Latin America s small and medium-sized enterprises: the human capital challenge

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1 Latin America s small and medium-sized enterprises: the human capital challenge An Economist Intelligence Unit report sponsored by SAP

2 Preface Latin America s small and medium-sized enterprises: the human capital challenge is an Economist Intelligence Unit paper, sponsored by SAP. The Economist Intelligence Unit s editorial team conducted the interviews, executed the survey and wrote the report. The findings and views expressed in this report do not necessarily reflect the views of the sponsor. Kim Andreasson was the editor and project manager. Dr Scott B. Martin was the author of the report. Richard Zoehrer was responsible for layout and design. Our research drew on two main initiatives. We conducted an online survey in November and December 2007 of 175 Latin American executives at small and medium-sized enterprises (SMEs) with global annual revenue of between US$100m and US$400m. To supplement the results, we also conducted in-depth interviews with experts in the region. Our thanks go out to all survey respondents and interviewees for their time and insights. July 2008

3 Latin America s small and medium-sized enterprises: the human capital challenge Summary As Latin America becomes increasingly integrated into the global economy, the region s small and medium-sized enterprises (SMEs) face major competitive challenges in identifying, attracting and mobilising human capital. 1 Traditionally, these companies, particularly those that are locally owned, have lacked large, professionally trained and specialised human resources departments and extensive internal training systems. Instead, they have relied heavily on low-cost, highturnover labour. To be competitive, Latin American SMEs will need to transform themselves and meet the human capital challenge head on. Firms can do so in several ways: change internal policy, seek innovative collaborations with publicsector support institutions and business associations, or partner with supplier development programmes of large multinational firms. SMEs can then begin to treat human capital as a central competitive asset by rethinking and broadening traditional skill classifications into more flexibly defined sets of worker capacities known as competencies. To use the common catchphrase quoted by the one executive interviewed for this report, Latin American businesses can put people first. In the public sector, and often in collaboration with business associations and international organisations, key reforms that hold promise are threefold: demand-driven training closely tied to a firm s needs; modern skill certification systems based on broad competencies; and improved labour market intermediation services that connect jobseekers with firms seeking to fill particular needs. 1 For the purposes of this report, small and medium-sized enterprises are defined as any company with annual revenue of between US$100m and US$400m. National definitions based on turnover vary, and governments often refer instead to the size of a firm s workforce in making classifications. What are your company's annual global revenues in US dollars? US$100m-US$200m 46% US$200m-US$300m 23% US$300m-US$400m 3 In addition, as suppliers of goods or services that serve as key inputs within global supply chains, Latin American companies can work with large multinational firms to acquire, absorb and develop key strategic innovations in recruitment and training practices. About the report This report is based in part on the quantitative findings from an online survey of 175 executives in Latin America conducted by the Economist Intelligence Unit in November and December All respondents were employed by firms with global annual revenue of between US$100m and US$400m. For the purposes of this report, this universe is defined as small and medium-sized enterprises (SMEs), even though in some countries and by some definitions firms in this sample might be labelled as large. The survey respondents represented a broad range of industries and came from a wide spectrum of functions, with the majority from information technology (4), finance (2), and strategy and business development (22%). (Respondents could choose up to three functions.) Sixty percent of interviewees described themselves as board members, C-level executives or vice-presidents. The quantitative survey was supplemented with three qualitative interviews. The Economist Intelligence Unit

