It is “Home sweet Home” for Indian executives. Once, the people who would leave their country for better paying jobs are preferring their homeland over exclusive foreign locations. Why this sudden change of mind? Well, with the growing economy, India has become a robust center of business and commerce. A country of over one billion people, India is one of the fastest growing economies in the world and every one wants to have a piece of the cake.
It looks like the days of brain drain are becoming history for India. Business Standard
The Indian office of a leading multinational mobile phone company is facing an unusual challenge. It is losing top executives who have declined senior-level assignments abroad because they do not want to miss opportunities in India.
The brain drain, it seems, is passé. India is becoming one of the hottest destinations for expatriates (both those of Indian origin and foreigners) for top jobs. That is because big business houses in India are ready to offer pay packets that are equivalent to and sometimes more than global benchmarks.
This is a key finding of a study of senior recruitment trends by US-based SpencerStuart, a leading executive search firm that specialises in recruiting CEOs, presidents and COOs for companies globally.
Spencer Stuart is one of the world’s top executive recruiting firms. Established in 1956, it now operates in 27 countries. According to its study, Indian companies in retail, real estate, power, oil and gas and refining sector are offering very good salary packages. Non-residential Indians and natives of India who are working at executive levels in these companies are showing their disinterest in taking over operations in foreign locations. They want to stay in India because it is offering numerous opportunities for business. Looking at this trend, Spencer Stuart suggested the multi-national companies to set up their branch offices in India.
This is very good news for India. Till now, young people with good academic background would go to the Western countries like UK, USA, for better paying jobs. Now, the table has turned. Still, India has a long way to go. Aside from the business sector, there are many other sectors in India that have enormous potentials. If those sectors can be developed then it would be able to retain more of its brilliant students.
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