.
A report by PwC found that 79% of CEOs believe that their organizations need to upskill their workforce to remain competitive. https://proedge.pwc.com/resources/upskill-reskill-or-hire-a-guide-to-smarter-skill-development
Employee Experience
Employee experience (EX) has become a key focus for organizations in emerging markets. Companies are recognizing that a positive employee experience is essential for attracting, retaining, and engaging top talent. This involves creating a supportive work environment, providing opportunities for growth and development, and fostering a sense of belonging.
A study by Gartner found that organizations with strong employee experiences are 2.5 times more likely to outperform their peers in terms of customer satisfaction and revenue growth.
A report by Deloitte highlighted the importance of creating a culture of well-being and engagement to enhance employee experience. https://www2.deloitte.com/us/en/blog/human-capital-blog/2022/digital-workplace-solutions-for-improving-employee-experience.html
Digital HR
The adoption of digital technologies is transforming the HR function in emerging markets. HR professionals are using digital tools to automate tasks, streamline processes, and improve decision-making. This includes the use of HR management systems, talent acquisition platforms, and employee engagement tools.
A study by PwC found that 75% of HR leaders believe that digital technologies will significantly impact their role in the future. https://www.pwc.com/us/en/services/consulting/business-transformation/workforce-transformation/hr-transformation.html
A report by Deloitte highlighted the importance of leveraging data analytics to drive HR decision-making.
By embracing these HR trends, organizations in emerging markets can create a more competitive, inclusive, and sustainable workplace. HR professionals must stay informed about the latest developments and adapt their strategies to meet the evolving needs of their workforce.
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