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Reverse Brain Drain |
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"Brain Drain" - the issue which raised serious concerns in Indian economy a few years back - is witnessing a reverse trend! Exciting moolah, great career opportunities, association with the culture has made India the favorite destination of the professionals working in all the sectors across the world.
The last year saw as many as 60,000 Indian professionals working and settled abroad, returning to India, from the US alone. The encouraging fact being that this number is almost equal to the number of professionals leaving India for opportunities in US...and the number is growing steadily! According to a management recruiting executive, many expatriates are heading back home for work.
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The shortage in the supply of the talent and the economical boom is serving as the icing on the cake, i.e. attracting and bringing the best talent back to India. According to a Business world's article based on a survey by EMA Partners Internationals - India Inc is facing a talent crunch at top levels and would require 700 CEO's and 3000 CXO's in the next 2 years. The IT sector, which was the epicenter of the transition, is now given company by many other sectors like the financial services, healthcare, Pharma & Biotech, retail and real estate etc., which account for almost 70% of the crunch.
The reverse brain drain has not only resulted in Indians returning to their home country , but many foreigners also coming to India for greater challenges in jobs and prosperity in lives. The main reasons cited for this transition are:
- The first and the foremost factor is the economical boom in India that is encouraging growth of industries and the corporate.
- With many senior level executives venturing out for their own entrepreneurial ventures, the high attrition at middle & senior levels is facing high attrition levels
- Exciting compensation packages - The organisations are not compromising on the talent and are ready to pay as much as 80% of the salaries the top level professionals are getting abroad. Adding to the advantage is the fact that last year has seen the rupee strengthening in value against the US dollar. The rising salary, the extra allowances and perks, the complete compensation packages are playing a major role in bringing back the professionals to India. The gap in the salaries in US and India has come to an all time low.
- Better lifestyle - the same salary as in US gives a much better and higher lifestyle and standard of living with all the facilities here in India. Therefore, a good salary with a good job gives the best of both worlds to the professionals.
- Better growth opportunities or options - Outsourcing (BPO and KPO) have come big time in India and is developing at a very fast rate. India offers the low cost advantage to the organisations outsourcing to India. More and more KPOs are being set up in India. The recent years have also seen the world's biggest companies like Google, Microsoft, Yahoo!, coming to India and setting up their processes and offices here. Companies are cashing on the best talent available here, the budding infrastructure, the cost and location advantage etc. This has given way to a sharp rise in the demand for the Indian professionals; and Indian professionals having experience of working internationally gives an added advantage to the organisations.
- Personal reasons - Many Indian professionals are returning and looking for opportunities in India due to various personal reasons. The main reasons being the education of children, i.e. the schooling which is considered to be better in India. Also, bringing up children in proximity to their culture and old parents back home are also the major issues.
The most prominent sector in Indian industry which has, and is attracting the expatriates back home is the IT sector. A great amount of IT work is being outsourced to India and it has become the favorite destination for the same across the world. According to NASSCOM, India is already facing a shortage of IT professionals by 30%. The technological innovations, the greater challenges in terms of the work and the opportunities are bringing the IT professionals back. A similar trend is being witnessed in the BPO and the KPO sectors now. The number of MNC's coming to India is increasing day-by-day.
The demand for research scientists has also grown tremendously in India in the last few years. The scientists are especially in demand for the pharma, bio-tech and the engineering sectors. Many companies in the sectors are sourcing Indians to return home from the Middle East and the countries like Malaysia and Singapore.
To conclude, it would be apt to say that the Indian professionals who once went abroad for greener pastures, are returning for the greener pastures in India now!! A good challenging job, attractive compensation package, good life, has reversed the tide and this is a great time to look for an appropriate and suitable opportunity in India.
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