4 Latin America s small and medium-sized enterprises: the human capital challenge Introduction As the skills and talents of their workforces become more central to firms survival and success in an increasingly competitive marketplace, attracting and cultivating human capital 2 is one of the major challenges facing SMEs in Latin America. Fully 57% of the executives surveyed for this report said that their firms had either specific workforce strategies driven by their overall business strategies or workforce strategies that were both driven by and helped to shape their business strategies. In a global environment, SMEs increasingly seek to export directly, compete with imports, or integrate into global supply chains as subcontractors or service providers. This means that they must raise quality standards, improve on-time delivery, and make innovations in products and processes. In the words of Glauco Arbix, former president of the Institute for Applied Economic Research (IPEA) and general co-ordinator of the Strategic Unit advising the Brazilian president, Luis Inácio Lula da Silva, during his first term, firms must develop a true counter-culture of innovation so as not to waste their potential for growth and competitiveness. Yet locally owned SMEs traditional reliance on low-cost labour and personalised, paternalistic management of their workforces stand at odds with these goals. The survey conducted for this report illustrates the following challenges: l When asked to identify the top innovation-related challenges faced by their firms, survey respondents identified both changing the organisational culture (42%) and improving teamwork (3) as key obstacles. 2 Human capital as referred to in this report can be thought of as the stock of work-relevant capacities, knowledge and skills embodied in individual workers and collectively in the workforce of any given society. What would you say are the greatest innovation-related challenges facing your organisation over the next five years in Latin America? (Select up to three) Changing the organisational culture 42% Transforming ideas into marketable goods/services 39% Identifying changes in customer behaviour or needs 35% Getting teams to work together better 3 Difficulty in predicting future trends 2 Containing development costs 2 Reducing time to market for an innovation 19% Identifying and collaborating with suppliers, subcontractors, or other external partners Implementing the latest IT trends Creating the proper incentives to maximise creativity among employees and external partners 16% Eliciting and using customer feedback 1 2% Don t know/not applicable l When asked to characterise the market for qualified, high-potential employees, nearly two-thirds (63%) of executives complained of either an extreme shortage (10%) or limited supply (53%) of talent. When they were asked to identify the three largest workforce-related challenges facing their organisations, the largest single response (30%) was the inability to attract qualified candidates. l Three of the other four most common responses to the same question pointed to recruitment and staffing problems: mismatch between employee skills and organisational priorities (27%), inability to retain key employees (26%), and inability to build an engaged, motivated workforce (22%). 4 The Economist Intelligence Unit 2008

5 Latin America s small and medium-sized enterprises: the human capital challenge Putting people first On an individual firm level, locally owned SMEs must emulate foreign subsidiaries and affiliates of multinational firms in treating human capital as a central competitive asset if they are to attract and utilise the highestpotential employees. In the past, there is much evidence that SME owner-managers have tended to think of the labour force as simply a cost to be minimised, and to see lower wage costs as their main competitive advantage vis-à-vis larger competitors. Today, firms must put people first, not just their clients, says Silvio Eid, director-president of Grupo Unibeb, a Brazilian distribution company. One aspect of rethinking human capital is to follow the lead of successful larger companies and firms abroad in broadening traditional skills classifications into more flexibly defined sets of worker capacities known as competencies. This broad-banding of jobs into wider bundles of tasks and responsibilities becomes the basis for hiring, promotion, and performance-based evaluation and compensation. Simultaneously, firms can increase in-house investments in recruitment, selection and training to try to identify, attract and cultivate the best available personnel. According to Jacqueline Mazza of the Inter-American Development Bank (IDB), firms in most countries typically are assessed a payroll tax of 1-2% per year to support national training institutes. However, as employee retention rates improve and in-house promotion becomes a viable alternative to fill mid-level vacancies, some firms may experience long-term cost reductions. More broadly, notes Dr Arbix, now a professor of sociology at the prestigious Universidade de São Paulo, locally owned SMEs must overcome the Firms can increase in-house investments in recruitment, selection and training to cultivate the best available personnel challenge of traditional decision-making processes tied to innovation that made it an exceptional occurrence, making them into systematic processes. He believes that without a vision of innovation as a constant, integral, and fundamentally co-operative activity, the recruitment of new employees Which approaches will your company focus on to drive Latin American growth over the next five years? (Select up to three) Developing new products and services Entering new alliances or partnerships Penetrating new geographic markets 35% Improving core products/services 27% Building closer relationships with customers 25% Accelerating M&A activity 18% Investing in human resources 15% Becoming a cost leader 12% Creating better internal controls and risk management 12% Reshaping the organisation s culture 12% Investing more in brand-building 9% Investing in IT 9% Outsourcing and offshoring more Don t know/not applicable 3% 47% 46% The Economist Intelligence Unit

