More professionals willing to move overseas
The global survey report (June 2013)
The US, the UK, Australia and Singapore ranked as the top 4 countries where business professionals are eager to work, says the recent report by recruitment firm Hydrogen Group and business school ESCP Europe.
Hong Kong came eighth while China ranked in the 11th among the top 15 popular locations.
It also revealed that professionals across industries are more willing to work abroad, and consider international experience to be key to their career successes.
Over 2,000 business professionals took part in this global survey.
Around 38% of respondents to the survey were working abroad, and a further 54% would consider taking a job in another country. Two in three believe that their company favors international experience in their employees.
Of those already working abroad, 77% believe this has helped their career prospects, 72% said it had enhanced their salaries and 83% feel it has accelerated their personal development. An overwhelming majority (98%) would recommend working overseas to others.
The report also highlights changing attitude toward working overseas, that is, 86 % of workers who had moved to overseas are not in any hurry to return to home country. rather staying away much longer than traditional 2 years duration.
Among respondents already working overseas, 63% have been in place for more than six years, and half are considering applying for permanent residency in their host nation.
Due to the globalization of the jobs market, particularly millennial generation views the world without boundaries. Such younger professionals are also more likely to be motivated by personal development than financial considerations when deciding to work abroad.
The report notes that Asia is emerging as the word's third-biggest tech hub, and that Singapore is Asia's leading technology hub, due to its well-educated workforce and emphasis on innovation. Neighbors including Malaysia and the Philippines also have a strong technology grounding.
On the contrary, companies and governments across the region are facing a shortage of qualified local talent. They need to take steps to lure back qualified professionals with international experience.
"As Singapore moves into a new era of a productivity-centric economy, engaging the 200,000 Singaporeans who are studying and working overseas will be an increasingly viable option in view of the tight labour market and long-term business economic restructuring that our companies are going through", says Singapore Business Federation COO Victor Tay. Being aware of local talent shortage crisis, he is keen on luring back such talents to Singapore.