What it’s really like working in an Emerging Market? — As a PM
Emerging markets now make up about 40% of the global economy, and according to the International Monetary Fund (IMF), by 2035 they are expected to represent almost 60%. These figures clearly illustrate that Emerging Markets are appealing businesses. With lots of risks. Considering the Developed Market, the emerging markets (EM) may be a great window of opportunity, anyway.
From the project perspective, there are some known risks in the EM that you may be faced at the project; Currency Fluctuation Risks, Pop-up demands, Political Risks, and Legal Risks. All these affect directly your project success and give bad morale to you and your team for sure. However, if you see all these speed bumps as a learning curve, then these failures or near misses will be a strength. So What it is really like working Emerging Market and how have I experienced it so far?
Unlike the regular trends in the developed market ( — before pandemic), emerging markets trends differ. The shift is not being able to predict. The local culture and dynamics are pushing you that need you lots of change requests. There is a silver lining to this, you will be updated in meantime, brand new requirements, and not miss current consumer demands when the products are on the shelf.
Chance to go the extra mile
In the growth scenario, there would a chance to show yourself ( if you want). It is a great place to create your potential to an upper limit. There could be a chance way to try a new method of work. Like Spotify Tribe, Scrum; agile methods, or Hybrid Project Management Approaches. That could be a chance of real improvement to the current performance of your team and yourself if you lead the new way.
Multicultural & Multiregional
One of the keys is improving communication skills. I have already managing projects in a multicultural environment. It gives me an understanding of how to speak their language and approach the right communication channel. The beauty of diversity comes back to you as a unique requirement for every country. So you need to be careful go-to-market strategy from packaging on writings to which electricity requirements for countries.
Well, after the pandemic, It seems the whole world has a pressure of unclear KPIs, like Emerging Markets. The customer habit’s drastically changing. Digitalization speeds up logarithmic speed than expectations and has a direct effect on our life. “The new work” is letting the employers are choosing their employee adaption to the new normal. In the world of after new normal, It would be a wise choice at least one of the legs of business should be ready next disruption for itself and behave like all around the world markets are Emerging.