6 Latin America s small and medium-sized enterprises: the human capital challenge will constantly bear the weight of the past. A firm that wants to grow needs people who look to the future. The key dimensions of the greater openness to employee initiatives he advocates are far from traditional hierarchies: diversity, autonomy and networks of co-operation. The widely used catchphrase putting people first referred to frequently by Mr Eid and others dates back to the subtitle of an influential 1997 book by Jeffrey Pfeffer, a Harvard Business School professor. 3 A basic and easily overlooked aspect of the concept is deceptively simple making sure that recruitment and initial hire training are closely 3 Jeffrey Pfeffer, The Human Equation: Building Profits by Putting People First, Harvard Business School Press, Cambridge, MA, December informed by the shifting needs of the firm s work process as it responds to competitors, buyers and clients. For foreign subsidiaries and affiliates of multinational companies that constitute a share of the region s SMEs, the challenge is to disseminate best practices pioneered by their global parents and competitors in core markets and home countries. They will then need to adapt them to local regulatory contexts and business cultures that may be new or unfamiliar. For locally owned SMEs trying to survive and thrive in a new competitive environment, such as Grupo Unibeb, the challenge is to benchmark such best practices in their respective global industries and find ways of adapting them to the local context. Collaborative public-private responses: demand-driven training As the needs of SMEs in Latin America have changed with globalisation and flexible work processes, public-sector institutions have been as much part of the problem as part of the solution. Meanwhile, the imperative of more innovative public-private collaborations in training has become manifest. Dr Mazza of IDB notes that public training institutes in Latin America have traditionally been supply-driven they supply skills to the marketplace. They train, for example, a set number of carpenters or mechanics per year, regardless of how many the market may demand or what particular skill sets are most in need at any given moment within each trade. Traditionally public training institutes, such as that of Colombia, only monitored training course completion rates not the job placement rates of graduates. The problems of a supply-driven, government-run training model are compounded by widely noted deficiencies in Latin America s elementary and secondary education school system as well as poor school-towork transitions, notes Dr Mazza. While educational reforms are beginning to address the former, reforms in labour market institutions including interfaces between government, employers and business associations must start to tackle the latter. One promising collaborative private-public response promoted by the IDB and increasingly in use in some countries is to move towards demanddriven training. In Mexico, for example, PACE (Programme to Support Training and Employment, in English) its largest training programme has 6 The Economist Intelligence Unit 2008

7 Latin America s small and medium-sized enterprises: the human capital challenge moved from classroom-only vocational training programmes to short-term traineeships involving three-month stays with firms that apply to take them on. Workers are given both on-the-job training provided by the employer as well as governmentprovided or managed training in basic competencies through school-based instruction at night or on the weekend a so-called mixed training model, explains Dr Mazza. Under the PACE programme, participating firms which range from small to large in size but are primarily medium to small agree to hire at least 80% of trainees to jobs. Crucially, retention rates and wages of former trainees are periodically measured against those of a control group in order to monitor the programme s effectiveness. The results thus far have been stellar, argues Dr Mazza. Demand-driven training programmes such as PACE can help SMEs to find hard-to-locate qualified personnel who adjust smoothly to workplace life. They also allow cash-strapped firms to subsidise their in-house training initiatives and to complement these efforts with publicly provided or managed core competency training tailored more closely to marketplace needs. Meeting the human capital challenge in Brazil Grupo Unibeb, a distribution company in the São Paulo metro region, has 600 employees and an annual turnover of US$234.5m. Concerned in part that its major client, American Beverage (Ambev), might seek to bring some of its distribution network in-house, Grupo Unibeb has begun to diversify into distribution of prepaid telephone cards and Kraft food products. The diversification has entailed not just a net gain of 200 new employees in the last three to four years, but also a big investment in people and processes to create a learning organisation, confirms Silvio Eid, the firm s director-president. Despite some talk of putting the client first, around here our philosophy is to put people first, he underlines. In the process of recruiting and training its workforce, Unibeb must overcome the deficiencies of the public school system and a training system more geared to manufacturing than services, notes Mr Eid and the firm s director of sales and personnel, Ricardo Philipp. For recruitment and training, public agencies tend to be more useful for small firms than for us, explains Mr Eid. There are plenty of candidates for jobs, but the problem is finding the right people. About 10% of applicants sending résumés receive interviews, and a small percentage of those interviewed and subjected to maths and verbal tests are then hired on a three-month provisional basis. In-house, on-the-job training is then conducted to teach such new hires the company s processes and to tailor their maths and verbal skills to Unibeb s demands. The firm also has agreements with universities to provide night school education at a discount of up to 50% for employees, as it encourages them to obtain educational credentials and perhaps move up to supervisory and even managerial positions. Internal promotions are the preferred means to fill vacancies. Unibeb conducts its own recruitment and selection with no assistance from outside firms or agencies. The 10-12% annual turnover rate, which includes both dismissals and resignations, is relatively low by the standards of Brazil and the industry, according to Mr Eid. Yet it still contributes to making applicant screening a constant undertaking. n The Economist Intelligence Unit

