In today's increasingly globalized world, the idea of living and working overseas is becoming more feasible for many professionals. According to the 2024 Decoding Global Talent Report by Boston Consulting Group (BCG) in partnership with The Network and The Stepstone Group, one in four professionals worldwide are actively seeking jobs abroad. Despite widespread economic and geopolitical concerns, the number of individuals looking for jobs abroad has risen, with an active mobility rate of 23% in 2023, up from 21% in 2020. The report, which surveyed over 150,000 respondents in 188 countries, suggests that up to 800 million professionals could be seeking employment overseas.
The primary motivations for relocating include better economic opportunities, career advancement, and an enhanced quality of life. Additionally, 92% of global employer leaders indicated that attracting and retaining talent is among their top three priorities. Employing foreign workers not only addresses capacity gaps but also boosts innovation and success, with companies reporting higher profits and a 75% greater likelihood of being world-class innovators, according to a 2022 BCG report.
London remains the top destination for global talent, with 9% of respondents willing to move there. Factors driving London’s appeal include English as the primary language, a robust global network, numerous financial opportunities, a welcoming multicultural environment, and strategic access to both Europe and the U.S.
Singapore ranks seventh globally and is the leading destination in Asia, attracting substantial talent from neighboring countries like Malaysia, Thailand, Indonesia, the Philippines, and Hong Kong. The quality of job opportunities, quality of life, income prospects, tax policies, cost of living, and safety and stability are significant factors for those considering relocation to Singapore.
This year, nine cities in the Asia-Pacific region featured in the top 30 destinations: Singapore (7th), Tokyo (9th), Sydney (10th), Melbourne (14th), Auckland (16th), Bangkok (17th), Beijing (25th), Kuala Lumpur (26th), and Osaka (30th).
While the notion of a 'brain drain' may seem counterintuitive, the report highlights that origin countries can benefit from the departure of talent. A separate report by the Center for Global Development points to a 'brain gain,' suggesting that emigration can promote knowledge dissemination and technological transfer back to the home countries and strengthen their global connections.
The world stands to gain significantly from hiring global talent, benefiting both employers and employees. Countries and companies that harness the potential of mobile talent will gain a substantial competitive edge, according to the 2024 Decoding Global Talent Report.