The war for talent is heating up in emerging markets. Without enough "brain power," multinationals can't succeed in these markets. Yet they're approaching the war in the wrong way--bringing in expats and engaging in bidding wars for hotshot local "male" managers.

The solution is hiding in plain sight: the millions of highly educated women surging into the labor markets of Brazil, Russia, India, China, and the United Arab Emirates. Increasingly, these women boast better credentials, higher ambitions, and greater loyalty than their male peers.

But there's a catch: Attracting and...