MOSCOW & NEW YORK--()--Russia is undergoing a rapid transformation and is poised for new economic expansion that will reshape its role in global commerce. This transformation is driven by the growing capabilities of Russia's executive population, according to The Boyden Report: Russia - Russia's Executives Lead an Economic Renaissance, released today.
“Whilst people are able to easily find all kinds of statistics and analytics on the market, many important basic practical points on Russia remain obscure”
The report analyses and deconstructs the top myths of doing business in Russia, and explores the rich and complex nature of the region and how its history will influence its future on the global stage.
The Boyden Report examines factors that should be considered when hiring in this region – a critical issue because the next generation of executives will be leading the economic renaissance. In addition, the report provides incisive insight into the relationship culture, leadership styles and most effective strategies to use when competing for top talent.
"This is a critical point in time for Russia as it is poised once again to become a major economic force on the global stage," said Trina Gordon, CEO of Boyden World Corporation. "As the next generation of executives prepare to take the lead, it is essential to have a clear understanding of the environment and culture in which Russia's business leaders will thrive and contribute to the global economy."
“Whilst people are able to easily find all kinds of statistics and analytics on the market, many important basic practical points on Russia remain obscure,” said Julia Nikitina, Managing Director of Boyden Russia. “In-depth knowledge of the Russian market will unlock remarkable opportunities, and thus our Boyden Report is an important place for beginning that deeper understanding.”
In understanding the journey of Russia and its people, The Boyden Report explores common misperceptions about the region and the critical role its business leaders will play in its economic renaissance, and combines these findings with industry-leading analysis that offers a compelling view of Russia, the opportunities it has to offer and how its resurgence will be led by the new generation of executive leadership.
“The Boyden Report explodes many of the myths surrounding the opportunities that exist for ambitious executives in the Russian market,” said Ruben Vardanian, President of investment bank Troika Dialog and Founding Partner of the SKOLKOVO Moscow School of Management. “We have moved quickly, in tandem with large Russian companies, to design and roll out business education programmes which equip our people to operate effectively on the global stage. Building on the strong base of our historically rigorous school system, there are a number of universities and business schools in Russia that provide training which is aligned with global best practices but also adapted to best capture the particular opportunities available from our high-growth, rapidly-diversifying economy.”
In addition, the Boyden View section of the report includes practical advice for working with Russian executives. Highlights include:
- An executive’s education may not necessarily correspond to their current position. This is not unusual or a matter for concern. For individuals in their 40’s and often younger, this is likely to be true in 90 per cent of the cases and should be considered normal.
- Russian managers often change jobs regularly, switching companies or positions. The changes are not necessarily motivated by compensation packages, but often rather for professional growth.
- International businesses are paying more attention to the strong “relationship culture” that characterises Russia, most notably important for good connections with government bodies.
- In certain circumstances, an authoritative management style—considered typical in Russia—is not always negative, given it generates healthy discipline practices.
- With many industries still at an early development stage—compared with their global peers—there is often a limited pool of qualified candidates in a sector, which prompts a need to look for prospects outside an industry.
“We are very bullish on Russia, which corporate leaders view as one of the top ten countries worldwide in terms of growth prospects,” said Peter Winkler, PricewaterhouseCoopers’ Leader of Business Development for Central and Eastern Europe. “The Russian economy continues to rise and diversify, and multinational companies are increasingly realising that, despite the political and cultural complexities, they must make Russia a central part of their international growth strategy. As emphasised in the Boyden Report, prerequisites for success in Russia include healthy doses of patience and flexibility, and guidance from advisors who have been there and have a successful track record on the ground."
For a full copy of The Boyden Report: Russia, please visit www.boyden.com.
About The Boyden Reports
Other reports in the series include The Boyden Report: China Multiculturalism – China's gift to the global economy; The Boyden Report: Brazil – Executives walking on the big stage; The Boyden Report: Latin America – Multi-latinas drive Latin America's destiny, and The Boyden Report: India – The sun also rises on the Indian executive.
About Boyden World Corporation
Boyden is a global leader in the executive search industry with more than 65 offices in over 40 countries. Founded in 1946, Boyden specialises in high level executive search, interim management and human capital consulting across a broad spectrum of industries. For further information, visit the firm’s website at www.boyden.com.