BRICS

BRICS

The BRICS nations (Brazil, Russia, India, China and South Africa) are considered as the new building blocks of the global economy. In the background of the deceleration of the developed economies in terms of growth and economic expansion, BRICS assumed greater significance and wider acceptance as emerging super powers.

The real GDP of BRICS, which was over 8 percent in 2010 declined to 6.5 percent in 2011 and is expected to further fall to 4.87 percent in 2012 and 4.7 percent in 2013. The rise of BRICS is described as “great transformation”. “The relative importance of BRICS as an engine of new demand growth and spending power may shift more dramatically and quickly than many expect. Higher growth in these economies could offset the impact of graying populations and slower growth in today’s advanced economies.”

BRICS in the Global Economy,1991-2015 ( In percent of world total; period average)

Sources: IMF and World Economic Outlook, October 2010., 1WEO projections for 2015, 2Emerging market economies excluding BRICS, 3At market exchange rate

BRICS Moves Up in USD-Denominated GDP Ranking

*projections , Source: G S Global ECS Research

Youth Employment/ Unemployment-Global Trends and the BRICS Countries

Talent Retention in the BRICs

Identifying and retaining talent in emerging markets is of critical importance as organizations look to build and sustain business in these markets. Shortages of appropriately skilled local workers and high-potential talent, compounded by increased competition from both domestic and international companies, pose a serious risk to the ability of organizations to capitalize on growth opportunities.

In China, the complex nature of working with the Government and the rapid increase in competition from state-owned enterprises (SOEs) mean that a premium is placed on management skills gained in the country, at all levels, rather than abroad.

In Brazil, the dominant mining and oil industries absorb a large amount of engineering talent. Less-developed mathematics and science education means that people who can fill non-management engineering roles are at a premium.

In India, the hugely successful indigenous IT sector, made up of companies seen locally as Indian champions, has made working for a foreign company’s IT function seem far less attractive. This means that foreign companies with great recruitment brands at home struggle to fill vacancies in India. If companies are to be more sophisticated in their approach to talent attraction and retention — beyond simply spending more money — they need to understand what professionals value from their employers, by country and by profession.

According to EY survey, five strategies have the greatest impact on talent attraction and retention:

Drivers of satisfaction, engagement and retention in each of the BRIC countriesBRAZIL- Promote a high energy and socially oriented cultureRUSSIA- Offer individuals career growth with a positive work environmentINDIA- Emphasize speedy promotions and associated salary increasesCHINA- Demonstrate that you are a rapidly growing organization that caters to key talent