In today’s integrated world, advanced technologies and global workforces have resulted in a gradual shift in preferred global job destinations. Inter-connected economies have led to a spurt in global trade and transnational capital flows. The migration of young professionals seeking professional opportunities at a hitherto unseen scale is a byproduct of this shift and has led to an expansion of the global job market. As the war for talent has intensified, the demand for high-quality management professionals with a global mind-set, ability to adapt to a dynamic marketplace and take swift business decisions has been seeing an upward swing.
Over the recent years, the conventional job hubs such as the United States, the United Kingdom and few parts of Europe have lost their halo. The global economic meltdown, an emphasis on hiring their own brethren and a stricter passage to enter these markets have driven away many foreign job aspirants. Asia Pacific, West Asia and Africa are fast becoming the nerve centres for increased economic activity. Increasingly, countries like Thailand, Vietnam, Indonesia and Africa are emerging as hotspots for job opportunities. With new industries and sectors opening in these countries, companies are scouting for skilled and educated talent at entry and mid-professional levels beyond their base locations. Against this background, companies operating in these regions are attracting top talent.
India and China have enjoyed the epithet of ‘regional superpowers’ for some time now. High economic growth rates have lured many global MNCs to set up their base in these regions. The other end of the spectrum has highly specialised markets such as Singapore, Hong Kong and certain parts of Asia Pacific. Smaller economies but greater specialisation has translated into a regular but small demand for management professionals in finance sector and special roles like marketing and consulting. Meanwhile, West Asia is a highly investment-oriented market and while the companies present there absorb MBA professionals, the demand has somewhat plateaued.
Like with any trend, the ‘early adopters’ are relishing the perks of their new found opportunities while many are still playing a ‘wait and watch’ game.
(The author is Senior Director, Careers, Admissions and Financial Aid, Indian School of Business.)