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HR Risk Management Is Key To Retaining Talent In Emerging Markets

Talent management in emerging economies is an essential part of risk managemen

Companies that outsource some of their labor to India and other emerging markets may soon find themselves facing a talent management crisis, suggested a recent Forbes article.

Citing the results of a survey by Mercer, Forbes said that as many as 54 percent of the Indian workforce is

Companies that outsource some of their labor to India and other emerging markets may soon find themselves facing a talent management crisis, suggested a recent Forbes article.

Citing the results of a survey by Mercer, Forbes said that as many as 54 percent of the Indian workforce is "seriously considering" leaving their current employer - among younger Indians aged 16 to 24, that figure rises to 66 percent. More and more Indians are seeing technical certification as the key to higher income, and are looking for opportunities to improve their training, increase their knowledge base and earn a higher salary.

The minimum wage in India is just $1,478 per year, according to Forbes, and while salary increases are certainly one way to attract talent to a company, it's no guarantee that the talent will stay. Businesses need to implement human resources risk management practices in order to keep their workforce, whether in India or at home. Forbes pointed out that companies that offer clear career progression avenues and in-house training for job advancement are better able to hold onto talent in India. As multinationals spread into other emerging markets, they should keep this in mind.

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