A new study has revealed that India is becoming increasingly attractive as a destination for expatriates.
Research that was completed by the Association of Executive Search Consultants (AESC), the global association for retained executive search and leadership consulting firms, indicated that in recent years more and more expatriates are interested in living and working in India. “Expats are eager to tap into the opportunities it has to offer, witness its rich transformation and sample a way of life often very different from their native countries,” the study said.
One of the biggest draws to the region, according to the study, is the fast growing economy, which means that there are well-paid jobs available for executives who wish to add to their international expertise. Describing, the survey findings, Peter Felix, President, AESC, said: “Due to talent shortage at the senior levels in organizations, there is a demand for expats in India.” Such shortages are entailing that many executive expats are gaining access to the benefits and salary packages that are no longer on offer elsewhere in the world: “The salaries offered to expats in senior management positions as part of the expat package is comparable to the international standards, which is another factor that prompted expats to prefer India as a destination,” said Felix.
At present, the biggest demands for foreign talent are in the areas of manufacturing and information technology, which retail and consumer goods sectors are expected to experience growth in the near future. Of the expatriates that are already living and working in India, 30 percent work in the IT/telecom/tech sectors, while 12 percent are in manufacturing. The majority of these expatriate work in senior positions such as General management, chief executive officer and chief operating officer.
Of the executives that participated in the survey, 59 percent claimed that they have seen changes in the demographics of the Indian workforce in recent years, with workers now coming from diverse locations throughout the world: “India’s growing manufacturing strength, coupled with a simultaneous slowdown in western countries, has led to a wave of well-educated migrants from wealthier, more developed countries, leaving behind slow economies in search of job prospects and opportunities they can’t find at home,” the survey said.
“As a fast-growing economy, India is currently attracting talent and skill from across all corners of the world. Our survey showed that executives are seeing a greater number of expats seeking to be part of the Indian workforce to not only gain first-hand experience in a global economy but also be a part of the dynamic India growth story,” added Felix