A Survey for the fourth quarter of 2007 indicated that Indian qualified professionals are no longer keen to go abroad for jobs. It is therefore evident that the job opportunities within the country are aplenty. And with the Indian economy booming like never before, experts confirm that this is the right time to be in India. And several executives who are increasingly turning down international job offers understand the potential of their home country and choose to stay back and contribute to Indiaâ€™s economic resurgence.
With globalization, horizons between countries are blurring. In many cases, the preference for an international assignment has given way to the desire to work out of oneâ€™s own country. There was a time when people used to worry about the â€œbrain drainâ€ happening from India. The apprehension was that India was spending a huge amount of resources to train doctors, engineers and technicians who were later migrating to other countries and not contributed anything to Indiaâ€™s national output. Such a phenomenon is now being reversed. There have been some instances at Xansa (India) where employees have desired to stay back in the country. In one instance, the reasons quoted were personal preference as well as the desire to be based in India. People today want to augment their growth prospects along with the rapid growth of their organizations in India itself. They now have access to healthy work environments, high standards of work practices, perfect balance between personal and professional lives and so on. Some factors favoring executives to stay in India are:
MNCs in India provide opportunities for Indian executives to work in global companies, gain international business experience and learn sophisticated business processes all without having to relocate to foreign countries.
Most executives find that India has a good mix of international living standards coupled with good old Indian values. Further, the salaries, especially in the IT and BPO sectors, are high enough to place these individuals in the upper middle class strata. Further, the opportunity to travel abroad to experience the world outside for shorter durations on business trips has increased, increasing the opportunities open to the common Indian to experience the outside world without having to relocate permanently
The increasingly weak economic outlook in the US and UK, coupled with high unemployment levels and the tendency to be lean and outsource most jobs to other countries are factors that pose a tremendous risk for Indian executives who relocate from India to settle and compete with local talent in West under these conditions.
Though there has been a significant increase in domestic and international salaries, several MBA schools considered it an achievement that their students have opted out of placements in leading international firms to explore job opportunities in India. Indiaâ€™s economy is growing rapidly and young Indians are opting to play a part in Indiaâ€™s domestic growth story. Owing to the buoyant economy that is fostering rapid growth; many companies are retaining talent by offering higher salaries and attractive benefits to employees. The salaries in India for key positions are comparable to salaries paid abroad, even in developed countries like the US,UK and Singapore.
For IIT engineers opportunities to start their own business in a growing market like India convinced them to stay back instead of accepting million dollar job offers from some of the best Fortune 500 companies. The fact that in India there is a la ck of personnel to fuel economic growth means that talented individuals here have the opportunities to receive better salaries and job profiles than what they ideally would demand in the international job market.
By now, it is well established that Indiaâ€™s economy is robust and the rupee is becoming stronger. The influx of international brands and the entry of global corporations are certainly creating unique job opportunities for many aspirants. And most of these global companies are investing in infrastructure and talent compared to the West where they are only concerned about cutting costs. Also, the brands in these markets have stagnated. There is very little difference that one could go from here and make. Instead, itâ€™s phenomenal opportunity to create connections and build those brands in India when they enter or for those who are already here.