8 Latin America s small and medium-sized enterprises: the human capital challenge Competency certification Another, parallel response on the part of public and public-private business support institutions in some countries involves competency-based skill certification. Such schemes codify the shifting requirements for successful work in any given industry or type of work and verify the extent to which they are met by individual workers. These requirements (often set by the International Standards Organisation ISO) are a combination of hard technical skills and related soft core Defining skills broadly, as competencies, ensures that workers will be more adaptable to changing marketplace needs instead of being trapped within what might be quickly obsolete technical knowledge bases competencies, in areas such as verbal and written expression, numeracy, perhaps computer literacy, problem-solving and people skills. Some combination of individual firms, firm associations, vocational schools, manpower companies, specialised auditors, public agencies and labour unions may be accredited and formally authorised to certify workers in particular sets of competencies. Defining skills broadly, as competencies, ensures that workers will be more adaptable to changing marketplace needs instead of being trapped within what might be quickly obsolete technical knowledge bases. Providing multiple venues and agents of certification can help to enhance the portability of individual workers skills across employers and even sectors of the economy, thus enhancing their employability. What do you see as the primary workforce-related issues facing your organisation in Latin America? (Select up to three) Inability to attract qualified candidates 30% Difficulty in modifying other work arrangements due to local labour regulations 27% Employee skills not aligned with current organisational priorities 27% Inability to retain key employees 26% Inability to build an engaged/motivated workforce 22% Difficulty modifying staffing levels due to local labour regulations 19% Inability to rapidly develop skills to address current/future business needs 19% Inability to collaborate/share knowledge across the organisation Lack of leadership capability 1 Lack of IT knowledge 12% Labour costs higher than competitors 1 Unable to adapt global HR practices to local contexts 8% Unable to redeploy/realign resources against new opportunities 6% 2% Don t know/not applicable 5% Importantly, competency certification can also help to lower transaction costs for those employers that recruit job candidates. In Argentina, for instance, competency-based certification systems have been developed with some success in several sectors including printing, metalworking, automotive and textiles. This has occurred through innovative partnerships involving the Ministry of Labour and Social Security, the sectoral training institutes of these sectors, and the Inter- American Center for Research and Documentation on Vocational Training, based in Montevideo, Uruguay. The IDB, meanwhile, helped fund these efforts. 8 The Economist Intelligence Unit 2008

