Boyden report predicts human capital boost to Russian growth

A report published by global executive search firm Boyden World Corporation predicts Russia’s accession to a new “economic renaissance,” which will be led by its ever-growing population of top level executives.

After the collapse of the communist regime, Russia has focused on business growth and development. At the same time, the high standards of education fostered in the Soviet Union remained, giving rise to a generation of highly intelligent executives.

Boyden’s report seeks to dispel the various myths about Russia that have stood in the way of its development and outlines the factors that make it attractive for business. For example, it looks at the Western belief in the lack of institutional infrastructure in the country and the perceived difficulty of setting up new venture firms.

Gerard Lopez, co-founder and managing partner at Luxembourg-based venture capital firm Mangrove Capital Partners has identified the country’s wealth of human capital as one of its main appeals. He also said the country has

“Fundamental research in universities to generate ideas, innovation and growth.”
The report points to various factors expected to boost Russia’s business growth: its status as one of the top 10 markets in terms of real gross domestic product growth, the expected increase in M&A activity in the country and the number of European companies planning to enter Moscow in coming years.

These foreign companies must consider a number of factors when hiring executives in Russia. The corporate world in Russia is different to its European counterparts, and in order to make the most of what Russian executives have to offer, it is necessary to have a deep understanding of the country.

For example, the report points out that frequently changing jobs is considered the norm in Russia, an authoritative management style is often suitable and the world of work is dominated by a “relationship culture.”

Elena Surmeyko, managing partner, Boyden Russia, comments, “Research on behavioural competences among Russian managers shows positive thinking, relationship building – networking – and self-development are specifically required in Russia today.”

Positive thinking is necessary to handle the speed of change in Russia. Such changes are happening more quickly than the supportive technologies and processes. So, in situations of uncertainty, the executive needs to concentrate on positive opportunities rather than difficulties in order to inspire people”.

To view the full report click here: [asset_library_tag 5798,Boyden Report Russia]

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