The outlook for expats is very healthy in 2011 and beyond as companies look to establish themselves in Africa and other emerging markets. The number of high-powered expats is set to increase as international companies are expecting to post many more executives abroad in the future, according to a new research report by the Economist Intelligence Unit. The report, entitled “Up or Out : Next moves for the modern expatriate” questioned 418 senior executives with responsibility for overseas offices. Almost four out of ten, some 39% of companies plan to increase their expat staff over the next five years. The report went on to say that more than half of expats are sent to a particular destination for a period of between two and five years but they note that there has been a rise in flexible working practices such as short term and commuter assignments.
Companies will be responding to the need to move beyond stagnating Western markets and expand into China , India
What is revealing is that executives are keen to be part of the global and mobile working trend. Four in five executives believe that an assignment in a major emerging market aids career progression. Nearly three quarters of survey respondents believe that cultural sensitivity is the most important attribute that an expat needs.
But getting the right talent in the right place for the right length of time is a challenge. What is clear from the research is that there will be many more international expat assignments on offer in the next few years.
The 2010 Expat Explorer Survey from HSBC Bank International also found that people are tending to move to BRIC countries (Brazil, Russia, India, China) and that they are faring well there economically. “When you look at the life of an expat, there is a trade off between lifestyle, family and finance. It’s all about balancing out different things,’ said Lisa Wood, head of marketing for HSBC Bank International in Jersey . So, the outlook for expats is encouraging.
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