9 Latin America s small and medium-sized enterprises: the human capital challenge Connecting job-seekers and firms Another promising public-private response to the recruitment and selection challenges facing SMEs entails strengthening labour market intermediation services. Labour market intermediaries, whether public, private or mixed, help to match potential workers possessing particular skills and competencies with job opportunities in particular firms. They help connect supply and demand for labour. Examples of intermediary services are job placement assistance for the young or unemployed, outplacement services for those being laid off, interview coaching, résumé writing and job search assistance. Traditionally, intermediation services have been weak or non-existent in Latin America, and received little input from employers beyond job advertisements. Where intermediation has been offered, it has often been weakly integrated with training, which is conducted by different agencies. Drawing on the experience of some OECD countries, efforts to integrate services into single agencies, or to contract them out wholly or partially to private service Multinationals and their local partners Large multinational corporations (MNCs) that operate global supply chains can also play a role in mentoring their small, medium and large enterprise partners in Latin America, whether they are locally owned or the local affiliates of multinationals. Mentoring linkages can be created through distribution relationships or occur through subcontracting, outsourcing, joint ventures or other ownership ties. As MNCs move to produce more goods and services for increasingly buoyant local markets (as in the automotive or chemicals sectors), or to continue to use Latin American countries as export hubs (as in garment and electronics), locally based supply operations play an increasingly important role in providing key inputs for complex global supply chains. Through supplier development programmes, MNCs may provide guidance or direct training to SME managers and employees so that they can meet the quality standards, product specifications and delivery schedules of global brands. This is particularly important for locally owned SMEs, which, unlike their foreign-owned counterparts, may not be familiar with sourcing practices or have established relationships with global brands. Public enterprise support institutions, as well as business associations at the regional and sectoral level and specialised business consultancies at the regional or sectoral level, can also play an important role in providing funding or technical assistance to local firms during such undertakings. In joint ventures or other business ties that are increasingly common among firms that remain at least partially in local hands, the contribution of the foreign partner is often as much in the form of technology and know-how as it is in capital and market linkages. Such firms can make rapid strides as they meld their knowledge of local markets and regulations with the introduction of best practices pioneered by a foreign strategic partner. Much the same is true of SMEs that become key or sole local distributors of a global brand s product (in some cases after giving up competing directly with it). Under the cost and quality demands of foreign partners, but also with advice or technical assistance, Latin American SMEs can make important competitive strides in human capital management. n The Economist Intelligence Unit

10 Latin America s small and medium-sized enterprises: the human capital challenge providers, can thus provide one promising approach to reform. Another innovative reform strategy is to develop a more user-friendly approach to make comprehensive information available about training and intermediation services through a single point of access. For example, one of the objectives of the second phase of the PACE programme in Mexico, supported by the IDB, is to develop a web-based one-stop information portal that will aggregate information on vacancies, employment placement services, training, job fairs and workshops. Conclusion At the level of individual enterprises, a shift in a firm s strategy to put people first is one welcome approach As confirmed by the survey, Latin American SMEs face challenges in recruiting, attracting and developing human capital. These challenges disproportionally affect locally owned firms with limited size and professionalisation of their administrative staff, and a traditional reliance on personalised human resource management and low-cost, high-turnover staffing. Placing these challenges in the broader context, the survey respondents underline that businesses must develop a new culture of stimulating innovation, emphasises Dr Arbix of the Universidade de São Paulo. Some innovative and promising responses to these challenges are beginning to emerge, although much more is needed. At the level of individual enterprises, a shift in a firm s strategy to put people first is one welcome approach. This involves treating the workforce as a key competitive asset, hiring and deploying workers within broader, competencybased categories, and investing more resources in the recruitment and use of high-potential employees. More broadly, it involves transforming decision-making processes to elicit greater initiative, autonomy and co-operation among employees within the organisation. At the level of public-sector business support institutions and public-private collaborative efforts, key emerging reforms are demand-driven training programmes done in partnership with firms, competency-based skill certification schemes and enhanced labour market intermediation services. Taken together and individually, such reforms may help to shorten periods of unemployment, enhance school-to-work transitions, and raise employment rates in vulnerable parts of the population, such as youth and women. From the standpoint of SMEs, the reforms may help to foster greater public support for a more committed, capable and enterprising workforce prepared to meet the challenges of a highly competitive global market. 10 The Economist Intelligence Unit 2008

