London tops the list as the most attractive destination for work, according to the Decoding Mobile Talent 2024 report.
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In an increasingly globalized world, living and working abroad has become less difficult – and more achievable for many.
“Globally, one in four professionals are actively looking for jobs abroad,” according to the Decoding Global Talent 2024 report by Boston Consulting Group (BCG) in collaboration with The Network and The Stepstone Group.
The report found that despite recent widespread economic and geopolitical concerns, there is a growing proportion of people actively looking for jobs abroad.
The global study, which was based on more than 150,000 survey participants across 188 countries, showed that the proportion of people who actively move around rose to 23% in 2023 – from 21% in 2020.
“As many as 800 million professionals may be actively searching for jobs abroad,” said the report published on April 24.
Three of the most common reasons for moving abroad among respondents included economic opportunities, career advancement and the potential for improved quality of life, according to the same report.
Additionally, the study found that “92% of global employer leaders say attracting and retaining talent is among their top three priorities.”
“Hiring foreign workers not only closes capability gaps: companies with greater global diversity are more innovative and successful. They have higher profits and are 75% more likely to be world-class innovators,” according to a separate report by Boston Consulting Group in 2022. .
Top 10 destination cities for global talent
London has maintained its number one position since 2014, according to the Deciphering Global Talent 2024 report, the latest in a series that began 10 years ago.
The survey showed that 9% of respondents wanted to move to London.
The most important factors driving the city's dominance include: English being the primary language, a strong global network with much of the city's talent coming from other countries, abundant financial opportunities, a welcoming and multicultural brand, and accessibility to both Europe and the US. According to the report.
Singapore was the top destination in Asia, ranked seventh. The island nation has seen the largest influx of talent from nearby locations such as Malaysia (30%), Thailand (22%), Indonesia (19%), Philippines (14%), and Hong Kong (13%).
Among those wishing to move to Singapore, 74% said that the quality of job opportunities in the country attracted them to the island nation.
The survey found that 57% of respondents were also impressed by the quality of life in Singapore as well as income, taxes and costs of living. More than half, or 55%, said safety, stability and security were also considerations that led them to choose Singapore as their first business destination.
This year, nine cities in the Asia-Pacific region made it to the top 30:
Singapore (7) Tokyo (9) Sydney (10) Melbourne (14) Auckland (16) Bangkok (17) Beijing (25) Kuala Lumpur (26) Osaka (30)
“The idea that home countries can benefit from the departure of talent may seem counterintuitive because, from a certain point of view, they suffer from a brain drain,” the report noted.
However, it cited a separate report by the Center for Global Development that found there was a “brain gain” related to the fact that “departures can enhance the diffusion of knowledge and technology in countries of origin and can help those countries connect more strongly with the whole.” “Global Brain.”
In today's world, there is a lot to gain from recruiting global talent, both for the employer and the employee.
“Other countries can be a great source of talent – employers and countries that tap into this positive energy from millions of workers with mobile aspirations will gain a significant competitive advantage,” according to the Decoding Global Talent 2024 report.
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