India among most preferred work places for expats: study

Foreigners attracted by growing economy and a lifestyle different from that in their own countries

India has become one of the most preferred destination for expats, said a study by Association of Executive Search Consultants (AESC), the global association for retained executive search and leadership consulting firms.

The study said that in the last few years, executives in India have witnessed a growing number of expats choosing to work here. “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.

Peter Felix, President, AESC, said, “Due to talent shortage at the senior levels in organisations, there is a demand for expats in India.”

 

Felix said that the fast growing economy is a factor that attracts expats to the country in order to add to their international experts. He added that manufacturing and information technology would be the sectors that would attract more expats than others. “We would also see the entry of expats in retail and consumer goods,” he said.

Looking at the challenges, the study said that the most inhibiting factor to finding an executive job in India is building a strong network in India. It said that it is difficult because of the way relationships are built and maintained. However, it was revealed that most expats felt that as a foreign born executive working in India, is it not hard to gain access to executive positions in India.

About 59 per cent of executives surveyed have noticed a growing change in the Indian workforce, with workers coming from more diverse nationalities. “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.

The increasing salary level in India, especially for top ranking positions, has also proved to be an important motivator fuelling this recent trend. “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.

It was also shown that with more multinational companies setting up in India, they were attracting top executives with special technical expertise. Further, it said that a chance to gain experience in the global market also adds to the allure in working in India.

Expats, in the survey said that they wanted to stay in India for more than one year.  IT/telecom and technology had about 30 per cent expats, followed by manufacturing with about 12 per cent. General management, chief executive officer and chief operating officer were the functions where most expats worked in.

“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.

Felix explained that though environment and security are the major issues faced by expats abroad, he said that India performed better compared to other nations. “We have seen very good improvement in India in the last 10 years in terms of standard of living and other factors, which has aided the entry of expats into the country,” he said.