May 29, 2024
Bangkok – Working and living abroad is no longer a dream for those looking for new opportunities in terms of career and finance, as a result highly skilled workers are now flocking to foreign job markets around the world.
This drive to leave home and move forward in life is confirmed by the findings of the Decoding Global Talent Report 2024, conducted by Boston Consulting Group (PCG) in association with The Network and The Stepstone Group. Foreign workers want to relocate for jobs in 2024.
London ranks first (9%) as the most popular city for highly skilled foreign workers to migrate to, followed by Amsterdam (8%) and Dubai (7%). Abu Dhabi and New York are ranked fourth (7%) and fifth (6%) respectively.
Bangkok ranks 17th among the world’s most popular cities for foreign workers. It is one of only nine cities in the Asia-Pacific region to feature in the top 30 globally. Singapore (7th), Tokyo (9th), Sydney (10th), Melbourne (14th), Auckland (16th), Beijing (25th), Kuala Lumpur (26th) and Osaka (30th) are other cities that made it to the list.
The report also points out that despite broader economic and geopolitical concerns, the proportion of people seeking work abroad is steadily increasing. The number of people moving abroad for work has increased from 21% in 2020 to 23% in 2023. The report is based on a survey of more than 150,000 people in 188 countries worldwide.
Analysis of the survey responses identified three key factors driving the relocation of highly skilled workers abroad: greater economic opportunities, better career advancement, and the potential for improved living standards.
Additionally, the study found that 92% of employers worldwide consider „attracting and retaining talent” to be one of their top three priorities. Hiring foreign workers not only fills gaps in the workforce, but also promotes innovation and success within ethnically and culturally diverse organizations. Such multi-cultural firms are more profitable and 75% more likely to be global innovators.
When considering the factors that make London an attractive destination for highly skilled workers, several key features stand out: it’s an English-speaking city, has a strong global network of talented people from other countries, offers plenty of financial opportunities, and Londoners welcome them. and culturally diverse, and offers easy access to other cities in Europe and America.
Meanwhile, Singapore is one of the top destinations for highly skilled workers in the Asia-Pacific region. It attracts a significant amount of talent from neighboring countries such as Malaysia (30%), Thailand (22%), Indonesia (19%), the Philippines (14%), and Hong Kong (13%).
Among those looking to move to Singapore, 74% cited job quality and career opportunities as top destinations. Additionally, 57% of survey respondents praised Singapore’s quality of life, including income levels, taxes and cost of living. Also, 55% of respondents highlighted Singapore’s excellent safety and security, making it a great place to work.