The Decoding Global Talent Report for 2024, published by Boston Consulting Group in collaboration with The Network and The Stepstone Group, reveals that one in four professionals globally are actively seeking jobs abroad. Despite economic and geopolitical concerns, the number of people looking for jobs overseas has grown to 23% in 2023 from 21% in 2020. This trend is driven by factors such as economic opportunities, career advancement, and a better quality of life. In fact, up to 800 million professionals could be actively seeking jobs abroad according to the report.
The report also highlights the importance of attracting and retaining global talent for businesses, with 92% of global employers stating that it is among their top priorities. Companies that have greater global diversity are shown to be more innovative and successful, generating higher profits and being 75% more likely to be world-class innovators. This emphasis on global talent acquisition can give companies a competitive advantage in the current business landscape.
London has been identified as the top destination city for global talent, with 9% of survey respondents expressing a willingness to move there. Factors driving London’s popularity include English being the primary language, abundant financial opportunities, a strong global network, and its multicultural identity. Singapore emerged as the top destination in Asia, attracting talent from neighboring countries due to its quality of job opportunities, quality of life, income, tax, cost of living, safety, stability, and security.
Nine cities in the Asia-Pacific region made it to the top 30 destination cities for global talent, including Sydney, Tokyo, Melbourne, and Auckland. The report highlights the positive impact that the departure of talent can have on origin countries, promoting the dissemination of knowledge and technologies and helping connect countries to the global brain. Employers and nations that tap into the energy of mobile workers will gain a competitive advantage in the global marketplace.
Overall, the report underscores the increasing trend of professionals seeking opportunities abroad and the importance of global talent acquisition for businesses. It also sheds light on the attractiveness of cities like London and Singapore for foreign workers, highlighting the potential benefits for both employers and employees. In today’s interconnected world, hiring global talent can lead to innovation, success, and a competitive edge in the global marketplace.