11 Appendix Latin America s small and medium-sized enterprises: the human capital challenge Appendix: Survey results In November and December 2007 the Economist Intelligence Unit conducted an online survey of 175 Latin American executives at small and medium-sized enterprises (SMEs) with global annual revenue of between US$100m and US$400m.Our sincere thanks go to all those who took part in the survey. Please note that not all answers add up to 100%, because of rounding or because respondents were able to provide multiple answers to some questions. In which of the following Latin American countries is your organisation active? (Select all that apply) Mexico Argentina Chile Brazil Colombia Peru Venezuela 18% Costa Rica 15% Dominican Republic 13% Uruguay 13% Ecuador 1 Bolivia 1 Guatemala 10% Panama 10% Puerto Rico 10% El Salvador 8% Honduras 6% Nicaragua 5% Haiti 2% 28% 27% 3 30% 3 49% What is your primary industry? Manufacturing Energy and natural resources 1 Financial services 10% Consumer goods 8% IT and technology 8% Entertainment, media and publishing 6% Construction and real estate 5% Agriculture and agribusiness Chemicals Healthcare, pharmaceuticals and biotechnology Logistics and distribution Telecommunications Education 3% Government/Public sector 3% Retailing 3% Professional services 2% Automotive Transportation, travel and tourism Aerospace/Defence 18% The Economist Intelligence Unit

12 Appendix Latin America s small and medium-sized enterprises: the human capital challenge 30% 15% 7.5% 4-% What are your company's annual global revenues in US dollars? Which of the following best describes your title? US$100m-US$200m 46% US$200m-US$300m 23% US$300m-US$400m 3 25% 12.5% 6+% What are your main functional roles? (Select up to three) 50% Board member CEO/President/Managing director 10% CFO/Treasurer/Comptroller 9% CIO/Technology director C-level executive 3% SVP/VP/Director Head of Business Unit 6% Head of Department Manager 19% 18% 26% IT Finance 2 Strategy and business development 22% Customer service 20% General management 19% Marketing and sales 18% Operations and production 15% Information and research 13% R&D 12% Risk 7% Human resources 6% Supply-chain management 6% Legal 3% Procurement 3% 2% 4 What would you say are the greatest innovation-related challenges facing your organisation over the next five years in Latin America? (Select up to three) Changing the organisational culture 42% Transforming ideas into marketable goods/services 39% Identifying changes in customer behaviour or needs 35% Getting teams to work together better 3 Difficulty in predicting future trends 2 Containing development costs 2 Reducing time to market for an innovation 19% Identifying and collaborating with suppliers, subcontractors, or other external partners Implementing the latest IT trends Creating the proper incentives to maximise creativity among employees and external partners 16% Eliciting and using customer feedback 1 2% Don t know/not applicable 12 The Economist Intelligence Unit 2008

13 Appendix Latin America s small and medium-sized enterprises: the human capital challenge Which of the following statements best describes your firm s most successful innovation brought to market within the last five years? What is the typical time period within which the management in your company requires an innovation to be cash flow-positive following commercial launch? Developed by a local research team within Latin America 3 Developed by a global team of researchers from Latin America and other countries 19% Our operations have yet to develop a successful innovation for the Latin American market Acquired an existing product within Latin America and improved it 13% Less than 2 years 36% 2 to 3 years 33% 3 to 4 years 9% 4 to 5 years 9% More than 5 years Don t know/ not applicable 8% Developed by a research team located outside Latin America 10% Don t know 6% What are the main reasons why proposed innovations for Latin America are denied funding? (Select up to three) Insufficient return on investment 35% Insufficient profitability 3 Insufficient absolute levels of profit (eg, something can be highly profitable in percentage terms but does not generate sufficient total profit to affect overall firm performance) 23% Insufficient growth 23% Concerns about protecting intellectual property 22% Innovation threatened to cannibalise existing product 22% Innovation inconsistent with organisational strategy or capabilities 2 Latin America not deemed to have a sufficiently high return as a market 20% Lack of customer references 5% Don t know/not applicable 7% Which of the following revenue drivers are most important in helping your organisation decide whether to invest in new ideas in Latin America? (Select up to three) Entering new markets 5 Expanding the range of complementary products around a basic offer/model 53% Increasing share in existing markets and countries 4 Adding new value to a current product (eg, camera phone) 32% Entering a new Latin American country 30% Raising the price of a current product Introducing an entirely new product category (eg, ipod) Don t know/not applicable The Economist Intelligence Unit

