Australia is the third most desired place for professionals to relocate to, says a new report, despite economic challenges and the current high exchange rate making it expensive for many professionals to move here.
The Global Professionals on the Move 2013 report, carried out by global specialist recruiter Hydrogen, found that a combination of professional and lifestyle factors have placed Australia in an enviable spot near the top of the world rankings for attracting workers from overseas. Professional demands are no different from those in the US or UK, allowing high-flyers to remain at the top of their game, while what is available outside of working life in terms of outdoor living and quality of life is simply a world away from anything any other major centre in the developed world has to offer.
The fourth annual report from Hydrogen, which surveyed over 2,000 people across 90 countries, highlights the high value of international experience to professionals and charts important global trends for employers, recruiters and professionals themselves. Some 66% of global professionals who responded said their employers rated international experience as important or very important. An overwhelming 98% of respondents who had relocated recommended the experience, and 86% said they wanted to stay longer.
Australia has over the years retained a star quality which draws many back who have once visited it, such as James Whiley, a lawyer who recently relocated from London to Sydney. He said, “I loved Australia when I came here on a working holiday in 2005, so I jumped at the opportunity to return. The people, all the things to do at weekends, the weather – it’s just a kaleidoscope of attractions for me.”
Shane Little, Managing Director for Hydrogen, Australia, said, “Oil and gas continues to be a real growth area, with demand increasing for professionals with unconventional experience, particularly across the Eastern Seaboard. The recent announcements about the Browse Project may lead to a softening in demand in certain areas but the opposite may occur for specialist experience in FLNG. There is also a growing demand for professionals in life sciences and pharmaceuticals, in particular on the clinical research & development side, and in regulatory affairs and compliance. Australia is also a technology hub, with growth currently in cloud technology, analytics and big data storage.”
While there are no particular shortages for professionals in law and in financial services, there is demand for niche candidates with specialist experience, for example oil and gas or construction lawyers, or lawyers with specific compliance or litigation experience. Senior financial services professionals with specialist skills in areas such as risk, tax and compliance are also in demand.
Globally, among those looking to relocate to other countries, top preferences are still almost exclusively in the developed world and include few of the fast-growing emerging markets where they will in future be needed. Employers and recruiters will need to work hard to educate them to consider other destinations.
Women are heading out earlier in their careers than men, or not at all. A third of female respondents, but only 17% of men, relocated between the ages of 21 and 30, whereas 17% of men, but only 5% of women, relocated aged 51-60.
The result is that two thirds of those having relocated are men, which means women are losing out, and there will be insufficient women in the pipeline of female talent for more senior positions, many of which now require international experience.
There are also other trends of global significance, one of which is the rising value of Asian professionals with international experience, which is a new feature of the global market in professional skills. Many of their home countries are now becoming economic powerhouses, and consequently they have become a highly prized commodity, as they combine international skills and training with an understanding at a deep level of their local culture and customs, crucial to doing business in Asia. Countries across Asia are tempting this national talent home with valuable incentives such as tax breaks, with Australia being one of the natural locations from which Asian professionals will be called.
Hydrogen’s Global Professionals on the Move 2013 report is conducted by ESCP Europe, the world’s oldest business school. Other key findings of the report, which looks at the experience, attitudes and priorities of highly qualified, high earning professionals with regard to working abroad, and reviews the trends year on year, were:
- 83% of respondents who had relocated said they believed it had accelerated their personal development
- 77% said it had benefitted their career prospects
- 72% said it had enhanced their salaries
- 43% said family would be their main potential barrier to relocating
- 12% thought there really were no barriers to relocating at all (up from 4% last year)
Hong Kong is the second most popular destination, behind the UAE, for relocating global professionals to stay on longer than they originally intended, according to a new report, carried out by global specialist recruiter Hydrogen, beating Singapore which came ninth. Hong Kong’s ability to attract professionals from overseas is due to the variety it has to offer. Simon Walker, Hydrogen’s Managing Director for Asia, said, “Whatever stage of life you are at, you will find the right neighbourhood in Hong Kong. Your experience of the place will depend on why you are there and where you live, but one thing is certain, you will enjoy an exceptionally high standard of living and quality of life.”
Singapore remains the fourth most attractive location in the world for high-flying professionals from all industry sectors to relocate to, says a new report. It was the top Asian location, increasing its lead over rival Hong Kong, which came eighth.
Simon Walker said, “With an exceptionally well-educated and motivated workforce, Singapore is an innovative country. It is producing tech entrepreneurs and engineers who are creating much of the high tech industry of the future. Professionals are able to build a career in a cutting edge region.”
Malaysia is looking at initiatives to attract back nationals who have acquired international experience in key professional sectors such as finance and technology, to return home and contribute to developing its economy, says a new report. It found a growing trend across Asia of countries trying to recruit national professionals who have gained valuable professional experience abroad, so that their countries benefit from the skills and experience these expats have acquired.
“This was set up to help overcome shortages of expertise and to build a world class workforce in Malaysia”, explains Simon Walker. “It offers return-homers income tax breaks, tax-free ownership of two Malaysian-made cars, fast-track residency for foreign spouses and children, and priority entry to the best schools for children.”
This reverse brain drain in Asia is a shift in global professional migration patterns and raises the question whether those without local origins will increasingly lose the chance to work in the region. Simon Walker thinks not, “Employers across the region will start profiling the type of expat they want. Those with an advantage will have lived or be currently living in Asia and understand the local culture. Ultimately it will be the skills and the local knowledge which count, so an expat with this experience will be on a par with a return-homer.”
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
