In the 21st century, globalization has taken hold, and companies are seeking to grow through expansion into new markets. Developing country markets are growing faster and more dynamically than developed ones, so companies are focused on the opportunities that developing markets offer.
In particular, Africa is growing faster than China or India, and is benefiting from growth in the natural resources sector; increased foreign direct investment, especially from China and India; and is a source of innovation in areas such as mobile payments and banking for the “non-banked.” Some published projections predict that by 2040, a full 25% of the world’s working-age population will be in Africa.
Opportunities are not limited to Africa, however. Other markets in Asia, Latin America and Eurasia offer high growth, with large population centers and burgeoning middle class consumers. Infrastructure projects and the demands of customers to their business partners to follow them into new markets are creating even more activity in developing markets.
The BRIC countries (Brazil, Russia, India and China) have been the focus for many years, and all have enjoyed robust growth and success. The next phase of growth in the developing world, though, will come elsewhere, in countries like Ghana, Zambia, Mongolia, and Costa Rica, to name a few.
While some companies have been operating in developing countries for decades, for many, these new markets present new challenges for managing talent and reward.
Birches Group works with the leading global and regional private sector companies in each of our survey markets. In developing countries, the most common sectors represented are Banking; Consumer Products; Natural Resources (oil, gas and mining); and Mobile Telecom and Technology. We strive to include the leaders in each of these sectors in every survey we produce. Based on the size of each country market, we also include data from other prominent employers, including important local employers.
We have a deep understanding of labor markets in the developing world, and the unique conditions that exist there. We can help you navigate through the rough waters as you grow your business.