14 Appendix Latin America s small and medium-sized enterprises: the human capital challenge For your organisation, what is the greatest challenge in effectively managing R&D activities? (Select up to three) Understanding market needs and working with customers (identify, test and refine) to translate those into the right products or services 43% Getting research, development, manufacturing, business units, and marketing teams to work together to time the creation of new products with development cycles 38% Adapting innovations from outside Latin America so we can exploit the market more effectively 33% Establishing and maintaining quality control and testing to ensure products are market-ready 28% Controlling product development costs 23% Automating manual processes and activities 20% Assessing the performance of key areas in the product development process Finding tools to measure return on product development spending 1 None of the above; there are no significant challenges for my organisation None of the above; we don t manage R&D within the organisation 8% Which of the following statements best describes the process your organisation uses to analyse strategic issues? We have no process 5% Largely ad hoc 16% Consensus-driven 25% Varies by business unit, or year-to-year 30% Rigorous and disciplined in the local office 7% Rigorous and disciplined by a global initiative 1 How effective is strategic planning for Latin America at driving strategic decisions at your organisation? Very effective 9% Effective 5 Neutral (neither effective nor ineffective) 29% Somewhat ineffective Totally ineffective Don t know 2% In your opinion, what are the main issues to consider in developing an effective Latin American strategy? (Select up to three) Remaining aware of, and responsive to, variations in customer demand 49% Balancing centralised with localised decision-making 3 Maximising the value of local market knowledge 32% Organising and training employees to function well with long-distance business relationships and multiple hand-offs 3 Complying with multiple regulatory regimes 30% Cross-cultural communications with customers, employees, partners, and regulators 28% Creating a unified view of our global operations and performance 18% Reducing time-to-market for product/service innovations 16% Investing in IT 16% Containing costs where they are incurred 1 Don t know/not applicable 2% 14 The Economist Intelligence Unit 2008

15 Appendix Latin America s small and medium-sized enterprises: the human capital challenge Which approaches will your company focus on to drive Latin American growth over the next five years? (Select up to three) How would you describe today s market for qualified, high-potential employees within Latin America? Developing new products and services Entering new alliances or partnerships Penetrating new geographic markets 35% Improving core products/services 27% Building closer relationships with customers 25% Accelerating M&A activity 18% Investing in human resources 15% Becoming a cost leader 12% Creating better internal controls and risk management 12% Reshaping the organisation s culture 12% Investing more in brand-building 9% Investing in IT 9% Outsourcing and offshoring more Don t know/not applicable 3% 47% 46% Extreme shortage of talent 10% Limited supply of talent 53% Good supply of talent 37% What do you expect to see in five years? Extreme shortage of talent 10% Limited supply of talent 37% Good supply of talent 53% The Economist Intelligence Unit

16 Appendix Latin America s small and medium-sized enterprises: the human capital challenge How would you characterise the ability of your organisation to meet its demand for IT talent within your Latin American operation? We re unable to meet our demand 9% We re barely able to meet our demand 38% We re able to meet our demand 43% We can hire more than we need 10% How would you expect to characterise that ability in five years? We re unable to meet our demand We re barely able to meet our demand 23% We re able to meet our demand 5 We can hire more than we need 22% Which of the following best describes the relationship between your organisation s business strategy and its workforce strategy in Latin America? Workforce strategy is driven by the overall business strategy 40% Workforce strategy is not formally documented 22% Workforce strategy is developed independently from the overall business strategy 18% Workforce strategy is both driven by, and provides input into, the overall business strategy Don t know/not applicable 3% What do you see as the primary workforce-related issues facing your organisation in Latin America? (Select up to three) Inability to attract qualified candidates 30% Difficulty in modifying other work arrangements due to local labour regulations 27% Employee skills not aligned with current organisational priorities 27% Inability to retain key employees 26% Inability to build an engaged/motivated workforce 22% Difficulty modifying staffing levels due to local labour regulations 19% Inability to rapidly develop skills to address current/future business needs 19% Inability to collaborate/share knowledge across the organisation Lack of leadership capability 1 Lack of IT knowledge 12% Labour costs higher than competitors 1 Unable to adapt global HR practices to local contexts 8% Unable to redeploy/realign resources against new opportunities 6% 2% Don t know/not applicable 5% 16 The Economist Intelligence Unit 2008

