New Boyden Report Explores How Indiaís Executives Are Changing the Worldís Economic Axis

A new series of quarterly reports by leading global executive search firm Boyden makes its debut today in India. The Boyden Report ñ The Sun Rises on the Indian Executive provides a detailed analysis into how executive talent in India has transformed the country from an outsource economy to a major global competitor.

ìThe appeal of the Indian executive has moved to a higher level and itís no longer just about cost advantage,î said Chris Clarke, President and CEO of Boyden World Corporation. ìTheir education, business acumen and the rise in the quality of Indian management are impressive. Today multinationals seeking to recruit Indian executives face a new challenge in that itís not a foregone conclusion that they will leap at an offer outside India.î

The Boyden Report focuses on talent issues in emerging markets, and it examines four groups of Indian executives and non-resident Indians driving indigenous and global growth:

1. The First Generation Entrepreneur
The first generation entrepreneur typically starts from a strong family and a solid education. They represent some of the best ìhome grownî executive talent having developed their skills in India rather than by studying abroad. The rise of graduates from Indian business schools such as the Indian Institute of Technology and the Institutes of Management have swelled the ranks of entrepreneurs.

2. The Family Entrepreneur
The second group encompasses those that have inherited a company. In India, where in the days before privatization, many major firms were state-owned but family-run, many successful executives grew up watching family members at work. Now, inherited private businesses benefit from a new generation of executives from these family-owned businesses.

3. The ëCorporate Crossoverí
The third group of Indian entrepreneurs is the ìcorporate crossoversî. Typically, these entrepreneurs worked outside mainstream corporate India until recently. Many gained an MBA or other post-graduate qualifications from prominent international business schools and worked for multinationals in the UK or U.S. Now they are returning to India with invaluable international experience as well as an ability to help non-Indian businesses to navigate the complex Indian business environment.

4. The Intrapreneur
The fourth group comprises the Indian intrapreneurs. Individually they achieve what many US and European firms wish to develop in their own executives - an ability to take advantage of commercial opportunities as an entrepreneur would, but to leverage the resources of an established firm at the same time.

ìThe skill of the intrapreneur is their ability to tease out an entrepreneurial streak across the workforce, gather it into a collective vision and master-mind a confluence of opportunity and ability,î said Dinesh Mirchandani, Boydenís Regional Managing Director Asia/Pacific.

ìWhat Indian entrepreneurs are particularly good at is implementation through people,î said Suren Dutia, CEO of the Indus Entrepreneurs (TiE), which operates in 47 cities in 11 countries and is linked to an estimated $200 billion in economic development. ìNot only do they have the vision, industry knowledge and drive, but they also know how to make things happen through personal motivation from one individual to another.î

The Boyden View
The Boyden Report offers advice in attracting and retaining executives. Highlights from the India report include:

Hiring and Retention for Multinationals Inside India:

ï Remuneration salary levels may be lower, but today packages including bonus and equity need to be on par with international standards.

ï Entrepreneurs who have chosen to go back into the arena of big corporations may have a great deal to contribute and may flourish with support of a large company.

ï Career progression and a sense of being valued are essential to personal pride.

ï Top candidates may be looking at a number of opportunities at one time. Companies should move quickly and decisively once an offer is made to involve the candidate in the company as soon as possible.

Hiring and Retention for Multinationals Outside India:

ï Opportunities at home are always going to be attractive.

ï Building a repatriation option can serve as retention incentive for a specific number of years, open to negotiation.

ï Career development needs to be a prime focus to attract and retain NRIs.

Hiring and Retention for the Entrepreneurial Enterprise:

ï The hiring process needs to take place in a variety of settings so that a full range of characteristics can be assessed.

ï The ìbargain of trustî is critical. Itís imperative for companies to ensure candidates that they wonít just be used for their contacts.

ï Candidates will want particular assurance that their careers will develop and that the companyís intellectual property and other critical business issues will not come under threat.

ìThe future for India is truly exciting,î says Boydenís Chris Clarke. ìBut those inside and outside India will only share in Indiaís success if they understand and nurture the talent that lies at the heart of Indiaís growth phenomenon, which includes a new generation of business executives, entrepreneurs, intrapreneurs and pioneers.î