Western economies in deep freeze, expats look at India for jobs

MUMBAI: As the Western economies continue to remain in deep freeze, more and more foreigners, mostly from the US and Europe are looking at India for jobs, a trend that has seen up to 20 per cent spurt this year, according to head-hunters. According industry estimates, there are as many as 40,000 expats working in various industries in the country today. "Hiring of expats has picked up by 15-20 per cent at all levels since last year, mainly on account of India being one of the fastest growing economies offering huge job opportunities," recruitment process outsourcing firm Elixir Consulting manager for International Practices Ratnesh Kumar said. Increasing number of expats are seeking jobs in the country on account of job cuts in their home countries, coupled with rising outsourcing and high taxes, he said, adding that this is happening more in the US and Europe. The Indian experience also adds values to the expats' resume, reflecting an individual's ability to adapt and deal with diversity, he explained. These professionals are mainly being hired in banking and financial services, automobile, pharma and retail sectors, apart from areas, where the domestic industry does not have competency like alternative energy, complex infrastructural sector, etc he said. "While CXOs are generally offered around $2,50,000 per annum, mid-manager level employees get $80,000-1,25,000 per annum," he said. The number of foreigners seeking jobs in the country are no longer limited to the middle and senior levels, but is spreading over to beginners as well, he said, adding that at present, there are around 40,000 expats working in the country and the number is still growing. What is interesting is that these expats are given compensation almost at par with what is being paid in foreign countries. "Expats, with specialised skillsets, which are not available in the country due to financial or technology constraints such as molecular research, are being offered highly attractive packages," Kumar said. Companies are also offering attractive leadership positions to experienced expatriates ranging from mid-level managerial roles to departmental heads. However, the attrition rate of expats is around 10 per cent annually mainly due to difficulties in communication and cultural differences, Kumar added. Echoing similar view, Globalhunt director Sunil Goel said some global companies have their largest centres in the country on one hand, while on the other, many local organisations are also going global. "So, the expat hiring is becoming the need of the hour, where foreigner from various parts of the globe are taking up multiple roles and are recruited as experts in sectors like infrastructure, healthcare, power and energy, oil and gas and automotive," he said. According to TeamLease vice-president Rituparna Chakraborty, the country is seeing an increased demand in expats across various industries, especially post the 2008 recession in the developed economies. "Professionals from Europe, Southeast Asia and the US mostly are being hired mainly by sectors like travel and tourism, retail, aviation, education and sports, where we see maximum traction," she said. Talking about salary, she said, for most levels it is at par with industry standards, unless they are being brought in for a particular skill, which is niche and is non-existent within the country.