Hiring key talent in China.
Having been on the ground here in Hong Kong for a number of months, the one theme that our clients are most interested in is how to identify, assess, manage and retain talent in China. In particular in Institutional Markets and Banking, which is a limited pool of talent to start with. The below hopes to address some of those questions, but also highlights how at Korn Ferry we are addressing some of these complex issues.
Look after your people, when they're with you, AND when they want to leave – sounds simple, right? However, we know from first-hand experience that companies who allow the door to revolve and treat their departing staff with respect and integrity engender a spirit of loyalty. That loyalty may be rewarded in the form of referrals for replacement candidates or even by the employee returning later in their career.
Offer them autonomy, balanced with support – one of the issues that Multi-National Companies (MNC’s) face is that the decision making authority can sometimes sit outside of China, meaning potential delays in getting things done, whereas local competing firms can make decisions faster and gain an advantageous position in the market as a result. Enabling a culture of autonomy will help combat that issue. However, simply bestowing greater decision-making autonomy on talent is not enough; it is just as important to make sure there is a support network in place in case things go awry. I'm acutely aware of many situations where promising talent is given greater autonomy, but then left alone to deal with complex and sometimes unforeseen issue that come with these expanded responsibilities. In a competitive market where people are being scouted on a weekly basis, it can be all too tempting for your talent to respond to the overtures of a competitor - rather than deal with prevailing issues - if they feel unsupported during adversity . Showing support at these times displays that you have a caring environment, and perhaps even more critically, also builds resilience and confidence in your talent.
Have local leadership on the ground – a good friend said to me “You can’t be, what you can’t see”. If Chinese talent don't see other Chinese nationals rising through the ranks and taking up leadership positions, it allows for a self-fulfilling narrative to build (in the minds of Talent) that their chances of promotion would be much better in local firms.
Maintain a hierarchy, for communication and quick resolution - this sounds counter intuitive, but we have heard from multiple executives that it is tremendously useful to have a sense of where they sit in the Regional or Global matrix, and who to escalate issues to or where they can go for a sounding board. MNC’s can make the mistake of thinking that their counterparts on the ground in China know where to go to help resolve issues, when often they don’t.
Hope the door revolves around fully – in a dynamic, fluid market like China, ignoring the talent pool of former staff is counter-productive and self-limiting. Organisations who have strict re-hiring bans on Alumni are simply cutting off their own noses to spite their faces. Why would you close the door to returning employees who have developed further leadership skills in the time they have been away and can help advance your company’s strategy? Create a formal or informal alumni network. Industry groups tend to mix in similar circles, providing a great way of keeping track of key talent. At the very least, well-treated alumni will refer and recommend their own contacts and networks to your organisation even if they never return themselves.
What are the talent errors you have seen MNC's make in China, I would love to hear your views.
At Korn Ferry we assess all candidates for cultural fit, learning agility and resilience, aiming to understand how people will behave in specific situations, how best to optimize their skills and training, as well as what their motivators and drivers are. This greatly enhances your ability to plan for and meet your workforce requirements well ahead of time. We also support all our placed candidates and their line managers, ensuring that we personally follow up on Executive Hire onboarding and in surfacing any hidden issues and roadblocks that can so easily de-rail a talented newly hired executive. We can also help you design and build talent pipelines for the future to match growth cycles as they come to fruition.