‘Global crisis forces reverse migration by up to 30%’
With concerns over the global economic situation and reports on growing unemployment, there is a rise in reverse brain drain by up to 30 percent, according to experts.
Mumbai: With concerns over the global economic situation and reports on growing unemployment, there is a rise in reverse brain drain by up to 30 percent, according to experts.
"The reverse drain has been seen across the industries and various geographies across the globe, including the US, Canada, Australia and Europe. The number of people wanting to come back to India has gone up by 25-30 percent as compared to pre-economic crisis," International Management Institute (IMI) Professor Satish K Kalra said.
The main reason that Indians working overseas are planning to relocate is because India Inc have started paying better and working in the country continues to offer global exposure and they feel their skills have higher value on return and better career prospects, he said.
The country's sustained growth even during uncertain times coupled with world class higher education system, like IITs and IIMs, and higher sense of belonging that makes them emotionally bound to their careers and society add further to this decision, he said.
"It could bring in acceleration of learning in some of the niche fields like biotech, automobile, construction, oil and gas," Kalra added.
The returning Indians would have got exposed to better technologies in these fields and it would be easier for India Inc to embrace this and the local workforce would gain from this new experience, he said.
"We could also see a more disciplined workforce as returning Indians would cultivate a respect around time boundaries and ability to work without follow ups," he said.
He added that many large global consulting firms have also opened their research centres in India and most of them have dedicated industry practices such as oil and gas, alternate energy and construction, etc.
"The availability of professionals having spent time in these domains is a beneficial situation for KPOs and one of the reasons for their increasing numbers," he said.
Indian KPOs account for almost 70 percent of global volumes, and the global KPO market is expected to grow to USD 17 billion by 2013-14, according to industry experts.
VistaMind CEO Arks Srinivas said Indian market due to its global as well as domestic factors has created a need for skilled and experienced labour and hence the generation of more and more jobs.
"The Indian market is customer centric and with an increase in the purchase power of the consumer, employment generation is at an all time high," he said.
There are sectors in the Indian economy, which are still growing or at least not seeing a downturn, education and health are two such sectors that will remain productive for more time to come, he said.
"While the financial industry is in doldrums, the ability to get jobs in marketing and sales of any sector will still be possible and re-skilling would be the way to go," Srinivas said.
ApnaCircle.Com Founder and CEO Yogesh Bansal said it is very typical of every Indian to want to work in the West, however, lately these countries have been struggling to provide employment to their own people.
"As mentioned the suffering sectors are mostly IT, banking and marketing professionals," he added.
However, countries like Africa land Southeast Asia, which are expanding their businesses and starting new industries, are increasingly open to hiring globally skilled talent for mid-level to senior jobs, Srinivas said.
Professionals from India are uniquely suited for these jobs because they have the experience of working in an emerging market, he added.