Relative ease of global relocation for skilled talent
15 March 2022 View : 271 Author : AdminA report in the Harvard Business Review says that, in fact, it has rarely been easier for skilled talent to relocate to many places abroad, according to an analysis carried out by the Boston Consulting Group (BCG). BCG analysed the relative ease of global relocation for skilled talent to the world’s ten most popular destination countries plus China and Japan.
"They found that with two exceptions - the US and China - many countries have now put the legal framework in place to hire and relocate global talent at a cost and speed that is broadly comparable with hiring domestically," said the report.
Visas to attract top global talent, The study found that, overall, increasing numbers of companies were building globally diverse teams because research has shown these teams tend to drive firm-level and, ultimately, country-level innovation.
"Germany is now considering a points-based visa system to attract skilled talent. France has introduced a new visa for entrepreneurs. Although it’s not widely known, Japan offers a visa category aimed mainly but not exclusively at tech talent," said BCG.
"The race for skilled talent is now global. Even India and Japan, countries not traditionally known for their openness, are actively trying to attract foreign talent and make it easier for their firms to hire globally," BCG found.
"Access to talent has become the number one growth constraint for firms accelerating out of the Covid-19 crisis. Besides this pull factor, important push factors remain in place: there is now more global talent; talent remains willing to move; and remote work is so far not slowing down global mobility."
"As a result, we would not be surprised to see the 2020s be a decade of more talent moving globally particularly to European and Asian countries (outside of China)," said the authors of the study.
"The front runners use the diversity of their global teams as a catalyst for innovation. This translates into performance: they are more than twice as likely to be innovative and fast growing than their more homogenous peers," concluded BCG.