17 Appendix Latin America s small and medium-sized enterprises: the human capital challenge How well does your organisation perform the following workforce management activities? Rate each of the following on a scale of 1 to 5, where 1=Very effective and 5=Not at all effective In your organisation, which of the following are the most critical sources for identifying senior management talent for your Latin American operations?(select up to three) 1 Very effective Not at all effective Don t know Forecast daily/weekly labour requirements 18% 23% 18% 3 1 8% 8% Identify available staff with appropriate skills and capabilities 18% 25% 28% 22% 5%2 Identify long-term trends in the supply and demand for labour 9% 23% 29% 25% 12% 3 Incorporate employee preferences into the scheduling process 8% 2 36% 18% 1 3 Integrate employee scheduling with other workforce-related systems, such as time and attendance, skill tracking, learning management 9% % 12% 7% Modify staffing based on changes in business conditions (eg, seasonal demand, new products, new location openings, mergers and acquisitions) 13% 25% 29% 16% 10% 6% Prevent conflicts and otherwise manage employee relations 16% 26% 27% 20% 9% 3 Align internal resource skills with external consulting services 16% 27% 29% 16% 8% 703 Align internal resource needs with external 35 consulting services 13% 28% 3 6% Search firms or third party vendors Referrals from existing employees Lateral hires from our competitors 30% Campus recruiting (eg, undergrad, grad, MBA) 28% Internal job postings (eg, talent in the organisation) 26% Succession planning 25% Leveraging existing relationships with influential contacts 2 Networking through company alumni Talent imported from outside Latin America 10% % 48% 100 What elements has your organisation integrated into its compliance methodology? (Select all that apply) Business processes and controls Performance management and reporting Data and identity management Learning management 4 Risk-driven allocation of compliance resources 4 Don t know/not applicable 8% 47% 55% 69% Please indicate whether you agree or disagree with the following statements regarding your organisation s compliance function. Agree Disagree Don t know Persuasively demonstrates to senior management that compliance risks are under control 65% 23% 12% Anticipates future compliance issues 77% 13% 10% Justifies its expenditures with evidence of compliance activities effectiveness % Integrates tightly with daily activities of line personnel in business functions 7 20% 9% We do not have a compliance function for Latin America 28% 65% 8% The Economist Intelligence Unit

18 Appendix Latin America s small and medium-sized enterprises: the human capital challenge Which of the following statements best describes how your organisation s IT investments made in the last five years have helped it fulfill regulatory requirements? Which of the following best describes your organisation s progress in developing processes to measure and manage the effectiveness of compliance? Addressed real needs and brought control to systems that had grown on an ad hoc basis 4 Enabled the organisation to make business changes that are useful but not required immediately 26% We have not undertaken significant IT investments in the past three years 15% Distracted from more immediate, pressing IT security or other business concerns 1 Don t know We haven't yet started to develop processes 7% We have just begun to develop processes 20% We are well into the development effort but have major components yet to complete 37% We are close to completion We have fully developed processes to measure and manage the effectiveness of our compliance efforts 15% Don t know/not applicable 3% Which of the following digital inclusion challenges in Latin America do you think technology organisations can help to address over the next five years? (Select all that apply) Education access-divide Telecommunication access-divide Rural-urban divide 40% Income divide 39% Language and content access-divide 33% Lack of access to people with disability 30% Lack of charity giving 15% Gender access-divide 1 Education access-divide The Economist Intelligence Unit 2008

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