European crisis may spark talent migration to Asia
Talent migration may soon become the buzzword in the global job market.
New Delhi: Talent migration may soon become the buzzword in the global job market, as experts feel emerging Asian nations, including India, are attracting top-level executives from developed markets amid the spiralling financial crisis in the Eurozone economies.
Talent management experts believe there is a developing trend of senior level executives from the Western world migrating to emerging markets in Asia to be a part of the fast growth trajectory of the markets.
"There has been a marked rise in interest among C-level executives from outside the Asia-Pacific region to shift base to the Asian region. Out of the total applications received by us, we have seen around 10-15 percent are from outside the Asia-Pacific region," talent management solutions provider Kelly OCG`s APAC region head Chris Jock said.
Staffing solutions provider TeamLease Services managing director Ashok Reddy said, "There are a lot of opportunities opening up in Asian/emerging nations, which require talent and experience. They are creating avenues for the displaced or the aspirational candidates to seek the challenges and relocate."
In contrast, global staffing services firm Manpower India associate director G Udiaver said the crisis may not result in a talent shift from Europe to Asia. He, however, added the European debt crisis may propel, "more work to be transitioned in the India-Europe corridor, particularly in engineering design, manufacturing (auto/auto components)."
Talking about the difference in compensation levels, which the foreign talent may face, Reddy of TeamLease said, "I think the rewards in current industry/economic scenario are a function of the work and performance. The compensation levels should permit individuals and families to maintain (and possibly) surpass the lifestyle standard in the home country due to cost differentials."
Kelly`s Jock said though there is gap in the compensation levels offered in emerging nations as against the Western countries, "but the gap is starting to disappear".
Economic experts believe that a prolonged financial turmoil in Europe could impact the fragile global economic recovery. Recently, US Federal Reserve governor Daniel K Tarullo had also warned that heightened European financial problems could seep into the financial markets worldwide.